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Which of the following would the auditor do to test the reliability of a customer database1?
An internal auditor is examining the organization's internal control processes. Which of the following would the auditor do to test the reliability of a customer database1?A . Perform a site visit to see whether the organization's servers are operationalB . Interview end users to determine whether they understand how to...
What is the primary objective of an engagement supervisor's review of key activities performed during the engagement?
What is the primary objective of an engagement supervisor's review of key activities performed during the engagement?A . To ensure that the engagement is completed on time and within budgetB . To ensure that all work performed meets acceptable quality standardsC . To ensure that management has provided suitable responses...
Which of the following audit procedures is most appropriate when existing internal controls are weak?
An internal auditor is conducting a financial audit. Which of the following audit procedures is most appropriate when existing internal controls are weak?A . Analytical procedures.B . Detail testing.C . Test of design.D . Test of control.View AnswerAnswer: B
Which of the following component should be added to this observation?
According to an internal audit observation, the organization’s rules of record management require all contracts to be registered and stored in a specific electronic system. One subsidiary has thousands of client contracts on paper, which are kept in the office because there are not enough assistants to scan the contracts...
Which of the following items, included in the preliminary audit communication would be most useful for management to formulate action plans in response to audit recommendations?
Which of the following items, included in the preliminary audit communication would be most useful for management to formulate action plans in response to audit recommendations?A . A conditionB . An audit objectivesC . An audit scopeD . An observation ratingView AnswerAnswer: D
According to IIA guidance which of the following statements is true regarding heat maps?
According to IIA guidance which of the following statements is true regarding heat maps?A . A heat map sets likelihood to have higher priority than impact.B . A heat map sets impact to have higher priority than likelihood.C . A heat map recognizes that the priority of impact and likelihood...
Which of the following engagement objectives would be appropriate to fulfill this request?
The board of directors expressed concerns about potential external risks that could impact the organization s ability to meet its annual objectives and goals The board requested consulting services from the internal audit activity to gain insight regarding the external risks. Which of the following engagement objectives would be appropriate...
Which of the following is most likely to be a disadvantage of this outsourcing decision?
After the team member who specialized in fraud investigations left the internal audit team, the chief audit executive decided to outsource fraud investigations to a third party service provider on an as needed basis. Which of the following is most likely to be a disadvantage of this outsourcing decision?A ....
Which of the following internal control attributes should internal auditors consider testing during a review of the board of directors?
Which of the following internal control attributes should internal auditors consider testing during a review of the board of directors?A . The presence of an independent critical massB . The established philosophy and operating style of senior managementC . The articulated internal control objectives of the organizationD . The organization's...
Which of the following is the most appropriate risk management technique to protect the organization against these price fluctuations?
An organization buys crude oil on the open market and refines it into a high-quality gasoline. The price of crude oil is extremely volatile. Which of the following is the most appropriate risk management technique to protect the organization against these price fluctuations?A . Enter into long-term gasoline purchase agreements...
