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Which of the following actions would best help the internal audit activity promote continuous improvement in control effectiveness within the organization?
The internal audit activity conducted an organization wide risk assessment. One of the most significant risks identified is associated with the oil price market. The chief audit executive (CAE) is considering including in the annual aud
it plan an assessment of the effectiveness of oil price risk management. The manager responsible commented that the assessment was not needed, as market risks were regularly addressed by the financial risk committee. If the CAE decides to include this activity in the annual audit plan anyway, how should it be recorded?
Which type(s) of assessments in an internal audit activity’s quality assurance and improvement program requires ongoing monitoring to evaluate internal audit activity's efficiency and effectiveness?
An internal audit of warehouse inventory revealed no material deficiencies. However, management later discovered fraud, which occurred during the period that was audited, and determined that a major control deficiency allowed the fraud to occur. Given management's discovery, which of the following statements is valid?
During an audit of company expenses, the internal auditor performed a test using data analytics and identified a violation of the company's expenses policy. The auditor who discovered the issue considered it a potential fraudulent transaction and informed the chief financial officer (CFO). The CFO dismissed the concern because he did not understand the data analytics test that was performed and the transaction was of a low value. Given this situation, which skills or competencies should this internal auditor seek to improve?
According to IIA guidance, which of the following most appropriately justifies the CEO’s decision that the internal audit activity shall be responsible for risk management and investigation at a multinational organization?
Regarding Ihe chief audit executive (CAE). which ot the following is considered an impairment to the independence of the internal audit activity?
A new internal audit activity is considering the adoption of a risk and control framework. Which of the following is the most appropriate consideration during this process?
Which of the following scenarios would cause a chief audll executive (CAE) to immediately discontinue using any statements that would indicate conformance with the Standards in an audit report?
According to IIA guidance, the internal audit activity must be free from interference in which of the following areas in order to maintain organizational independence?
The chief audit executive (CAE) decided to conduct a self-assessment with independent validation. Which of the following is the most likely reason the CAE selected this course of action?
Which of the following would be the most suitable internal control framework for an organization to adopt?
Which of the following specifications in an internal audit charter is the most important factor in the internal audit activity’s independence?
Which of the following actions by the internal audit activity requires disclosure to the board of nonconformance with the Standards?
The chief audit executive (CAE) is drafting the annual internal audit plan and seeks input from senior management and the external auditor prior to submitting it for approval to the board. According to MA guidance, which of the following statements is true regarding this scenario?
An internal auditor is reviewing employee travel expenses from the previous six months for fraud. Which of the following tests would best detect instances where personal travel has been claimed?
Which of the following written documents typically offers the best evidence that internal auditors exercise due professional care in conformance with the Standards?
In a small company with a small budget, the board and senior management asked the chief audit executive (CAE) to develop specific controls prompted by a new regulatory requirement affecting a specific process. The CAE was also directed to report functionally to senior management. An audit engagement on this process was already set in the internal audit plan. Which of the following represents an impairment to the internal audit activity's independence?
The internal audit activity is undergoing a self-assessment as part of its quality assurance and improvement program Which of the following observations must be addressed in order for the internal audit activity to achieve conformance with the Standards?
What is the primary purpose of The IIA's Code of Ethics?
According to The IIA's Code of Ethics, an internal auditor who has a romantic relationship with an audit client violates which of the following rules of conduct?
With regard to the internal audit activity's quality assurance and improvement program, which of the following must be reported to the board?
Which of the following is an example of an application control?
What is the best course of action when the internal audit activity does not have the knowledge necessary to perform a planned audit of the organization's new IT data backup process?
An internal auditor failed to identify transactions between the parent organization and a subsidiary. What is the most likely reason for the failure?
Which statement is accurate regarding reporting on the quality assurance and improvement program (OAIP) to conform with the International Standards for the Professional Practice of Internal Auditing?
An internal auditor found that his organization did not make a disclosure that is required by law. However, the auditor decided not to raise an audit finding. Which of the following Code of Ethics principles was violated?
Which of the following most accurately describes corporate social responsibility at an organization?
Which of the following would best assist the internal audit activity in assessing whether an organization's responses to risk are aligned with its risk appetite?
An internal auditor at a multinational organization is reviewing the effectiveness of the organization's risk management framework. In this scenario, which of the following statements is true?
Which of the following is most likely to impair the internal audit activity's independence?
According to IIA guidance, which of the following best demonstrates due professional care?
A chief audit executive (CAE) identifies that the internal audit activity lacks a necessary skill to perform a management request for a consulting engagement. According to IIA guidance, which of the following is the most appropriate action the CAE should take regarding the request?
Which of the following risk management techniques best describes the strategy of obtaining insurance to protect against losses due to bad weather conditions?