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An organization s inventory is stored m multiple warehouses. During an inventory audit which of the following activities would most benefit from the use of computerized audit tools?
An organization s inventory is stored m multiple warehouses. During an inventory audit which of the following activities would most benefit from the use of computerized audit tools?A . Verifying the existence of inventory items in each warehouse B. Assigning the tolerable deviation rate to determine the sample size C....
Which of the following actions would be most appropriate for the chief audit executive to take?
As a result of server managements assumption of risk there is residual risk that exceeds me organisation's risk appetite. Which of the following actions would be most appropriate for the chief audit executive to take?A . ignore the responsibility of addressing the residual risk B. Assume the responsibility of addressing...
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...
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 department B. Making recommendations regarding financial approval authority limits for the operations department C. Validating whether employees are...
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 ....
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...
Third-party opinion.
Third-party opinion.A . 1 and 3 B. 1 and 4 C. 2 and 3 D. 2 and 4View AnswerAnswer: C
Which of the following should be the focus of the effect section of the preliminary observations document?
Which of the following should be the focus of the effect section of the preliminary observations document?A . Residual risk B. Inherent risk C. Compensating controls D. Control activitiesView AnswerAnswer: B
Which of The following best describes a risk that is deemed "unacceptable" to the organization?
Which of The following best describes a risk that is deemed "unacceptable" to the organization?A . A risk where likelihood and impact are high B. A risk where inherent risk exceeds its residual risk C. A risk where inherent risk exceeds the tolerance level D. A risk where residual risk...
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...
