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According to IIA guidance, which of the following is the most appropriate action for issuing future audit reports?
An internal audit activity includes in its audit reports the assertion that its work is performed in conformance with the International Standards for the Professional Practice of Internal Auditing (Standards). A recent external quality assessment concluded that the internal audit activity had substantial deficiencies that impact its overall operations. According...
Which of the following activities is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?
Which of the following activities is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?A . Planning an engagement of the area in which fraud is suspected.B . Employing audit tests to detect fraud.C . Interrogating a suspected fraudsterD . Completing...
Which of the following actions is a chief audit executive most likely to take in order to identify gaps in the internal audit activity’s knowledge, skills, and competencies?
Which of the following actions is a chief audit executive most likely to take in order to identify gaps in the internal audit activity’s knowledge, skills, and competencies?A . Complete a skills assessment of the internal audit activity based on. The IIA Global Internal Audit Competency Framework.B . Develop a...
Which of the following best demonstrates conformance with the Standards relating to continuing professional development of internal auditors?
Which of the following best demonstrates conformance with the Standards relating to continuing professional development of internal auditors?A . Regulatory approval from an accrediting agency.B . Self-assessments against a competency framework.C . Approval and signoff from the board of directors.D . A review by external auditors on an annual basisView...
Which of the following best describes the internal audit activity’s responsibility within a risk and control framework?
Which of the following best describes the internal audit activity’s responsibility within a risk and control framework?A . The internal audit activity constitutes the first line of defense in effective risk management.B . The internal audit activity provides direction regarding internal controls implementation.C . The internal audit activity verifies that...
Which of the following would be the most effective way to approach this issue?
A series of incidents over the past year reveals several members of senior management possess a limited understanding of the concept and impact of fraud. Which of the following would be the most effective way to approach this issue?A . The board should ask the internal audit activity to perform...
Which of the following resources would be most effective for an organization that would like to improve how it informs stakeholders of its social responsibility performance?
Which of the following resources would be most effective for an organization that would like to improve how it informs stakeholders of its social responsibility performance?A . ISO 26000.B . Global Reporting Initiative.C . Open Compliance and Ethics Group.D . COSO’s enterprise risk management frameworkView AnswerAnswer: B Explanation: The Global...
Which of the following needs to be established prior to undertaking an assessment of the quality assurance and improvement program?
Which of the following needs to be established prior to undertaking an assessment of the quality assurance and improvement program?A . Department performance standards.B . Remediation timeframes.C . Nonconformance disclosures.D . External assessment resourcesView AnswerAnswer: D Explanation: Before undertaking an assessment of the quality assurance and improvement program, it is...
According to IIA guidance, which of the following statements regarding the internal audit charter is true?
According to IIA guidance, which of the following statements regarding the internal audit charter is true?A . The nature of consulting services typically is not included in the charter.B . The chief audit executive must formally review the charter at least once a yearC . The nature of assurances provided...
Which of the following best describes the type of risk that an adequately designed and effectively operating system of internal controls should mitigate?
Which of the following best describes the type of risk that an adequately designed and effectively operating system of internal controls should mitigate?A . Net.B . Controllable.C . inherent,D . Residual.View AnswerAnswer: C Explanation: The type of risk that an adequately designed and effectively operating system of internal controls should...
