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Total 610 Questions | Updated On: Nov 18, 2024

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Question 1

Which of the following statements about internal audit's follow-up process is true?

A : The nature, timing, and extent of follow-up for assurance engagements is standardized to ensure quality performance.

B : The actions of external auditors and other external assurance providers is not encompassed by internal audit's follow-up process.

C : Internal auditors have responsibility for determining if management and the board have implemented the recommended action or otherwise accepted the risk.

D : The follow-up process must be complete and documented in the working papers in order to conclude the engagement.

Answer: C

Question 2

Which type of bond sells at a discount from face value, then increases in value annually until it reaches maturity and provides the owner with the total payoff?

A : High-yield bonds.

B : Commodity-backed bonds.

C : Zero coupon bonds.

D : Junk bonds.

Answer: C

Question 3

Which of the following phases of a business cycle are marked by an underuse of resources?

1. The trough.

2. The peak.

3. The recovery.

4. The recession.

A : 1 and 3 only

B : 1 and 4 only

C : 2 and 3 only

D : 2 and 4 only

Answer: B

Question 4

Which of the following actions should the audit committee take to promote organizational independence for the internal audit activity?

A : Delegate final approval of the risk-based internal audit plan to the chief audit executive (CAE).

B : Approve the annual budget and resource plan for the internal audit activity.

C : Assist the CAE with hiring objective and competent internal audit staff.

D : Encourage the CAE to communicate and coordinate with the external auditor.

Answer: A

Question 5

According to IIA guidance, which of the following statements best justifies a chief audit executive's request for external consultants to complement internal audit activity (IAA) resources?

A : The organization's audit universe is extensive and diverse.

B : There has been an increase in unanticipated requests for advisory work.

C : Previous work provided by the external service provider has been of great quality and value.

D : A recent benchmarking study found that using external service providers is a common practice of similarly-sized IAAs in other organizations.

Answer: B

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Total 610 Questions | Updated On: Nov 18, 2024

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