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Perform assurance procedures with sufficient care to ensure that all risks are identified.
Perform assurance procedures with sufficient care to ensure that all risks are identified.A . 1 and 2 onlyB . 1 and 3 onlyC . 2 and 3 onlyD . 1, 2, and 3View AnswerAnswer: A
Which of the following also should be included in the charter?
An internal audit charter describes the mission and scope of the internal audit activity (IAA), responsibilities of the IAA, accountability of the chief audit executive, independence of the IAA, and standards followed by the IAA. Which of the following also should be included in the charter? A. The purpose of...
Which of the following controls would best mitigate the risk of employees receiving kickbacks from suppliers?
An internal audit manager of a furniture manufacturing organization is planning an audit of the procurement process for kiln-dried wood. The procurement department maintains six procurement officers to manage 24 different suppliers used by the organization. Which of the following controls would best mitigate the risk of employees receiving kickbacks...
Which type of control does this scenario represent?
A computer system automatically locks a user's account after three unsuccessful attempts to log on. Which type of control does this scenario represent?A . Corrective control.B . Preventive control.C . Detective control.D . Compensating control.View AnswerAnswer: B
Which of the following actions are most appropriate for the auditor to take?
While attending a conference, an internal auditor won an all-expense paid trip sponsored by a vendor of the internal auditor's organization. Which of the following actions are most appropriate for the auditor to take?A . Consult with an immediate supervisor and notify the organization's audit committee.B . Consult with an...
Which of the following would provide the best evidence of errors in the quantities of items received from suppliers?
Which of the following would provide the best evidence of errors in the quantities of items received from suppliers?A . Suppliers' reports of over shipments.B . Warehouse receiving logs.C . Purchase requisitions and purchase orders.D . Observation and inspection of inventory.View AnswerAnswer: B
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 conclusion should the auditor draw from this data?
An internal auditor makes a series of observations when performing an analytical review of division operations. The auditor notes the following things: the current ratio is increasing and the quick ratio is decreasing, sales and current liabilities have remained constant, and the number of day sales in inventory is increasing....
Leave blank space for cross-references to be completed during the post-audit process.
Leave blank space for cross-references to be completed during the post-audit process.A . 1 and 2 onlyB . 1 and 4 onlyC . 2 and 3 onlyD . 3 and 4 onlyView AnswerAnswer: C
If an engagement client disputes that a specific action or process is within the scope of the internal audit activity, what would be the most appropriate way for the internal audit activity (IAA) to respond?
If an engagement client disputes that a specific action or process is within the scope of the internal audit activity, what would be the most appropriate way for the internal audit activity (IAA) to respond?A . Terminate the audit engagement in full because an operational audit will not be productive...
