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NEW QUESTION 1
According to IIA guidance, which of the following statements describes one of the similarities between assurance and consulting services?

  • A. When planning assurance and consulting engagements, internal auditors must consider the strategies and objectives of the activity being reviewed.
  • B. Internal auditors determine the engagement objectives, scope, and work program for both assurance and consulting services.
  • C. Internal auditors must not provide assurance or consulting services for an activity for which they had responsibility within the previous year.
  • D. Both assurance and consulting services generally involve the internal auditor, the area under review, senior management, and the board.

Answer: A

NEW QUESTION 2
According to IIA guidance, which of the following should be included in the internal audit charter?

  • A. The minimum resources and competencies needed for the internal audit activity.
  • B. Identification of the organizational units where engagements are to be performed.
  • C. Organizational relationships and reporting lines.
  • D. Assigned responsibilities for designing and implementing controls.

Answer: C

NEW QUESTION 3
According to the COSO enterprise risk management (ERM) framework, which of the following is not part of the new paradigm in ERM?

  • A. Assessing the risk factors.
  • B. Aligning risk appetite and strategy.
  • C. Enhancing risk response decisions.
  • D. Reducing operational surprises and losses.

Answer: A

NEW QUESTION 4
According to COSO, which of the following is not considered one of the components of an organization's internal environment?

  • A. Authority and responsibility to resolve issues.
  • B. Framework to plan, execute and monitor activities.
  • C. Integrated responses to multiple risks.
  • D. Knowledge and skills needed to perform activities.

Answer: C

NEW QUESTION 5
A large sales organization maintains a system of internal control according to the COSO model and has updated its code of conduct. This change relates to which component of the COSO framework?

  • A. Control activities.
  • B. Information and communication.
  • C. Commitment.
  • D. Control environment.

Answer: D

NEW QUESTION 6
According to the International Professional Practices Framework, which of the following are allowable activities for an internal auditor?
* 1. Advocating the establishment of a risk management function.
* 2. Identifying and evaluating significant risk exposures during audit engagements.
* 3. Developing a risk response for the organization if there is no chief risk officer.
* 4. Benchmarking risk management activities with other organizations.
* 5. Documenting risk mitigation strategies and techniques.

  • A. 4 and 5 only.
  • B. 1.2, and 3 only.
  • C. 1.2. 4. and 5 only.
  • D. 2. 3. 4. and 5 only.

Answer: C

NEW QUESTION 7
The chief audit executive (CAE) of a small internal audit activity (IAA) performs all high-risk engagements on the annual audit plan to make use of his knowledge and experience and to maximize the efficient use of audit resources. Which of the following statements is most relevant regarding this practice?

  • A. The CAE's work may be reviewed by any other experienced staff member within the IAA.
  • B. The CAE's work should be reviewed by an individual with the appropriate background and knowledge.
  • C. The CAE may self-review his work, provided he discloses this practice in the final report.
  • D. The CAE should avoid performing engagements to ensure he is able to review all audit work objectively.

Answer: B

NEW QUESTION 8
Which of the following factors have the greatest influence on the independence of the internal audit activity?

  • A. Quality assessments and cultural biases of the internal audit activity.
  • B. Rotational assignments and familiarity of the internal audit activity.
  • C. Employee incentives and self review of the internal audit activity.
  • D. Organizational positioning and scope control of the internal audit activity.

Answer: D

NEW QUESTION 9
Which of the following factors should be considered when determining the appropriate combination of manual techniques and computer-assisted audit techniques (CAATs) to be used during an audit?
* 1. Acceptance of CAATs findings by entity management.
* 2. Computer knowledge and expertise of the auditor.
* 3. Time constraints.
* 4. Level of audit risk.

  • A. 1 and 4
  • B. 2 and 3 only
  • C. 1, 2, and 3
  • D. 2, 3, and 4

Answer: D

NEW QUESTION 10
Which of the following are generally recognized as essential elements of a corporate social responsibility program?

  • A. Human rights and the environment.
  • B. Organizational governance and financial reporting.
  • C. Fair operating practices and government regulation.
  • D. Consumer issues and return on investment.

Answer: A

NEW QUESTION 11
Management is developing and implementing a risk and control framework for use throughout the organization. Which of the following elements should be included in the organization's control framework?
* 1. Appropriate levels of authority and responsibility.
* 2. Supervision of staff and appropriate review of work.
* 3. The seniority of management in the organization.
* 4. The ability to trace each transaction to an accountable and responsible individual.

  • A. 1,2, and 3.
  • B. 1.2, and 4.
  • C. 1.3, and 4.
  • D. 2, 3, and 4.

Answer: D

NEW QUESTION 12
Which of the following is a weakness of observation as audit evidence?

  • A. It cannot be used to test the completeness assertion.
  • B. It cannot be used to test the existence assertion.
  • C. It cannot be used to test the occurrence assertion.
  • D. It cannot be relied upon because the evidence is not persuasive.

Answer: A

NEW QUESTION 13
Which of the following is not an objective of internal control?

  • A. Compliance.
  • B. Accuracy.
  • C. Efficiency.
  • D. Validation.

Answer: D

NEW QUESTION 14
Which of the following statements is true about The IIA Global Internal Audit Competency Framework?

  • A. The core competencies outlined in the framework are not expected of a person undertaking an entry-level position as an internal auditor.
  • B. The framework is designed to be used primarily by chief audit executives that are developing indicators to measure the performance of the internal audit activity for which they are responsible.
  • C. The framework lists the core competencies internal auditors should possess before attempting to attain The IIA's Certified Internal Auditor certification.
  • D. The framework describes competencies needed for individual internal auditors, but not those necessary at the chief audit executive level.

Answer: B

NEW QUESTION 15
Which of the following are components of the ISO 31000 risk management process?
* 1. Setting the context.
* 2. Risk treatment.
* 3. Risk avoidance.
* 4. Communication.

  • A. 1 and 2 only.
  • B. 2 and 3.
  • C. 3 and 4.
  • D. 1,2, and 4.

Answer: A

NEW QUESTION 16
According to IIA guidance, when preparing the charter for the internal audit activity, the chief audit executive (CAE), board, and senior management should agree on which of the following?
* 1. The standards to be used by the internal audit activity.
* 2. The internal audit activity's code of ethics.
* 3. The CAE's reporting line.
* 4. The internal audit activity's responsibilities.

  • A. 4 only.
  • B. 1 and 2 only.
  • C. 3 and 4.
  • D. 1,2, and 3.

Answer: C

NEW QUESTION 17
A chief audit executive (CAE) is reviewing the internal audit activity's performance and is concerned that the average number of revisions to findings is steadily rising, making it increasingly difficult to trace the finding to the supporting evidence and workpapers. According to MA guidance, which of the following elements of the internal audit activity's quality assurance and improvement program would provide the CAE with the most helpful insight into the cause of this problem?

  • A. The overall effectiveness of the internal audit activity's periodic self assessments.
  • B. The type of audit productivity and performance statistics reported.
  • C. The adequacy of the day-to-day supervision and review process.
  • D. The scope and frequency of external assessments.

Answer: C

NEW QUESTION 18
An organization invests its savings in a volatile stock with the potential for high gains rather than a mutual fund with a lower expected return and lower volatility. This best describes which of the following risk concepts?

  • A. Risk identification.
  • B. Risk appetite.
  • C. Risk capacity.
  • D. Risk tolerance.

Answer: D

NEW QUESTION 19
An internal audit activity includes in its audit reports the assertion that its work is performed in conformance with the International Standards for the Professional Practice of Internal Auditing {Standards). A recent external quality assessment concluded that the internal audit activity had substantial deficiencies that impact its overall operations. According to IIA guidance, which of the following is the most appropriate action for issuing future audit reports?

  • A. Refrain from indicating that the internal audit activity operates in conformance with the Standards until the chief audit executive confirms that the internal audit activity has addressed all areas of nonconformance and the audit committee has been notified.
  • B. Refrain from indicating that the internal audit activity operates in conformance with the Standards until another external assessment confirms that the significant areas of nonconformance have been addressed.
  • C. Indicate that the internal audit activity operates in partial conformance with the Standards, as the internal audit activity has a quality assurance and improvement program in place to address deficiencies and has met the requirement for conducting an external assessment.
  • D. Update and reissue previous audit reports, removing the assertion that the internal audit activity operates in conformance with the Standards, and distribute them to all parties who received the original reports.

Answer: B

NEW QUESTION 20
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