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Which of the following is most likely to be considered a control weakness?
Which of the following is most likely to be considered a control weakness?A . Vendor invoice payment requests are accompanied by a purchase order and receiving report. B. Purchase orders are typed by the purchasing department using prenumbered forms. C. Buyers promptly update the official vendor listing as new supplier...
Which of the following statements is true regarding electronic funds transfer (EFT)?
Which of the following statements is true regarding electronic funds transfer (EFT)?A . EFT is a popular mechanism for improving efficiency, but results in less internal control. B. EFT significantly reduces the risk of fraud by eliminating the need for authorizations. C. EFT eliminates payment delays due mostly to the...
Which of the following is an example of a directive control?
Which of the following is an example of a directive control?A . Segregation of duties. B. Exception reports. C. Training programs. D. Supervisory review.View AnswerAnswer: C
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 handbook policies has the greatest risk of compromising audit objectivity?
Upon joining the internal audit activity, each new auditor receives a copy of the audit handbook. Which of the following handbook policies has the greatest risk of compromising audit objectivity?A . Internal auditors should obtain 80 hours of continuing professional education every two years, 20 of which should be audit-related,...
Which of the following statements is true with regard to services provided by the internal audit activity?
Which of the following statements is true with regard to services provided by the internal audit activity?A . For consulting engagements, internal auditors do not need to be alert to control issues. B. Assurance and consulting services have similar objectives. C. Internal auditors may not perform assurance and consulting roles...
Which of the following types of policies best helps promote objectivity in the interna! audit activity's work?
Which of the following types of policies best helps promote objectivity in the interna! audit activity's work?A . Policies that are distributed to all members of the internal audit activity and require a signed acknowledgment, B. Policies that match internal auditors' performance with feedback from management of the area under...
Which of the following is the primary engagement responsibility of an entry-level internal auditor?
Which of the following is the primary engagement responsibility of an entry-level internal auditor?A . Leadership. B. Documentation. C. Analysis. D. Reporting.View AnswerAnswer: C
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 to NA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?
According to NA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?A . To enable Triple Bottom Line reporting capability. B. To facilitate the conduct of risk assessment. C. To achieve and maintain sustainable development. D. To fulfill regulatory and compliance...
