A member of the IT department transfers to the internal audit department. A few months after transferring, the new auditor volunteers to assist in an assurance engagement for the IT department. According to the Standards, how should the chief audit executive respond?
A. Decline the offer because the internal auditor subordinated professional judgment, and objectivity is therefore impaired.
B. Decline the offer because the internal auditor recently transferred from the IT department.
C. Accept the offer because the internal auditor maintains an independent mental attitude and is therefore objective.
D. Accept the offer because the internal audit charter grants the internal auditor authority to maintain objectivity.
According to the Standards, which of the following statements about effective governance is not true?
A. It relies on internal controls to be effective.
B. It considers risk when setting strategy.
C. Its structures are distinct from risk management structures.
D. It is implemented by the board or an equivalent body.
Which of the following controls within a spreadsheet would address the risk of logic errors?
1.
The spreadsheet contains formulas that foot and cross-foot data.
2.
The spreadsheet is locked to protect cell formulas from being inadvertently changed.
3.
Spreadsheets are included in nightly backup processes.
4.
Check-in and check-out software is used to manage version control.
A. 1 and 2 only
B. 1 and 3 only
C. 2 and 4 only
D. 3 and 4 only
Which of the following is true regarding the purpose of the COSO enterprise risk management framework?
1.
It is a process that is ongoing and flows throughout the organization.
2.
It contributes to the formulation of the organization's mission and vision.
3.
It enables internal audit to provide reasonable assurance to an organization's management and the board.
4.
It enables the management of risks within an organization's risk appetite.
A. 1, 2, and 3 only
B. 1, 2, and 4 only
C. 1, 3, and 4 only
D. 2, 3, and 4 only
According to the Standards, which of the following is not a responsibility of the audit committee?
A. Appointment and performance of the chief audit executive.
B. Reviewing internal audit staffing promotions and salary increases.
C. Review, assessment and approval of the annual audit plan.
D. Resolving any disagreements between management and internal audit.
Which of the following tools would provide the most useful depiction of a process flow that spans multiple departments in an organization?
A. A vertical flowchart of each department, showing inputs at the top and outputs at the bottom.
B. A narrative, with a section dedicated to the process of each department.
C. A combination of a flowchart, which shows the process, and a narrative, which indicates the related department.
D. A horizontal flowchart, with each department identified across the top and the process flow below.
Which of the following statements correctly describes how workpaper standards can improve the efficiency of internal audit operations?
A. They require supervisors to provide written confirmation of the workpapers they review.
B. They grant external parties approved by management access to workpapers.
C. They mandate the workpaper retention period.
D. They allow the design and content to vary depending on the nature of the engagement.
Which of the following actions would be a violation of the IIA Code of Ethics?
A. Excluding an issue in the final audit report after management has resolved the issue.
B. Reporting information that could be damaging to the organization, at the request of a court of law.
C. Failing to return a free promotional pen to a vendor related to the audit activity.
D. Declining an audit engagement for which the auditor does not have the necessary experience or training.
Which of the following actions would compromise an internal auditor's objectivity?
A. Preparing bank reconciliations.
B. Reviewing procedures before they are implemented.
C. Auditing an activity for which the auditor had responsibility two years ago.
D. Receiving a promotional pen from a supply available to all employees.
What information should the internal quality assessment of the internal audit activity communicate to the chief audit executive?
A. Detailed objectives for internal audit engagements.
B. Confirmation that past audit recommendations have been implemented.
C. Evaluation of the adequacy of internal audit policies and procedures.
D. Performance appraisals of the internal audit staff.
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