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Which of the following courses of action would have prevented this situation?
An internal auditor was reviewing the procurement department's tender documentation for completeness He documented all discrepancies but the procurement manager disagreed with his findings Upon further review, the internal auditor noted that all discrepancies had been corrected in the tender database. Which of the following courses of action would have...
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 items, included in the preliminary audit communication would be most useful for management to formulate action plans in response to audit recommendations?
Which of the following items, included in the preliminary audit communication would be most useful for management to formulate action plans in response to audit recommendations?A . A conditionB . An audit objectivesC . An audit scopeD . An observation ratingView AnswerAnswer: D
Which of the following is an appropriate documentation of proper engagement supervision?
Which of the following is an appropriate documentation of proper engagement supervision?A . A completed engagement workpaper review checklist.B . The supervisor's review notes on engagement workpapers.C . The email exchanges between the audit team and the supervisor.D . A supervisor's approval of resources allocated to the engagementView AnswerAnswer: B
Which of the following would provide the most reliable evidence that the completed work conformed to the plan?
An internal auditor is asked to review a recently completed renovation to a retail outlet. Which of the following would provide the most reliable evidence that the completed work conformed to the plan?A . An interview with the employee who performed the workB . An analysis of purchasing and receiving...
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...
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
