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Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?
Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?A . Identifying and managing risks in line with the entity's risk appetite. B. Ensuring that a proper and effective risk management process exists. C. Attaining an adequate understanding of...
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...
The final internal audit report should be distributed to which of the following individuals?
The final internal audit report should be distributed to which of the following individuals?A . Audit client management only B. Executive management only C. Audit client management, executive management, and others approved by the chief audit executive. D. Audit client management, executive management, and any those who request a copy.View...
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
The cost of modifying the sales system to include a preventive control is less than
The cost of modifying the sales system to include a preventive control is less than S100.000A . 1 only B. 3 only C. 1 and 3 only D. 1, 2, and3View AnswerAnswer: A
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 engagement objectives would be appropriate to fulfill this request?
The board of directors expressed concerns about potential external risks that could impact the organization s ability to meet its annual objectives and goals The board requested consulting services from the internal audit activity to gain insight regarding the external risks. Which of the following engagement objectives would be appropriate...
To follow up, which of the following is the most appropriate action for the internal auditor to take?
An internal auditor submitted a report containing recommendations for management to enhance internal controls related to investments. To follow up, which of the following is the most appropriate action for the internal auditor to take?A . Observe corrective measures. B. Seek a management assurance declaration. C. Follow up during the...
Which of the following statements is false regarding audit criteria?
Which of the following statements is false regarding audit criteria?A . Audit criteria should be consistent across audit assignments. B. Audit criteria should represent reasonable standards against which to assess existing conditions. C. Audit criteria should provide flexibility but allow identification of nonadherence. D. Audit criteria should equate to good...
The audit plan is aligned with the organization's goals.
The audit plan is aligned with the organization's goals.A . 1 and 2 only B. 3 and 4 only C. 1, 2, and 4 D. 1, 3, and 4View AnswerAnswer: C
