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Why is a code of ethics for the internal audit profession necessary?
Why is a code of ethics for the internal audit profession necessary?A . It ensures that all members of the profession possess the same level of competence.B . It provides auditors with protection from lawsuits.C . It guides internal auditors in their service to others.D . It requires auditors to...
As a result, which IIA Code of Ethics principle is presumed to be impaired?
An internal audit activity (IAA) provided assurance services for an activity it was responsible for during the preceding year. As a result, which IIA Code of Ethics principle is presumed to be impaired?A . Competence.B . Flexibility.C . Objectivity.D . Independence.View AnswerAnswer: C
Justified and necessary, according to the IIA Code of Ethics and Standards.
Justified and necessary, according to the IIA Code of Ethics and Standards.A . 1 onlyB . 2 onlyC . 3 onlyD . 1 and 2 onlyView AnswerAnswer: C
Which of the following is the most appropriate action for the CAE to take?
A chief audit executive (CAE) learns that the brother-in-law of a senior auditor who audits the procurement process was hired as the head of the procurement department six months prior. Which of the following is the most appropriate action for the CAE to take?A . The CAE should not interfere...
Which of the following activities best reflects the scope and status of the internal audit activity as defined in the internal audit policy statement?
Which of the following activities best reflects the scope and status of the internal audit activity as defined in the internal audit policy statement?A . The internal auditor reviews the physical access to merchandise during an inventory count.B . The audit manager conducts an internal quality assessment of the internal...
Which of the following statements is true regarding the use of non-statistical sampling in auditing control tests?
Which of the following statements is true regarding the use of non-statistical sampling in auditing control tests?A . It considers tolerable deviation rate more effectively than does statistical sampling.B . Sampling risk will be accurately quantified through non-statistical sampling.C . Non-statistical sample results must be projected to the population.D ....
Which of the following is a second line of defense in effective risk management and control?
Which of the following is a second line of defense in effective risk management and control?A . Purchasing department.B . Compliance department.C . Credit department.D . Internal audit department.View AnswerAnswer: B
Which of the following strategies best fulfills the requirements of the Standards regarding these audits?
The chief audit executive (CAE) has been asked to manage the regulatory compliance function for the organization's retail store operations. Store operations are included in the annual audit plan. Which of the following strategies best fulfills the requirements of the Standards regarding these audits?A . The scope of store operations...
Which of the following actions would violate the IIA Code of Ethics?
After being terminated due to downsizing, an internal auditor finds a different job with an organization in the same industry. Which of the following actions would violate the IIA Code of Ethics?A . To determine audit priorities in the new job, the auditor uses the audit risk approach that the...
Justified and necessary, according to the IIA Code of Ethics and Standards.
Justified and necessary, according to the IIA Code of Ethics and Standards.A . 1 onlyB . 2 onlyC . 3 onlyD . 1 and 2 onlyView AnswerAnswer: C
