- All Exams Instant Download
Which of the following statements describes an engagement planning best practice?
Which of the following statements describes an engagement planning best practice?A . It is best to determine planning activities on a case-by-case basis because they can vary widely from engagement to engagement.B . If the engagement subject matter is not unique, it is not necessary to outline specific testing procedures...
Which of the following statements about assurance maps is correct?
Which of the following statements about assurance maps is correct?A . An assurance map is used by the chief audit executive to coordinate assurance activities with other internal and external assurance providersB . An assurance map is a picture of all assurance engagements performed by the internal audit activity across...
A preliminary observation document contains more detail than tie observation description in the engagement workpapers
A preliminary observation document contains more detail than tie observation description in the engagement workpapersA . 1 and 2B . 1 and 4C . 2 and3D . 3 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...
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 engagementsB . The extent of what is included in workpapers is a matter of professional judgmentC . Workpapers should be complete so that every conceivable question...
Which of the following would be the most appropriate analytical review for the auditor to perform?
The audit manager asked the internal auditor to perform additional testing because several irregularities were found in the financial information. Which of the following would be the most appropriate analytical review for the auditor to perform?A . Compare the firm's financial performance with organizations in the same industryB . Interview...
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 procedureB . To verify the accuracy of Information in a reportC . To assess the controls mitigating major risksD . To determine whether specified contra procedures are in placeView AnswerAnswer:...
Third-party opinion.
Third-party opinion.A . 1 and 3B . 1 and 4C . 2 and 3D . 2 and 4View AnswerAnswer: C
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 ....
