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Which of the following best describes this condition?
During a fraud interview, it was discovered that unquestioned authority enabled a vice president to steal funds from the organization. Which of the following best describes this condition?A . Scheme.B . Opportunity.C . Rationalization.D . Pressure.View AnswerAnswer: B
Which of the following is true regarding the validity of the observation closure?
Management has taken immediate action to address an observation received during an audit of the organization's manufacturing process. Which of the following is true regarding the validity of the observation closure?A . Valid closure requires evidence that ensures the corrected process will function as expected in the futureB . Valid...
How should tie internal auditor respond?
An internal auditor is analyzing sates records and is concerned whether a transaction is recorded in the coned period. The accounting manager explains that the external auditor approved the records and produces an email from the external audit team leader. How should tie internal auditor respond?A . Ask the external...
Which of the following factors would the auditor in charge be least likely to consider when assigning tasks to audit team members for an engagement?
Which of the following factors would the auditor in charge be least likely to consider when assigning tasks to audit team members for an engagement?A . The amount of experience the auditors have conducting audits in the specific area of the organization.B . The availability of the auditors in relation...
Which of the following courses of action would have prevented this situation?
An internal auditor was reviewing the procurement department's tender documentation for completeness He documented all discrepancies but the procurement manager disagreed with his findings Upon further review, the internal auditor noted that all discrepancies had been corrected in the tender database. Which of the following courses of action would have...
The cost of modifying the sales system to include a preventive control is less than
The cost of modifying the sales system to include a preventive control is less than S100.000A . 1 onlyB . 3 onlyC . 1 and 3 onlyD . 1, 2, and3View AnswerAnswer: A
According to IIA guidance, which of the following roles should the CAE not undertake?
An organization's board would like to establish a formal risk management function and has asked the chief audit executive (CAE) to be involved in the process. According to IIA guidance, which of the following roles should the CAE not undertake?A . Manage and coordinate risk management processes.B . Audit risk...
Which of the following components are missing in the observation?
An audit observation states the following: "Despite the rules of the organization there is no approved credit risk management policy in the subsidiary. The subsidiary is concluding contacts with clients who have very high credit ratings. The internal audit team tested 50 contacts and 17 showed clients with a poor...
During the fieldwork phase of an assurance engagement, the internal auditor decides that she wants to adjust the audit work program. Which of the following is the most appropriate next step for the auditor to take?
During the fieldwork phase of an assurance engagement, the internal auditor decides that she wants to adjust the audit work program. Which of the following is the most appropriate next step for the auditor to take?A . Request additional information needed from management of the area under review.B . Obtain...
Acceding to IIA guidance, when of the Mowing is an assurance service commonly performed by the internal audit activity?
Acceding to IIA guidance, when of the Mowing is an assurance service commonly performed by the internal audit activity?A . Proposing fine item recommendation lot the annual financial budget of the accounting departmentB . Making recommendations regarding financial approval authority limits for the operations departmentC . Validating whether employees are...
