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Which of the following statements generally true regarding audit engagement planning?
Which of the following statements generally true regarding audit engagement planning?A . The best source tor detailed process information is senior managementB . Audit objectives should be general and do not change.C . Computer-assisted audit techniques are typically not useful during engagement planningD . Internal auditors should prepare a dented...
Which of the following would most likely cause an internal auditor to consider adding fraud work steps to the audit program?
Which of the following would most likely cause an internal auditor to consider adding fraud work steps to the audit program?A . Improper segregation of duties.B . Incentives and bonus programs.C . An employee's reported concerns.D . Lack of an ethics policy.View AnswerAnswer: C
Which of the following should be described in the recognition element of a typical internal audit repot?
Which of the following should be described in the recognition element of a typical internal audit repot?A . Positive aspects of the process or area under reviewB . A brief synopsis of the process of area under reviewC . Outcomes and ratings of the process or area under reviewD ....
Which of the following manual audit approaches describes testing the validity of a document by following it backward to a previously prepared record?
Which of the following manual audit approaches describes testing the validity of a document by following it backward to a previously prepared record?A . TracingB . ReperformanceC . VouchingD . WalkthroughView AnswerAnswer: B
Which of the following statements concerning workpapers is the most accurate?
Which of the following statements concerning workpapers is the most accurate?A . The organization and the format of workpapers is the same for all engagementsB . The extent of what is included in workpapers is a matter of professional judgmentC . Workpapers should be complete so that every conceivable question...
Based on the auditor's actions which of the following is most likely the objective of this engagement1?
An internal auditor accessed accounts payable records and extracted data related to fuel purchased tor the organization's vehicles As a first step, she sorted the data by vehicle and used spreadsheet functions to identify all instances of refueling on the same or sequential dates She then performed other tests. Based...
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...
There is a greater likelihood that the auditor will obtain a responsive action plan from management when both parties agree on which of the following attributes of the audit finding?
Upon concluding the engagement fieldwork an internal auditor discusses the audit findings with operational management. There is a greater likelihood that the auditor will obtain a responsive action plan from management when both parties agree on which of the following attributes of the audit finding?A . CriteriaB . ConditionC ....
Which of the following recommendations made by the internal audit activity (IAA) is most likely to help prevent fraud?
Which of the following recommendations made by the internal audit activity (IAA) is most likely to help prevent fraud?A . A review of password policy compliance found that employees frequently use the same password more than once during a year. The IAA recommends that the access control software reject any...
Which of the following is the most appropriate conclusion for the auditor to include in the audit report?
An internal auditor completed a review of expenses related to the launch of a new project. The auditor sampled 45 transactions approved by a senior project manager and identified 30 with questionable vendor documentation. Which of the following is the most appropriate conclusion for the auditor to include in the...
