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According to IIA guidance, which of the following reflects a characteristic of sufficient and reliable information?
According to IIA guidance, which of the following reflects a characteristic of sufficient and reliable information?A . The establishment of an audit approach and documentation systemB . The standardization of workpaper terminology and notationsC . The ability to reach consistent audit conclusions regardless of who performs the auditD . The...
There is a greater likelihood that the auditor will obtain a responsive action plan from management when both parties agree on which of the following attributes of the audit finding?
Upon concluding the engagement fieldwork an internal auditor discusses the audit findings with operational management. There is a greater likelihood that the auditor will obtain a responsive action plan from management when both parties agree on which of the following attributes of the audit finding?A . CriteriaB . ConditionC ....
According to IIA guidance, which of the following actions might place the independence of the internal audit function in jeopardy?
According to IIA guidance, which of the following actions might place the independence of the internal audit function in jeopardy?A . Having no active role or involvement in the risk management process.B . Auditing the risk management process for reasonableness.C . Coordinating and managing the risk management process.D . Participating...
Which of the following statements is false regarding audit criteria?
Which of the following statements is false regarding audit criteria?A . Audit criteria should be consistent across audit assignments.B . Audit criteria should represent reasonable standards against which to assess existing conditions.C . Audit criteria should provide flexibility but allow identification of nonadherence.D . Audit criteria should equate to good...
Which of the following is the most reliable source for verification of the current year end bank balances?
As part of internal audit's assistance with an annual external audit, the internal auditors are required to do a preliminary analytical review of an bank account balances. This involves verifying the current year end balances as web as comparing the current year end balances with previous year end balances to...
The same individuals who receive the final report.
The same individuals who receive the final report.A . 1 onlyB . 1 and 2 onlyC . 1, 2, and 3D . 1, 2, and 4View AnswerAnswer: C
Which of the following would most likely be classified as a consulting engagement?
The internal audit manager has been delegated the task of preparing the annual internal audit plan for the forthcoming fiscal year All engagements should be appropriately categorized and presented to the chief audit executive for review. Which of the following would most likely be classified as a consulting engagement?A ....
Which of the following is an appropriate documentation of proper engagement supervision?
Which of the following is an appropriate documentation of proper engagement supervision?A . A completed engagement workpaper review checklist.B . The supervisor's review notes on engagement workpapers.C . The email exchanges between the audit team and the supervisor.D . A supervisor's approval of resources allocated to the engagementView AnswerAnswer: B
Communicate to senior management a summary report on the status and adequacy of audit resources.
Communicate to senior management a summary report on the status and adequacy of audit resources.A . 1 and 3 onlyB . 2 and 4 onlyC . 1, 2, and 4D . 2, 3, and 4View AnswerAnswer: D
The final internal audit report should be distributed to which of the following individuals?
The final internal audit report should be distributed to which of the following individuals?A . Audit client management onlyB . Executive management onlyC . Audit client management, executive management, and others approved by the chief audit executive.D . Audit client management, executive management, and any those who request a copy.View...
