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Total 283 Questions | Updated On: Nov 19, 2024

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Question 1

A chief audit executive (CAE) reports functionally to the CEO and administratively to the chief financial officer, both of whom serve on the company's board of directors. According to IIA guidance, which of the following would offer the greatest protection for the independence of the internal audit activity?

A : Appoint the CAE as a member of the board.

B : Move the CAE's functional reporting to an executive who is not on the board.

C : Obtain full board approval of the internal audit activity's annual audit plan.

D : Move the CAE's functional reporting to the audit committee.

Answer: D

Question 2

Which of the following best demonstrates the authority of the internal audit activity?

A : Suggesting alternatives to decision makers.

B : Improving the integrity of information.

C : Determining the scope of internal audit services.

D : Achieving engagement objectives.

Answer: C

Question 3

Which of the following activities best reflects the scope and status of the internal audit activity as defined in the internal audit policy statement?

A : The internal auditor reviews the physical access to merchandise during an inventory count.

B : The audit manager conducts an internal quality assessment of the internal audit activity's adherence to the Standards.

C : The audit manager refrains from assigning an auditor who was a former payroll clerk to conduct a payroll audit.

D : The board approves the annual performance evaluation of the chief audit executive.

Answer: A

Question 4

Which of the following is not a standard technique that the chief audit executive (CAE) would use to provide evidence of supervisory review of working papers?

A : The CAE initials and dates every working paper after it has been reviewed.

B : The CAE completes an engagement working paper checklist.

C : The CAE prepares a memorandum discussing the results of the working paper review.

D : The CAE utilizes an external third party to make an objective recommendation after each working paper review.

Answer: D

Question 5

According to IIA guidance, which of the following is not a responsibility of the chief audit executive pertaining to documenting information to support internal audit engagement results and conclusions?

A : Rating each engagement record to assess its relevance and accessibility for the organization's board.

B : Controlling access to engagement records, including access by senior management.

C : Developing retention requirements for engagement records that are consistent with organizational guidelines.

D : Forming policies governing the custody and retention of consulting engagement records before their release to other parties.

Answer: A

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Total 283 Questions | Updated On: Nov 19, 2024

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