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Which of the following component should be added to this observation?
According to an internal audit observation, the organization’s rules of record management require all contracts to be registered and stored in a specific electronic system. One subsidiary has thousands of client contracts on paper, which are kept in the office because there are not enough assistants to scan the contracts...
Which of the following factors would the auditor in charge be least likely to consider when assigning tasks to audit team members for an engagement?
Which of the following factors would the auditor in charge be least likely to consider when assigning tasks to audit team members for an engagement?A . The amount of experience the auditors have conducting audits in the specific area of the organization.B . The availability of the auditors in relation...
According to IIA guidance, which of the following reflects a characteristic of sufficient and reliable information?
According to IIA guidance, which of the following reflects a characteristic of sufficient and reliable information?A . The establishment of an audit approach and documentation systemB . The standardization of workpaper terminology and notationsC . The ability to reach consistent audit conclusions regardless of who performs the auditD . The...
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 should be the focus of the effect section of the preliminary observations document?
Which of the following should be the focus of the effect section of the preliminary observations document?A . Residual riskB . Inherent riskC . Compensating controlsD . Control activitiesView AnswerAnswer: A
When forming an opinion on the adequacy of management's systems of internal control, which of the following findings would provide the most reliable assurance to the chief audit executive?
When forming an opinion on the adequacy of management's systems of internal control, which of the following findings would provide the most reliable assurance to the chief audit executive? • During an audit of the hiring process in a law firm, it was discovered that potential employees' credentials were not...
An organization recently acquired a subsidiary in a new industry, and management asked the chief audit executive (CAE) to perform a comprehensive audit of the subsidiary prior to recommencing operations. The CAE is unsure her team has the necessary skills and knowledge to accept the engagement According to IIAguidance, which of the following responses by the CAE would be most appropriate?
An organization recently acquired a subsidiary in a new industry, and management asked the chief audit executive (CAE) to perform a comprehensive audit of the subsidiary prior to recommencing operations. The CAE is unsure her team has the necessary skills and knowledge to accept the engagement According to IIAguidance, which...
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 departmentB . Making recommendations regarding financial approval authority limits for the operations departmentC . Validating whether employees are...
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 managementB . Audit objectives should be general and do not change.C . Computer-assisted audit techniques are typically not useful during engagement planningD . Internal auditors should prepare a dented...
Which of the following factors could cause this trend?
A chief audit executive's report to the board showed a significant trend of recent aud4s going over planned budgeted hours. Which of the following factors could cause this trend?A . Poor engagement supervisionB . ineffective board reportingC . Untimely observation follows up and closureD . Limited staff resourcesView AnswerAnswer: A
