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Which of the following written documents typically offers the best evidence that internal auditors exercise due professional care in conformance with the Standards?
Which of the following written documents typically offers the best evidence that internal auditors exercise due professional care in conformance with the Standards?A . Internal audit charter.B . Workpaper.C . Audit report.D . Code of ethics.View AnswerAnswer: B
Which of the following actions best demonstrates an internal auditor exercising due professional care?
Which of the following actions best demonstrates an internal auditor exercising due professional care?A . Testing an entire population, even when a sample would sufficeB . Using technology and data analysis techniques for efficiencyC . Enhancing knowledge, skills, and other competencies through professional developmentD . Establishing audit objectives, performing audit...
According to The IIA's Competency Framework, which competency is considered the mandatory minimum for internal auditors to possess when performing internal audit engagements?
According to The IIA's Competency Framework, which competency is considered the mandatory minimum for internal auditors to possess when performing internal audit engagements?A . To recognize red flags that indicate fraud.B . To recommend controls to prevent fraud.C . To apply forensic auditing techniques to detect fraud.D . To evaluate...
Which of the following would best help the organization manage the risk of fraud?
An organization allows the same individuals to physical access inventory and purchase new assets when supplies are depleted. Which of the following would best help the organization manage the risk of fraud?A . Accounting personnel should regularly perform reconciliation between invoices and purchase ordersB . Accounting personnel should conduct a...
Which of the following practices is generally most effective to protect internal audit objectivity?
Which of the following practices is generally most effective to protect internal audit objectivity?A . Ensuring regular documentation of auditor skills and experience in the workpapers.B . Basing performance evaluations heavily on customer satisfaction surveys.C . Prohibiting auditors from accepting gifts from audit clients or potential clients.D . Ensuring that...
Which of the following best demonstrates internal auditors performing their work with proficiency?
Which of the following best demonstrates internal auditors performing their work with proficiency?A . Internal auditors meet with operational management at each phase of the audit process.B . Internal auditors adhere to The IIA’s Code of Ethics.C . Internal auditors work collaboratively with their engagement team.D . Internal auditors complete...
Which of the following competencies is the engagement supervisor demonstrating?
Prior to commencing a financial compliance engagement, the engagement supervisor reads the business plan for the finance department and meets informally with the director to learn more about any key issues. Which of the following competencies is the engagement supervisor demonstrating?A . The ability to inspire trustB . The ability...
Which of the following statements best represents the duo professional care that is required of internal auditor’s?
Which of the following statements best represents the duo professional care that is required of internal auditor’s?A . Internal auditors should perform assurance procedures to ensure that all significant risks are identified.B . Internal auditor should not perform consulting engagements for operations for which they had previous responsibilities.C . Internal...
With regard to governance, which of the following is a board-level responsibility rather than a management responsibility?
With regard to governance, which of the following is a board-level responsibility rather than a management responsibility?A . Obtaining assurance on external financial, regulatory, and internal audits.B . Complying with laws, regulations, and codes.C . Assigning authority and responsibilities organization wide.D . Monitoring and measuring performance.View AnswerAnswer: A
Which of the following would be the most effective preventative control to reduce these losses?
During an audit engagement of a large retail store, internal auditors noted significant discrepancies between available inventory and sales and suspect an abuse of cash register refunds and voids. Which of the following would be the most effective preventative control to reduce these losses?A . Ensure that returned merchandise is...
