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Communicate to senior management a summary report on the status and adequacy of audit resources.
Communicate to senior management a summary report on the status and adequacy of audit resources.A . 1 and 3 only B. 2 and 4 only C. 1, 2, and 4 D. 2, 3, and 4View AnswerAnswer: C
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 2 B. 1 and 4 C. 2 and 3 D. 3 and 4View AnswerAnswer: A
Which of the following statement is consistent with IIA guidance the use of mentoring for internal auditors?
Which of the following statement is consistent with IIA guidance the use of mentoring for internal auditors?A . The member and the internal auditor should opt for informal meetings even if it means that no formal documentation will be created. B. The mentor relationship is usually not suitable for internal...
Third-party opinion.
Third-party opinion.A . 1 and 3 B. 1 and 4 C. 2 and 3 D. 2 and 4View AnswerAnswer: C
What is the best course of action for a chief audit executive if an internal auditor identifies in the early stage of an audit that some employees have inappropriate access to a key system?
What is the best course of action for a chief audit executive if an internal auditor identifies in the early stage of an audit that some employees have inappropriate access to a key system?A . Contact the audit committee chair to discuss the finding B. Obtain verbal assurance from management...
Which of the following would most likely assure the CAE that the engagement had adequate supervision?
A chief audit executive (CAE) reviews the supervision of an internal audit engagement. Which of the following would most likely assure the CAE that the engagement had adequate supervision?A . The engagement supervisor has an open door pokey for audit team members to discuss concerns B. The supervisor reviews weekly...
Which of the following audit procedures is most appropriate when existing internal controls are weak?
An internal auditor is conducting a financial audit. Which of the following audit procedures is most appropriate when existing internal controls are weak?A . Analytical procedures. B. Detail testing. C. Test of design. D. Test of control.View AnswerAnswer: B
Which of the following components are missing in the observation?
An audit observation states the following: "Despite the rules of the organization there is no approved credit risk management policy in the subsidiary. The subsidiary is concluding contacts with clients who have very high credit ratings. The internal audit team tested 50 contacts and 17 showed clients with a poor...
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 ....
Internal control questionnaires are used to achieve which of the following objectives?
Internal control questionnaires are used to achieve which of the following objectives?A . To ascertain the operating effectiveness of a procedure B. To verify the accuracy of Information in a report C. To assess the controls mitigating major risks D. To determine whether specified contra procedures are in placeView AnswerAnswer:...
