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NEW QUESTION 1
Which of the following statements accurately describes the responsibility of the internal audit activity regarding IT governance?
* 1. The internal audit activity does not have any responsibility because IT governance is the responsibility of the board and senior management of the organization.
* 2. The internal audit activity must assess whether the IT governance of the organization supports the organization's strategies and objectives.
* 3. The internal audit activity may assess whether the IT governance of the organization supports the organization's strategies and objectives.
* 4. The internal audit activity may accept requests from management to perform advisory services regarding how the IT governance of the organization supports the organization's strategies and objectives.
- A. 1 only.
- B. 4 only.
- C. 2 and 4.
- D. 3 and 4.
NEW QUESTION 2
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.
NEW QUESTION 3
Which of the following is most likely to function as a directive control?
- A. Security dogs.
- B. Alert employees.
- C. Insurance claims.
- D. Cycle counts.
NEW QUESTION 4
Which of the following types of fraud includes embezzlement?
- A. Fraudulent statements.
- B. Bribery.
- C. Misappropriation of assets.
- D. Corruption.
NEW QUESTION 5
Which of the following best describes the details that must be included in the quality assurance and improvement program (QAIP) report to senior management and the board?
- A. The scope and frequency of internal and external assessments as well as the qualifications and independence of the assessor.
- B. The scope and cost of the QAI
- C. frequency of internal and external assessments, and conclusions of the assessor.
- D. The scope, findings, risks, recommendations, and agreed-upon improvement actions.
- E. The number and types of people involved in the assessment, costs, and duration of the QAIP
NEW QUESTION 6
As a matter of policy, the chief audit executive routinely rotates internal audit staff assignments and periodically interviews the staff to discuss the potential for conflicts of interest. These actions help fulfill which of the following internal audit mandates?
- A. Organizational independence.
- B. Professional objectivity.
- C. Due professional care.
- D. Individual proficiency.
NEW QUESTION 7
An internal auditor is reviewing the accounts receivable when she discovers account balances more than three years old. The auditor was previously supervising the area during this time, and she subsequently advises the chief audit executive (CAE) of a potential conflict.
Which of the following is the most appropriate course of action for the CAE to take?
- A. Replace the auditor with another audit staff member.
- B. Continue with the present auditor, as more than one year has passed.
- C. Withdraw the audit team and outsource the financial audit of the division.
- D. Work with the division's management to resolve the situation.
NEW QUESTION 8
Sometimes, internal audit staff may partner with operating managers to rank risks. Which of the following outcomes may be the most beneficial aspects of this strategy?
* 1. Reappraising risks levels.
* 2. Providing accurate information to management.
* 3. Marketing the internal audit activity.
* 4. Planning safeguards for assets in high-risk areas.
- A. 1 and 2.
- B. 1 and 3.
- C. 2 and 3.
- D. 3 and 4.
NEW QUESTION 9
According to the HA Code of Ethics, which of the following statements best describes the principle of competency?
- A. Internal auditors shall perform their work with honesty, diligence, and responsibility.
- B. Internal auditors shall perform their work in accordance with the Standards.
- C. Internal auditors shall perform their work in accordance with the law and make disclosures expected by the law.
- D. Internal auditors shall be prudent in the use of information acquired while performing their work.
NEW QUESTION 10
According to IIA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?
- A. To enable Triple Bottom Line reporting capability.
- B. To facilitate the conduct of risk assessment.
- C. To achieve and maintain sustainable development.
- D. To fulfill regulatory and compliance requirements.
NEW QUESTION 11
To fill a critical vacancy, an internal auditor is assigned temporarily to a nonaudit role in the purchasing department, where she worked previously before joining the internal audit activity. According to IIA guidance, which of the following statements is true regarding these circumstances?
- A. The chief audit executive (CAE) should review all work performed by the auditor during her temporary assignment to ensure no impairments.
- B. The CAE may conduct audits in the purchasing department during the auditor's temporary assignment.
- C. The auditor should obtain the CAE's approval as to the nature and scope of the duties she is permitted to perform during her temporary assignment.
- D. Any work performed by the auditor during her temporary assignment must conform to the internal audit charter.
NEW QUESTION 12
According to the COSO enterprise risk management framework, which of the following best describes the activity that helps ensure risk responses are carried out effectively?
- A. Objective setting.
- B. Control activities.
- C. Information and communication.
- D. Event identification.
NEW QUESTION 13
Which of the following is an example of collusion?
- A. An employee includes a faked receipt in his expense claim, and the claim is signed by the employee's manager.
- B. A vendor inflates the price of an item and remits a portion of the excess to the purchasing manager.
- C. A vendor sends a duplicate invoice with a new invoice number, and the accounts payable system fails to detect the duplication.
- D. An employee works with the IT manager to develop a program for identifying duplicate invoice payments.
NEW QUESTION 14
Non-statistical sampling does not require which of the following?
- A. The sample to be representative of the population.
- B. The sample to be selected haphazardly.
- C. A smaller sample size than if selected using statistical sampling.
- D. Projecting the results to the population.
NEW QUESTION 15
Which of the following is an example of a management control technique?
- A. A budget.
- B. A risk assessment.
- C. The board of directors.
- D. The control environment.
NEW QUESTION 16
Which of the following responsibilities would fall under the role of the chief audit executive, rather than internal audit staff or the audit manager?
- A. Manage and support a quality assurance and improvement program.
- B. Maintain industry-specific knowledge appropriate to the audit engagements
- C. Set clear performance standards for internal auditors and the internal audit activity.
- D. Apply problem-solving techniques for routine situations.
NEW QUESTION 17
An internal audit team is performing an audit of workplace accident claims.
Which of the following actions by the audit team best demonstrates due professional care?
- A. Having an occupational health officer on the engagement team.
- B. Determining that the claims have been classified properly.
- C. Placing reliance on medical reports from the injured worker's doctor.
- D. Reviewing claims to ensure all accidents actually occurred in the workplace.
NEW QUESTION 18
Which of the following is true regarding the use of a formal risk management framework?
* 1. It facilitates a methodical approach to risk mitigation.
* 2. It defines and standardizes the terminology used in risk communication.
* 3. It establishes the risk tolerance levels to be accommodated in the strategy.
* 4. It facilitates the alignment of risk mitigation strategies with management priorities.
- A. 1.2, and 3.
- B. 1,2, and 4.
- C. 1.3, and 4.
- D. 2. 3, and 4.
NEW QUESTION 19
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.
NEW QUESTION 20
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