Quiz
CIA-I
QUESTION: 1 Which of the following audit findings would have the least impact (either positive or negative) on a department's control environment?
A. The department makes long-term investment risk decisions to maximize return on investment. B. The department manager sets and demonstrates a tone of honesty and integrity in all business dealings. C. any department functions are duplicated or verified by other department employees. D. Deficiencies were found in the appropriate authorization of transactions.
Answer: A
QUESTION: 2 According to the Standards, which of the following best describes the concept of due professional care?
A. Internal auditors must apply the diligence and skill expected of a reasonably prudent and …show more content…
A. Discussions of audit needs with executive management and the audit committee. B. Review of audit staff education and training records. C. Review of audit staff size and composition of similar-sized companies in the same industry. D. Interviews with existing audit staff.
Answer: A
QUESTION: 11 Which of the following steps would not be included in a program of selecting and developing human resources for an internal audit department? A. Scheduling periodic meetings with individual auditors, during which the chief audit executive provides counsel regarding each auditor's performance and professional career development. B. Establishing an internal review team to assess the auditors' and audit department's compliance with standards, level of audit effectiveness, and compliance with departmental policy. C. Developing specific job descriptions for audit staff, audit managers, and other auditing positions. D. Establishing in-house training programs and requiring continuing education for audit …show more content…
Ensure that the regulations that were not included be reviewed in the subsequent year B. Include a memo in the audit planning file listing the reasons for the lack of coverage. C. Notify the board of directors and senior management of the limitation D. Decrease the scope of operational and financial audits to make additional audit time available
Answer: C QUESTION: 33 Which of the following statements, if true, could justify an auditor's decision not to report governance-related control deficiencies to the audit committee?
A. Management plans to initiate corrective action B. The board of directors has a separate corporate governance committee C. The amounts and the potential risks associated with the deficiencies are not material to the overall organization. D. Governance issues are complex and the auditor should rely on management's analysis of the extent of the problem
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QUESTION: 1 Which of the following audit findings would have the least impact (either positive or negative) on a department's control environment?
A. The department makes long-term investment risk decisions to maximize return on investment. B. The department manager sets and demonstrates a tone of honesty and integrity in all business dealings. C. any department functions are duplicated or verified by other department employees. D. Deficiencies were found in the appropriate authorization of transactions.
Answer: A
QUESTION: 2 According to the Standards, which of the following best describes the concept of due professional care?
A. Internal auditors must apply the diligence and skill expected of a reasonably prudent and …show more content…
A. Discussions of audit needs with executive management and the audit committee. B. Review of audit staff education and training records. C. Review of audit staff size and composition of similar-sized companies in the same industry. D. Interviews with existing audit staff.
Answer: A
QUESTION: 11 Which of the following steps would not be included in a program of selecting and developing human resources for an internal audit department? A. Scheduling periodic meetings with individual auditors, during which the chief audit executive provides counsel regarding each auditor's performance and professional career development. B. Establishing an internal review team to assess the auditors' and audit department's compliance with standards, level of audit effectiveness, and compliance with departmental policy. C. Developing specific job descriptions for audit staff, audit managers, and other auditing positions. D. Establishing in-house training programs and requiring continuing education for audit …show more content…
Ensure that the regulations that were not included be reviewed in the subsequent year B. Include a memo in the audit planning file listing the reasons for the lack of coverage. C. Notify the board of directors and senior management of the limitation D. Decrease the scope of operational and financial audits to make additional audit time available
Answer: C QUESTION: 33 Which of the following statements, if true, could justify an auditor's decision not to report governance-related control deficiencies to the audit committee?
A. Management plans to initiate corrective action B. The board of directors has a separate corporate governance committee C. The amounts and the potential risks associated with the deficiencies are not material to the overall organization. D. Governance issues are complex and the auditor should rely on management's analysis of the extent of the problem
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