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In an assurance engagement focused on the adequacy of organizationwide risk management practices, which of the following best describes a primary area of interest for the engagement?
In an assurance engagement focused on the adequacy of organizationwide risk management practices, which of the following best describes a primary area of interest for the engagement?A . The effectiveness of process-level and transaction-level controls. B. Conflicts of interest within the organizational structure of the senior management. C. The alignment...
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 year C. The nature of assurances provided...
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 processes does the board manage to ensure adequate governance?
Which of the following processes does the board manage to ensure adequate governance?A . Establish and measure performance objectives for the internal audit activity. B. Select board members with necessary knowledge and skills. C. Develop, approve, and execute the strategic plan of the organization. D. Develop strategies to mitigate the...
If the skills and competencies are not present within the internal audit activity to complete an ad-hoc assurance engagement, which of the following is an acceptable resolution?
If the skills and competencies are not present within the internal audit activity to complete an ad-hoc assurance engagement, which of the following is an acceptable resolution?A . Politely decline the engagement due to a lack of qualified staff available at the time. B. Complete the engagement as requested, with...
In which of the following ways can a chief audit executive demonstrate to the board that the internal audit activity collectively possesses all of the skills needed to complete its annual goals?
In which of the following ways can a chief audit executive demonstrate to the board that the internal audit activity collectively possesses all of the skills needed to complete its annual goals?A . Involve board members in hiring activities and request advice. B. Require all internal audit staff to complete...
Which of the following justifies inclusion of this clause in the reports?
An internal audit activity maintains a quality assurance and improvement program that includes annual self-assessments. The internal audit activity includes in each engagement report a clause that the engagement is conducted in conformance with the International! Standards for the Professional Practice of Internal Auditing (Standards). Which of the following justifies...
In which of the following ways can a chief audit executive demonstrate to the board that the internal audit activity collectively possesses all of the skills needed to complete its annual goals?
In which of the following ways can a chief audit executive demonstrate to the board that the internal audit activity collectively possesses all of the skills needed to complete its annual goals?A . Involve board members in hiring activities and request advice. B. Require all internal audit staff to complete...
Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?
Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?A . Workshops. B. Surveys. C. Interviews. D. Observation.View AnswerAnswer: B
Which of the following best describes this type of risk?
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annual snowfall for the coming winter. Which of the following best describes this type of risk?A . Residual. B. Net. C. Inherent. D. Accepted.View AnswerAnswer: C
