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According to the Standards, which of the following is not a consideration when exercising due professional care for an assurance engagement?
According to the Standards, which of the following is not a consideration when exercising due professional care for an assurance engagement?A . The relative complexity, materiality, or significance of matters to which assurance procedures are applied.B . The extent of assurance services necessary to ensure that all risks are identified.C...
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...
According to IIA guidance, which of the following statements is false regarding continuing professional education for the internal audit activity (IAA)?
According to IIA guidance, which of the following statements is false regarding continuing professional education for the internal audit activity (IAA)?A . Continuing professional education can be obtained through IAA involvement in research projects.B . Employers are responsible for ensuring that the continuing professional education needs of the IAA are...
Which of the following would be considered a preventive control?
Which of the following would be considered a preventive control?A . A library control log.B . A review of exception reports.C . A password lock on a server.D . A software scan of financial records for irregularities.View AnswerAnswer: C
Which of the following is the most effective strategy to manage the risk of foreign exchange losses due to sales to foreign customers?
Which of the following is the most effective strategy to manage the risk of foreign exchange losses due to sales to foreign customers?A . Hire a risk consultant.B . Implement a hedging strategy.C . Maintain a large foreign currency balance.D . Insist that customers only pay in a stable currency.View...
According to IIA guidance, which of the following best describes processes and tools typically used in ongoing internal assessments?
According to IIA guidance, which of the following best describes processes and tools typically used in ongoing internal assessments?A . Benchmarking of the internal audit activity's practices and performance.B . Report of internal assessment results, response plans, and outcomes.C . Analysis of performance metrics such as cycle times.D . Self-assessments...
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 controls is not appropriate for sales in a manufacturing organization?
Which of the following controls is not appropriate for sales in a manufacturing organization?A . Customers' orders are recorded promptly.B . Goods shipped are matched with valid customer orders.C . Goods returned are inspected for damage by the receiving department for proper disposition.D . Sales department approval is required for...
Which of the following would provide an internal auditor with the most objective evidence in this case?
Allegations have been made that an organization's share price has been manipulated. Which of the following would provide an internal auditor with the most objective evidence in this case?A . Major shareholders of the organization.B . Large customers of the organization.C . Former members of management.D . Former financial consultants.View...
According to IIA guidance, which of the following objectives of an assurance engagement for the organization's risk management process is valid?
According to IIA guidance, which of the following objectives of an assurance engagement for the organization's risk management process is valid?A . All risks have been identified and mitigated.B . Risks have been accurately analyzed and evaluated.C . All controls are both adequate and efficient.D . The board is appropriately...
