IIA
IIA-IAP
Q1:
Which of the following situations is most likely to require a compliance engagement from the internal audit activity?
○
A
An organization must restate its financial statements due to an error in fixed asset valuation.○
B
An organization is preparing to launch an enhanced service for its online customer information system.○
C
An organization is subject to newly imposed industry health and safety regulations.
IIA
IIA-IAP
Q2:
Duties in a purchasing system are segregated and performed by different people. One person orders the goods, another person receives the goods, and another pays for the goods. This is an example of which of the following controls?
○
A
Preventive○
B
Directive○
C
Detective
IIA
IIA-IAP
Q3:
Which of the following conditions would threaten an internal auditor's objectivity?
○
A
Providing assurance services over the activity where the internal auditor was employed 10 months prior.○
B
Using knowledge that the internal auditor gained in his previous position to update systems and controls descriptions.○
C
Providing consulting services over the activity where the internal auditor was employed two years prior.
IIA
IIA-IAP
Q4:
What is the purpose of establishing engagement objectives during the planning phase of an internal audit?
○
A
To ensure that audit procedures are designed to address the risks relevant to the area being audited.○
B
To ensure that all auditors have a common understanding of the area being audited.○
C
To ensure that the work performed by other internal or external assurance providers is considered during audit planning.
IIA
IIA-IAP
Q5:
An internal auditor is reporting on the organization's asset management system. Which of the following would likely add the greatest value to the organization?
○
A
Confirmation that controls are operating efficiently.○
B
Recommendations aimed at reducing risk exposure.○
C
Reports that state identified deficiencies were remedied during the audit.