
Internal Audit - Midterm

Quiz
•
Education
•
1st - 7th Grade
•
Easy
Quang Pham
Used 7+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following risk management activities is out of sequence in terms of timing?
Identify, assess, and prioritize risks.
Develop risk responses/treatments.
Determine key organizational objectives.
Monitor the effectiveness of risk responses / treatments.
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
One of the challenges of ERM in an organization that has a centralized structure is that
It may be difficult to raise awareness of the impact of work actions on other employees or work areas.
Employees in these structures are inherently less risk averse.
Managers have less incentive to implement and monitor controls.
Effective controls are more difficult to design, and consistent application is more difficult to achieve across the organization
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following is/are components of the Standards?
I. Statements.
II. Interpretations.
III. Glossary.
I only.
I and II.
I and III.
I, II, and III.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Assurance, Insight, and Objectivity comprise:
The mission of internal auditing
The three lines of defense model.
The objectives of internal auditing
The value proposition
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Who is ultimately responsible for identifying new or emerging key risk areas that should be covered by the organization’s governance process?
The board of directors.
Senior management.
Risk owners.
The internal audit function
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following would be considered a second line of defense in the Three Lines of Defense model?
An accounts payable supervisor conducting a weekly review to ensure all payments were issued by the required payment date.
A divisional compliance and ethics officer conducting a review of employee training records to ensure that all marketing and sales staff have completed the required FCPA training.
A shift supervisor inspecting a sample of finished goods to ensure quality standards are met.
An internal audit team conducting an engagement to provide assurance on the company’s Sarbanes-Oxley compliance with internal controls over financial reporting.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In assessing organizational risk in a manufacturing organization, which of the following would have the greatest long range impact on the organization?
Advertising budget
Production scheduling
Inventory policy
Product quality
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