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In an assurance engagement focused on the adequacy of organization wide risk management practices, which of the following best describes a primary area of interest for the engagement?
In an assurance engagement focused on the adequacy of organization wide risk management practices, which of the following best describes a primary area of interest for the engagement?A . The effectiveness of process-level and transaction-level controls.B . Conflicts of interest within the organizational structure of the senior management.C . The...
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...
Which of the following most accurately describes the role of the board when it comes to organizational governance?
Which of the following most accurately describes the role of the board when it comes to organizational governance?A . Responsibility for outcome of the process.B . Responsibility to be involved in management of the organization.C . Responsibility to determine who is accountable for outcomes.D . Responsibility to identify risks in...
This activity is designed to prevent which of the following conditions?
Operational management in the IT department has developed key performance indicator reports, which are reviewed in detail during monthly staff meetings. This activity is designed to prevent which of the following conditions?A . Knowledge/skills gap,B . Monitoring gap.C . Accountability/reward failure,D . Communication failure.View AnswerAnswer: D Explanation: The development and...
In which of the following situations may the internal audit activity report conformance with the Standards?
In which of the following situations may the internal audit activity report conformance with the Standards?A . An internal audit activity has been in existence at least five years and has not completed an external assessment,B . An internal auditor was assigned to an audit engagement but did not meet...
Skimming involves stealing cash or assets from the organization and is normally concealed by adjusting the organization’s records.
Skimming involves stealing cash or assets from the organization and is normally concealed by adjusting the organization’s records. 4, Disbursement fraud occurs when a person causes the organization to issue a payment for fictitious goods or services.A . 1 and 3.B.B . 1 and 4.C . 2 and 3.D ....
In which of the following ways can a chief audit executive demonstrate to the board that the internal audit activity collectively possesses all of the skills needed to complete its annual goals?
In which of the following ways can a chief audit executive demonstrate to the board that the internal audit activity collectively possesses all of the skills needed to complete its annual goals?A . Involve board members in hiring activities and request advice.B . Require all internal audit staff to complete...
Which course of action should the auditor take?
While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditor's relative. Which course of action should the auditor take?A . Proceed with the audit engagement, but do not include the relative's information.B . Have the chief audit executive...
Which of the following types of policies best helps promote objectivity in the interna! audit activity's work?
Which of the following types of policies best helps promote objectivity in the interna! audit activity's work?A . Policies that are distributed to all members of the internal audit activity and require a signed acknowledgment,B . Policies that match internal auditors' performance with feedback from management of the area under...
Which of the following best demonstrates that the internal audit activity is using due professional care?
Which of the following best demonstrates that the internal audit activity is using due professional care?A . The internal audit activity reports directly to the board on the engagements it performs.B . Internal auditors undertake the necessary training to complete their audit work.C . The completion of engagements is based...
