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Which of the following is most likely to be a disadvantage of this outsourcing decision?
After the team member who specialized in fraud investigations left the internal audit team, the chief audit executive decided to outsource fraud investigations to a third party service provider on an as needed basis. Which of the following is most likely to be a disadvantage of this outsourcing decision?A ....
According to HA guidance, the chief audit executive is directly responsible for which of the following?
According to HA guidance, the chief audit executive is directly responsible for which of the following?A . Maintaining a quality assurance program even in the absence of management supportB . Periodically reviewing and approving the internal audit charierC . Providing opportunities for all staff auditors to satisfy their professional development...
What is the primary objective of an engagement supervisor's review of key activities performed during the engagement?
What is the primary objective of an engagement supervisor's review of key activities performed during the engagement?A . To ensure that the engagement is completed on time and within budgetB . To ensure that all work performed meets acceptable quality standardsC . To ensure that management has provided suitable responses...
Which of the following is the most appropriate course of action for the internal audit team leader?
An internal audit team leader is having difficulties completing the planning phase of an assurance engagement because the business unit lacks a system of internal controls. Which of the following is the most appropriate course of action for the internal audit team leader?A . Defer the engagement until a system...
Which of the following risks most appropriately describes this situation?
An internal auditor tested whether purchase orders were supported by appropriately approved purchase requisitions She sampled a population of purchase documents and identified instances where purchase requisitions were missing However, she did not notice that n some cases purchase requisitions were approved by an unauthorized person. Which of the following...
Which of the following internal control attributes should internal auditors consider testing during a review of the board of directors?
Which of the following internal control attributes should internal auditors consider testing during a review of the board of directors?A . The presence of an independent critical massB . The established philosophy and operating style of senior managementC . The articulated internal control objectives of the organizationD . The organization's...
According to IIA guidance which of the following statements is true regarding heat maps?
According to IIA guidance which of the following statements is true regarding heat maps?A . A heat map sets likelihood to have higher priority than impact.B . A heat map sets impact to have higher priority than likelihood.C . A heat map recognizes that the priority of impact and likelihood...
Which of the following engagement objectives would be appropriate to fulfill this request?
The board of directors expressed concerns about potential external risks that could impact the organization s ability to meet its annual objectives and goals The board requested consulting services from the internal audit activity to gain insight regarding the external risks. Which of the following engagement objectives would be appropriate...
Which of the following component should be added to this observation?
According to an internal audit observation, the organization’s rules of record management require all contracts to be registered and stored in a specific electronic system. One subsidiary has thousands of client contracts on paper, which are kept in the office because there are not enough assistants to scan the contracts...
Which of the following has the greatest effect on the efficiency of an audit?
Which of the following has the greatest effect on the efficiency of an audit?A . The complexity of deficiency findings.B . The adequacy of preliminary survey information.C . The organization and content of workpapers.D . The method and amount of supporting detail used for the audit report.View AnswerAnswer: B
