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Which of the following is the most important concept to be included in a consulting engagement agreement?
Which of the following is the most important concept to be included in a consulting engagement agreement?A . Define the duties and responsibilities needed from management to perform the engagement. B. Disclose the fact that auditors who perform the work may not be subject matter experts in the topic of...
Which of the following is the most reliable source for verification of the current year end bank balances?
As part of internal audit's assistance with an annual external audit, the internal auditors are required to do a preliminary analytical review of an bank account balances. This involves verifying the current year end balances as web as comparing the current year end balances with previous year end balances to...
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 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 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...
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 . Criteria B. Condition C....
If observed during fieldwork by an internal auditor, which of the following activities is least important to communicate formally to the chief audit executive?
If observed during fieldwork by an internal auditor, which of the following activities is least important to communicate formally to the chief audit executive?A . Acts that may endanger the health or safety of individuals. B. Acts that favor one party to the detriment of another. C. Acts that damage...
Determine how the information is stored.
Determine how the information is stored.A . 1 and 3 only B. 2 and 4 only C. 1, 3, and 4 only D. 1, 2, 3, and 4View AnswerAnswer: D
Which of the following should management action plans include at a minimum?
Which of the following should management action plans include at a minimum?A . An implementer for the action plan B. An owner of the action plan C. The internal auditor's next review date of the action plan D. Detailed procedures for the action planView AnswerAnswer: B
Which of the following describes the control objective likely being tested?
An internal auditor uses a data query tool in the purchasing process to review the vendor master file for authorizations. Which of the following describes the control objective likely being tested?A . Effectiveness B. Response C. Efficiency D. Mitigation.View AnswerAnswer: A
