According to IIA guidance, which of the following is the most likely obstacle to undertaking a quality assurance and improvement program by the internal audit activity?
A. The size of internal audit department under review.
B. The time commitment to complete.
C. The lack of independence and objectivity.
D. The inability to adequately fund the program.
What would a chief audit executive most likely recommend that an internal auditor do to prepare for an increased demand in advisory services?
A. Participate in continuing professional development activities, such as training courses or rotations into other business units.
B. Review records from prior engagements to determine how best to align the current engagement activities with prior activities.
C. Expand the scope of every future internal audit activity to all parts of the organization, rather than only the departments identified in the activity's charter.
D. Specialize in one specific aspect of internal auditing, such as risk assessment or information technology controls.
Which of the following best describes the trait that an internal auditor exercises when considering the extent of work needed to achieve the engagement's objectives?
A. Independence.
B. Due professional care.
C. Objectivity.
D. Proficiency.
An internal auditor has been engaged to assess fraud risks associated with a new financial software system.
Which competency would best help the auditor complete the task?
A. Expertise in identifying information technology risks.
B. A thorough understanding of organizational governance principles.
C. Proficiency in creating and utilizing process maps.
D. Knowledge of key management and business principles.
According to IIA guidance, which of the following statements is correct concerning the knowledge, skills, and competencies required to fulfill the responsibilities of the internal audit activity (IAA)?
A. The IAA must collectively possess the knowledge, skills, and competencies needed to perform all engagements.
B. Each internal auditor in the IAA must possess the competencies required to detect and investigate fraudulent transactions.
C. The IAA must not decline any engagement based solely on a lack the necessary knowledge, skills, and competencies to perform it.
D. The competencies of external service providers must be assessed by the chief audit executive before the IAA can use external service providers' work.
According to the Standards, which of the following statements best describes the required content of the chief audit executive's (CAE) report to senior management and the board on the internal audit activity (IAA)?
A. The CAE must report on significant risk exposures, control issues, and governance issues.
B. The CAE must report on policies, procedures, and best practices of the IAA.
C. The CAE must report on quality assurance techniques, statistical analysis methods, and other analytical processes used.
D. The CAE must report on auditors' continuing education activities, staffing changes, and any outsourcing to external parties.
The chief audit executive needs to revise the internal audit activity's (IAA) charter. The revision must address the element of authority.
Which of the following statements meets this requirement?
A. The IAA shall identify and assess all potential risks to the operations of the organization.
B. The IAA shall be granted access to all records relevant to the performance of its duties.
C. Following its assessment, the IAA shall recommend risk control processes and resource management strategies.
D. The IAA shall deliver an initial report of its findings to the organization's board within 120 days of the beginning of the engagement.
Which of the following is a component of the internal audit value proposition endorsed by IIA guidance?
A. Insight.
B. Independence.
C. Integrity.
D. Competency.
Which of the following is not considered one of the most common red flags for perpetrators of fraud?
A. Excessive control issues.
B. Repeat performance issues.
C. Unusually close association with customers.
D. Experiencing financial difficulty.
Which type of documentary evidence gathered by an organization's internal auditors has the highest level of reliability?
A. Inventory test counts.
B. Bank statements.
C. Remittance advices.
D. Written policy statements.
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