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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...
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...
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...
To investigate this potential issue which of the following analytical approaches is the auditor likely to use?
An internal auditor suspects that employee turnover is unusually high at the organization's primary manufacturing plant. To investigate this potential issue which of the following analytical approaches is the auditor likely to use?A . Ratio analysisB . Vertical analysisC . BenchmarkingD . Cost-benefit analysis.View AnswerAnswer: C
Which of the following factors could cause this trend?
A chief audit executive's report to the board showed a significant trend of recent aud4s going over planned budgeted hours. Which of the following factors could cause this trend?A . Poor engagement supervisionB . ineffective board reportingC . Untimely observation follows up and closureD . Limited staff resourcesView AnswerAnswer: A
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 actions would be most appropriate for the chief audit executive to take?
As a result of server managements assumption of risk there is residual risk that exceeds me organisation's risk appetite. Which of the following actions would be most appropriate for the chief audit executive to take?A . ignore the responsibility of addressing the residual riskB . Assume the responsibility of addressing...
Which of the following is the most appropriate course of action for the internal audit team leader?
An internal audit team leader is having difficulties completing the planning phase of an assurance engagement because the business unit lacks a system of internal controls. Which of the following is the most appropriate course of action for the internal audit team leader?A . Defer the engagement until a system...
Which type of engagement would be most appropriate to assess the root causes of the quality issues?
A toy manufacturer receives certain components from an overseas supplier and uses them to assemble final products Recently quality reviews have identified numerous issues regarding the components' compliance with mandatory quality standards. Which type of engagement would be most appropriate to assess the root causes of the quality issues?A ....
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 ....
