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A senior internal auditor is using a risk and control matrix to facilitate an internal control assessment of the fixed asset accounting process. Which of the following activities would aid the auditor in determining inputs for the risk and control matrix?
Which of the following is most likely to be considered an internal audit assurance service?
If an internal auditor needs to evaluate compliance with an internal control policy, which sampling method is most appropriate?
Which of the following activities would compromise the independence of the internal audit activity and therefore should not be performed by an internal auditor?
Which of the following is the best audit procedure to determine whether all of a bank's loans are backed by sufficient collateral, properly aged as to current payments, and properly categorized as current or noncurrent?
Information collected and documented in audit workpapers should be sufficient to:
An internal auditor discovers a number of control concerns while reviewing the organization’s online payment system and decides to interview key employees involved in the system's design and maintenance. Which of the following best describes the results of those interviews?
Which of the following is an example of criteria in an engagement communication?
An internal auditor wants to establish the reasonableness of the current period’s total payroll costs for the finance department. She divides the actual monthly payroll cost by the number of employees to derive an average cost per employee. Which of the following comparisons to this average cost would be considered trend analysis?
A member of the internal audit team worked eight months ago in an area of the organization that she is now being tasked with auditing. Which of the following would most likely be impacted by her participation in the audit?
Internal and external benchmarking by the internal audit activity are examples of which of the following?
Which of the following best ensures that the internal audit activity is free from undue interference from management?
Which of the following would provide the most reliable information on a process under review?
During a procurement process consulting engagement, the internal auditors reviewed contracts for the hospital's supply of medicine. Which of the following would the internal auditors most likely recommend to improve the effectiveness of the procurement process?
Which of the following is an important consideration when providing quality audit communications?
Which of the following statements is true regarding engagement status meetings?
Which of the following elements are typically included in an engagement work program?
Which of the following conditions would threaten an internal auditor's objectivity?
Which of the following elements of the Fraud Triangle is directly under the organization's control?
Which of the following best describes the purpose of a detailed engagement risk assessment?
During a travel expense audit engagement, the internal auditor discovered that the accounts payable staff spend a significant amount of time previewing expense reports before the reports are sent to managers for review and approval. The total of all expense reports during a year represents less than 1% of the organization’s total budget. Which of the following best supports the auditor’s recommendation to reduce the level of reviews?
An internal auditor wants to use computerized audit tools and techniques. Which of the following is a common obstacle that the auditor is likely to face?
Which of the following best demonstrates that appropriate and sufficient resources were allocated to an audit engagement to achieve its objectives?
TESTED 02 Jan 2025