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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 key controls should the auditor test to ensure that the company is not taking any unwanted credit risks?
At a construction company, an internal auditor is planning an audit of the company's process for designing and building grid connections. The process involves customers making payments m three parts • The first payment of 10% after approval of the customer s application • The second payment of 70% prior...
Which of the following would most appropriately be used for this purpose?
An internal auditor is assigned to validate calculations on the organization's building application As pad of the test the internal auditor is required to use an automated audit tool to simulate transactions for testing. Which of the following would most appropriately be used for this purpose?A . Generalized audit software.B...
Which of the following would most likely be classified as a consulting engagement?
The internal audit manager has been delegated the task of preparing the annual internal audit plan for the forthcoming fiscal year All engagements should be appropriately categorized and presented to the chief audit executive for review. Which of the following would most likely be classified as a consulting engagement?A ....
Which analytics procedure would the auditor use?
An internal auditor wants to compare performance information from one quarter to another. Which analytics procedure would the auditor use?A . Ratio analysisB . Trend analysisC . Vertical analysisD . Benchmarking analysisView AnswerAnswer: A
According to IIA guidance, which of the following reflects a characteristic of sufficient and reliable information?
According to IIA guidance, which of the following reflects a characteristic of sufficient and reliable information?A . The establishment of an audit approach and documentation systemB . The standardization of workpaper terminology and notationsC . The ability to reach consistent audit conclusions regardless of who performs the auditD . The...
Submit management's plan of action to the external auditors for additional review.
Submit management's plan of action to the external auditors for additional review.A . 1 and 2B . 1 and 4C . 2 and 3D . 3 and 4View AnswerAnswer: A
Acceding to IIA guidance, when of the Mowing is an assurance service commonly performed by the internal audit activity?
Acceding to IIA guidance, when of the Mowing is an assurance service commonly performed by the internal audit activity?A . Proposing fine item recommendation lot the annual financial budget of the accounting departmentB . Making recommendations regarding financial approval authority limits for the operations departmentC . Validating whether employees are...
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...
Third-party opinion.
Third-party opinion.A . 1 and 3B . 1 and 4C . 2 and 3D . 2 and 4View AnswerAnswer: C
