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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 condition B. An audit objectives C. An audit scope D. An observation ratingView AnswerAnswer: D
Which of the following is true regarding the validity of the observation closure?
Management has taken immediate action to address an observation received during an audit of the organization's manufacturing process. Which of the following is true regarding the validity of the observation closure?A . Valid closure requires evidence that ensures the corrected process will function as expected in the future B. Valid...
Which of the following would most appropriately be used for this purpose?
An internal auditor is assigned to validate calculations on the organization's building application As pad of the test the internal auditor is required to use an automated audit tool to simulate transactions for testing. Which of the following would most appropriately be used for this purpose?A . Generalized audit software....
Which type of engagement would be most appropriate to assess the root causes of the quality issues?
A toy manufacturer receives certain components from an overseas supplier and uses them to assemble final products Recently quality reviews have identified numerous issues regarding the components' compliance with mandatory quality standards. Which type of engagement would be most appropriate to assess the root causes of the quality issues?A ....
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 engagements B. The extent of what is included in workpapers is a matter of professional judgment C. Workpapers should be complete so that every conceivable question...
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...
According to IIA guidance, which of the following roles should the CAE not undertake?
An organization's board would like to establish a formal risk management function and has asked the chief audit executive (CAE) to be involved in the process. According to IIA guidance, which of the following roles should the CAE not undertake?A . Manage and coordinate risk management processes. B. Audit risk...
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 management B. Audit objectives should be general and do not change. C. Computer-assisted audit techniques are typically not useful during engagement planning D. Internal auditors should prepare a dented...
Third-party opinion.
Third-party opinion.A . 1 and 3 B. 1 and 4 C. 2 and 3 D. 2 and 4View AnswerAnswer: C
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...
