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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 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 an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?
Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?A . Identifying and managing risks in line with the entity's risk appetite.B . Ensuring that a proper and effective risk management process exists.C . Attaining an adequate understanding of...
Third-party opinion.
Third-party opinion.A . 1 and 3B . 1 and 4C . 2 and 3D . 2 and 4View AnswerAnswer: C
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
Which of the following best illustrates the primary focus of a risk-based approach to control self-assessment?
Which of the following best illustrates the primary focus of a risk-based approach to control self-assessment?A . To evaluate controls regarding the computer security of an oil refinery.B . To examine the processes involved in exploring, developing, and operating a gold mine.C . To assess the likelihood and impact of...
The geographical dispersion of audit staff across the organization.
The geographical dispersion of audit staff across the organization.A . 1 and 3B . 1 and 4C . 2 and 3D . 2 and 4View AnswerAnswer: A
The audit plan is aligned with the organization's goals.
The audit plan is aligned with the organization's goals.A . 1 and 2 onlyB . 3 and 4 onlyC . 1, 2, and 4D . 1, 3, and 4View AnswerAnswer: C
Which of the following is the best action for the internal auditor to take before drawing a conclusion?
An internal auditor collected several employee testimonials. Which of the following is the best action for the internal auditor to take before drawing a conclusion?A . Ensure the testimonials are well documentedB . Substantiate the testimonials with physical or documentary evidenceC . Corroborate testimonials with the results from other soft...
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
