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Which of the following concepts is emphasized in the Mission of Internal Audit?
Which of the following concepts is emphasized in the Mission of Internal Audit?A . Support of good governance and controls.B . Enhancement of organizational value.C . Protection of tangible and intangible assets.D . Provision of professional advisory and assurance services.View AnswerAnswer: B
To ensure conformance with the Standards, what is the most appropriate action for the CAE to take?
A global manufacturing company has three regional offices. The chief audit executive (CAE) is concerned about the cost of an upcoming external quality assessment of the internal audit activity. The last external assessment was performed six years ago. Recently, the internal audit staff at one of the regional offices performed...
Which of the following would best help the organization manage the risk of fraud?
An organization allows the same individuals to physical access inventory and purchase new assets when supplies are depleted. Which of the following would best help the organization manage the risk of fraud?A . Accounting personnel should regularly perform reconciliation between invoices and purchase ordersB . Accounting personnel should conduct a...
In which of the following ways can a whistleblower hotline serve as a prevent Aative control?
In which of the following ways can a whistleblower hotline serve as a prevent Aative control?A . Third parties who operate the hotline ensure anonymity for whistle blowers.B . Whistleblower tips help discover wrongdoings and violations of the code of conduct. Potential perpetrators of fraud know that their actions can...
According to the Standards, in today's technology and business environments, how much computer and information systems-related knowledge and skills must an internal auditor have to be effective in fulfilling his job responsibilities?
According to the Standards, in today's technology and business environments, how much computer and information systems-related knowledge and skills must an internal auditor have to be effective in fulfilling his job responsibilities?A . Auditors must have an IT specialty in at least one of their organization's key information technology systems.B...
Which of the following scenarios violates The IIA's standard regarding internal audit independence?
Which of the following scenarios violates The IIA's standard regarding internal audit independence?A . The chief audit executive (CAE) reports on the internal audit activity's day-to-day tasks and responsibilities to the CEO.B . An assessment of the risk management function is reviewed by an outside consulting firm because the CAE...
Which of the following describes the primary objective when implementing a risk management framework?
Which of the following describes the primary objective when implementing a risk management framework?A . To achieve planned profitability for business expansion.B . To enhance an organization's confidence in achieving strategy.C . To strengthen corporate governance standards.D . To eliminate business risks and uncertainties.View AnswerAnswer: B
Which of the following written documents typically offers the best evidence that internal auditors exercise due professional care in conformance with the Standards?
Which of the following written documents typically offers the best evidence that internal auditors exercise due professional care in conformance with the Standards?A . Internal audit charter.B . Workpaper.C . Audit report.D . Code of ethics.View AnswerAnswer: B
Which of the following actions best demonstrates an internal auditor exercising due professional care?
Which of the following actions best demonstrates an internal auditor exercising due professional care?A . Testing an entire population, even when a sample would sufficeB . Using technology and data analysis techniques for efficiencyC . Enhancing knowledge, skills, and other competencies through professional developmentD . Establishing audit objectives, performing audit...
According to The IIA's Competency Framework, which competency is considered the mandatory minimum for internal auditors to possess when performing internal audit engagements?
According to The IIA's Competency Framework, which competency is considered the mandatory minimum for internal auditors to possess when performing internal audit engagements?A . To recognize red flags that indicate fraud.B . To recommend controls to prevent fraud.C . To apply forensic auditing techniques to detect fraud.D . To evaluate...
