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| Section | Objectives |
|---|---|
| Governance, Risk, and Control | - Internal control frameworks - Risk management concepts - Governance principles |
| Foundations of Internal Auditing | - Internal audit definition and purpose - Ethics and professional standards |
| Internal Audit Process | - Reporting and communication - Follow-up and monitoring - Audit planning and scoping - Fieldwork and evidence collection |
| Audit Tools and Techniques | - Data analysis techniques - Sampling methods |
1. Which of the following is an advantage of communicating audit observations as they are identified?
A) The auditor may not need to communicate the final results of the audit to the board
B) The auditor may receive additional pertinent documentation or other relevant information
C) The auditor may be able to plan more efficiently next year's audit
2. When determining the appropriate level of resources needed for an engagement, which of the following would be the first step?
A) Identify required technology and audit tools
B) Determine the sufficiency of internal audit staff
C) Determine travel and related costs for the engagement
3. Which of the following actions could the chief audit executive take to most directly support the requirement that internal auditors maintain proficiency?
A) Provide training and mentoring opportunities
B) Obtain approval of the internal audit activity's purpose, authority, and responsibility
C) Develop a risk-based internal audit plan
4. Information collected and documented in audit workpapers should be sufficient to:
A) Support engagement observations and be consistent with engagement objectives.
B) Confirm that management has effectively implemented recommended actions to resolve all identified control weaknesses.
C) Allow the work to be repeated and achieve the same results that logically lead to the same conclusion.
5. In addition to the internal auditor, which of the following parties need to be present at an exit or closing conference?
A) Management over areas covered by the engagement
B) The chief executive officer
C) Audit committee members
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: A |
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