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Which of the following would be considered a violation of The HAfs mandatory guidance on independence?
Which of the following would be considered a violation of The HAfs mandatory guidance on independence?A . The chief audit executive (CAE) reports functionally to the board and administratively to the chief financial officer.B . The board seeks senior management's recommendation before approving the annual salary adjustment of the CAE.C...
Which of the following actions should the internal auditor take first?
An internal auditor believes that the internal audit activity's independence is impaired. Which of the following actions should the internal auditor take first?A . Report the impairment to senior managementB . Discuss the impairment with the audit managerC . Ascertain the best approach to disclose the impairment.D . Decide on...
Which of the following documents would promote objectivity within an organization's internal audit activity?
Which of the following documents would promote objectivity within an organization's internal audit activity?A . Internal audit charter.B . Internal audit manual.C . Audit committee charterD . Human resources employee handbook.View AnswerAnswer: A Explanation: The internal audit charter is a formal document that defines the purpose, authority, and responsibility of...
Which of the following statements best describes the difference between risk appetite and risk tolerance?
Which of the following statements best describes the difference between risk appetite and risk tolerance?A . Risk appetite applies to specific objectives, while risk tolerance refers to an organization's general attitude toward risk,B . Risk appetite refers to the degree of risk acceptance for a particular objective, while risk tolerance...
Which of the following statements best demonstrates application of due professional care during an assurance engagement?
Which of the following statements best demonstrates application of due professional care during an assurance engagement?A . The engagement detected irregularities and noncompliance instances.B . The engagement supervisor had no significant comments in the supervisory review.C . The audit procedures were systematically planned, executed, and documented.D . The engagement objectives...
According to IIA guidance, which of the following statements is true regarding due professional care?
According to IIA guidance, which of the following statements is true regarding due professional care?A . Internal auditors must exercise due professional care to Insure that all significant risks will be identified,B . Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditorC...
Which of the following resources would be most effective for an organization that would like to improve how it informs stakeholders of its social responsibility performance?
Which of the following resources would be most effective for an organization that would like to improve how it informs stakeholders of its social responsibility performance?A . ISO 26000.B . Global Reporting Initiative.C . Open Compliance and Ethics Group.D . COSO’s enterprise risk management frameworkView AnswerAnswer: B Explanation: The Global...
The internal audit activity completed its analysis of sample transactions to determine occurrences of double billings According to If A guidance, which of the following best demonstrates that internal auditors exercised due professional care during the review?
The internal audit activity completed its analysis of sample transactions to determine occurrences of double billings According to If A guidance, which of the following best demonstrates that internal auditors exercised due professional care during the review?A . Internal auditors found no instances of double billing and concluded there were...
According to the 11A Code of Ethics, which of the following is required with regard to communicating results?
According to the 11A Code of Ethics, which of the following is required with regard to communicating results?A . The internal auditor should present material information to appropriate personnel within the organization without revealing confidential matters that could be detrimental to the organization.B . The internal auditor should disclose all...
Which of the following types of controls should she examine?
An internal auditor observed that sales staff are able to modify or cancel an order in the system prior to shipping* She wonders whether they can also modify orders after shipping. Which of the following types of controls should she examine?A . Batch controls.B . Application controls.C . General IT...
