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NEW QUESTION 109
The manager of the payroll department requested a review of the payroll process, but only wants the engagement to include processes related to approval of time worked. What type of activity is this?
- A. Compliance assurance engagement.
- B. Financial assurance engagement.
- C. Operational consulting engagement.
- D. Risk management consulting engagement.
Answer: A
NEW QUESTION 110
Overall audit efficiency is enhanced between the internal and external audit functions when:
- A. The internal audit department reviews functions or departments prior to the external audit.
- B. Internal audit coverage is reduced to avoid potential conflicts of interest.
- C. Audits of the same department are conducted at different times.
- D. External audit scope is reduced based on the internal audit department's activities.
Answer: D
NEW QUESTION 111
When a plant manager from within the organization is hired as a rotational internal auditor within the internal audit activity which area should he most likely be trained for immediately?
- A. Risk assessments
- B. Industry knowledge
- C. Project management
- D. Leadership skills
Answer: A
NEW QUESTION 112
During a review of employee benefits, a staff internal auditor observed an ambiguity in the incentive compensation policy. If reported, it could negatively impact the internal auditor's compensation. Which of the following would encourage the internal auditor to be objective in his work?
- A. Audit committee review of every engagement report at the conclusion of the audit.
- B. External assessments of the internal audit activity every five years.
- C. Internal audit charter approved by the board.
- D. Periodic reinforcement of the internal audit activity's code of ethics disclosure practices.
Answer: D
NEW QUESTION 113
In order to provide the most useful information for an organization's risk management decisions, which of the following should be assessed?
- A. Risk levels of current and future events, their effect on the achievement of the organization's objectives, and their underlying causes.
- B. Risk levels of current and future events, their impact on the organization's mission, and the potential for the elimination of existing risk factors.
- C. Inherent and control risks and their impact on the extent of financial misstatements.
- D. Risk levels for future events based on the degree of uncertainty of those events and their cost of mitigation.
Answer: A
NEW QUESTION 114
A chief audit executive (CAE) for a specialty retailer is asked by management to review the controls in place to manage their electronic funds transfer process. The internal audit activity has no experience with similar engagements. What is the most appropriate course of action for the CAE to take?
- A. Plan the engagement and begin fieldwork using existing staff.
- B. Attempt to discourage management from the request.
- C. Defer the audit until current staff can be appropriately trained.
- D. Hire an outside consulting firm to assist with the engagement.
Answer: D
NEW QUESTION 115
Which of the following statements describes a control failure that is not directly attributable to a customer billing application?
1. End users have raised a number of concerns regarding data integrity.
2. An untested program change is transferred from the test environment to production.
3. Purchase history does not reconcile with accounts receivable for some customers.
4. End user security is inadvertently granted to an unauthorized individual by management.
- A. 1 and 3.
- B. 2 and 3.
- C. 2 and 4.
- D. 1 and 4.
Answer: C
Explanation:
Section: Volume E
NEW QUESTION 116
An internal audit activity encounters a scope limitation from senior management that will affect its ability to meet its goals and objectives for a potential engagement client.
The nature of the scope limitation should be:
- A. Communicated to management, stating that the limitation will not be accepted because it would impair the audit activity's independence.
- B. Noted in the audit workpapers, but the engagement should be carried out as scheduled, with any necessary adjustments made based on the scope limitation.
- C. Communicated, preferably in writing, to the board.
- D. Communicated to the external auditors so that they can investigate the area in more detail.
Answer: C
NEW QUESTION 117
Risk within an internal audit engagement is defined as the:
- A. Uncertainty of an event occurring that could have an impact on the achievement of objectives.
- B. Failure to accomplish established objectives and goals for operations or programs.
- C. Failure to adhere to organizational policies, plans, and procedures, or the failure to comply with relevant laws and regulations.
- D. Probability that a balance or class of transactions and related assertions contain misstatements that could be material to the financial statements.
Answer: A
Explanation:
Section: Volume B
NEW QUESTION 118
Which of the following best describes why a chief audit executive might obtain the services of a fraud specialist to assist in a major fraud investigation'?
- A. Fraud specialists are better at using crime scene investigation techniques
- B. Fraud specialists are better at using computer-assisted audit techniques
- C. Fraud specialists are better equipped to act as an expert witness in court
- D. Fraud specialists are better able to properly apply due professional care
Answer: D
NEW QUESTION 119
Which of the following would be outside the scope of acquiring and developing human resources for an internal audit department?
- A. Writing job descriptions for audit staff, audit managers, and other auditing positions.
- B. Requiring audit staff to participate in continuing education activities.
- C. Conducting individual counseling sessions regarding professional development and performance.
- D. Evaluating auditors' compliance with standards and level of audit effectiveness.
Answer: D
NEW QUESTION 120
After being terminated due to downsizing, an internal auditor finds a different job with an organization in the same industry. Which of the following actions would violate the IIA Code of Ethics?
- A. At the new organization, the auditor is asked to develop forms to implement probability-proportional-to-size sampling. Although unsure of how to perform this type of sampling, the auditor proceeds without asking for assistance.
- B. In the first week at the new organization, the auditor discovers a high fraud risk surrounding the organization's database and suggests that the information technology department implement a new password system to prevent fraudulent actions before they occur.
- C. In preparing for an audit at the previous organization, the auditor had conducted a great deal of research on the Internet at home to identify best practices for the management of a treasury function. The auditor has retained much of the research and uses it to conduct an audit of the new employer's treasury function.
- D. To determine audit priorities in the new job, the auditor uses the audit risk approach that the auditor's previous employer used, without receiving permission to do so.
Answer: A
NEW QUESTION 121
Which of the following would be the best choice for a continuing professional development requirement for a newly created internal audit activity?
- A. Require all internal auditors to become a member of The Institute of Internal Auditors.
- B. Require internal auditors to complete all of their training through webinars, to increase efficiency and avoid traveling
- C. Require internal auditors to create a training plan based on their areas of interest
- D. Require all internal auditors to create a training plan based on a competency self-assessment.
Answer: D
NEW QUESTION 122
In preparing for an audit of the footwear division of a major retail organization, an internal auditor gathered the following information about the organization's stores:
In addition to labor costs, the other costs associated with each store are leasing and maintenance expenses.
Which of the following is a valid conclusion?
- A. Cost of goods sold is directly related to the size of the store.
- B. Employees are less productive in larger stores.
- C. Gross margin is directly related to the size of the store.
- D. Sales per store are directly related to the size of the store.
Answer: D
Explanation:
Section: Volume C
NEW QUESTION 123
Which of the following data collection strategies systematically tests the effects of various factors on an outcome?
- A. Content analysis.
- B. Sampling.
- C. Evaluation synthesis.
- D. Modeling.
Answer: D
Explanation:
Section: Volume C
NEW QUESTION 124
When an internal auditor applies due professional care to perform an assurance
engagement,which of the following must she consider?
1.Findings of the last audit engagement performed.
2.Probability of significant errors,irregularities,or noncompliance.
3.Extent of work needed to achieve engagement objectives.
4.Cost of the engagement versus the potential benefits.
- A. 1 and 4 only
- B. 1,2,3,and 4
- C. 2,3,and 4 only
- D. 2 and 3 only
Answer: C
NEW QUESTION 125
An internal auditor prepared a workpaper that consisted of a list of employee names and identification numbers as well as the following statement:
"A statistical sample of 40 employee personnel files was selected to verify that they contain all documents required by company policy 501 (copy attached). No exceptions were noted." The auditor did not place any audit verification symbols on this workpaper.
Which of the following changes would most improve the auditor's workpaper?
- A. Justification for the sample size.
- B. Listing of the actual documents examined for each employee.
- C. Use of audit verification symbols to show that each file was examined.
- D. Removal of the employee names to protect their confidentiality.
Answer: A
NEW QUESTION 126
Which of the following is true about a system of internal control?
- A. Technology does not change the internal control landscape.
- B. Strategy should fit the system of internal control.
- C. Internal control should be updated at least annually.
- D. Articulating measurable objectives is part of internal control.
Answer: D
NEW QUESTION 127
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