Question # 1 Which of the following factors should a chief audit executive consider when determining the audit universe? 1. Components of the organization's strategic plan. 2. Inputs from senior management and the board. 3. Views of competitors and business associates. 4. Results of exit interviews with departing employees.
A. 1 and 2 only
B. 2 and 4 only
C. 1, 2, and 4
D. 2, 3, and 4
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Question # 2 Senior management of an organization has requested that the internal audit activity provide ongoing internal control training for all managerial personnel. This is best addressed by:
A. A formal consulting engagement.
B. An informal consulting engagement.
C. A performance assurance engagement.
D. An operational assurance engagement.
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A. A formal consulting engagement.
Question # 3 In addition to the internal auditor, which of the following parties should be present at an exit or closing conference? 1. Audit committee members. 2. The external auditor. 3. The management responsible for the areas covered by the engagement. 4. The chief executive officer.
A. 2 only
B. 3 only
C. 3 and 4 only
D. 1, 3, and 4 only
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Question # 4 Which of the following is used to identify and prioritize critical business applications to determine those that must be restored and the order of restoration in the event that a disaster impairs information systems processing?
A. Contingent facility contract analysis.
B. System backup analysis.
C. Vendor supply agreement analysis.
D. Risk analysis
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Question # 5 While conducting an audit of a third party's Web-based payment processor, an internal auditor discovers that a programming error allows customers to create multiple accounts for a single mailing address. Management agrees to correct the program and notify customers with multiple accounts that the accounts will be consolidated. Which of the following actions should the auditor take? 1. Schedule a follow-up review to verify that the program was corrected and the accounts were consolidated. 2. Evaluate the adequacy and effectiveness of the corrective action proposed by management. 3. Amend the scope of the subsequent audit to verify that the program was corrected and that accounts were consolidated. 4. Submit management's plan of action to the external auditors for additional review.
A. 1 and 2
B. 1 and 4
C. 2 and 3
D. 3 and 4
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Question # 6 Which of the following conditions should a chief audit executive take into account when deciding if a follow-up audit engagement is necessary? • The reported observations were significant and high risk. • Internal audit resources and the time it will require for follow-up. • Management may not have the resources to take action. • Management has previously decided not to take any action.
A. 1, 2, and 3 only
B. 1, 2, and 4 only
C. 1, 3, and 4 only
D. 2, 3, and 4 only
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Question # 7 QUESTION NO: 149 An internal auditor found that the cost of some material installed on capital projects had been transferred to the inventory account because the capital budget had been exceeded. Which of the following would be an appropriate technique for the auditor to use to determine the extent of the problem?
A. Identify variances between amounts capitalized each month and the capital budget.
B. Analyze a sample of capital transactions each quarter to detect instances in which installed material was transferred to inventory.
C. Review all journal entries that transferred costs from capital to inventory accounts.
D. Compare inventory receipts with debits to the inventory account and investigate discrepancies.
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C. Review all journal entries that transferred costs from capital to inventory accounts.
Question # 8 During an engagement, an internal auditor discovered that an organization’s policy on delegation of authority listed six individuals who were no longer employed with the organization. In addition, four individuals acting with disbursement authority were not identified in the policy as having such authority. Which of the following is the most effective course of action to address the control weakness?
A. Immediately initiate a complete audit of the disbursement function to determine if significant frauds have occurred.
B. Recommend that management review the process supporting the policy and make improvements.
C. Advise management to add the four additional names and remove the incorrect names from the policy to make it current.
D. Review further to ensure that the four individuals do not have the appropriate authority through delegation.
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B. Recommend that management review the process supporting the policy and make improvements.
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