What is not a benefit of internal audit?

Strengthen the power of internal audit staff.

Fraud detection and prevention.

Improve the efficiency and effectiveness of the internal control system.

What type of organization can internal audit apply to?

All types of organizations above

What issues can internal audits detect?

Errors in the internal control system

In the process of internal audit, what principles must internal auditors adhere to?

Independent, Professional, Respectful, Confidentia l

Dedicated, honest, friendly, flexible

Agile, flexible, careful, responsible

Accurate, agile, professional, dedicated

Choose the best sentence

An Internal audit was born from the needs of the unit manager

Internal audit is associated with management's perception of control issues

Which of the following is NOT suitable for internal audit?

Internal audit results are more reliable than the independent audit

An Internal audit has relative independence

Independent audit with a fee, internal audit without fee

Independent audit conducted after the end of the year, an internal audit conducted whenever necessary

Within the context of internal auditing, assurance services are best defined as:

objective examinations of evidence for the purpose of providing independent assessments.

advisory service intended to add value and improve an organization's operations.

professional activities that measure and communicate financial and business data.

objective evaluations of compliance with policies, plans, procedures, laws andregulations

Which of the following best describes the purpose of the internal audit activity?

To add value and improve an organization's operations.

To assist management with the design and implementation of risk management and control systems.

To examine and evaluate an organization's accounting system as a service to management.

To monitor the organization's internal control system for the external auditors.

Which one of the following best describes the term 'operational audit'?

An audit of the operational processes of the organization

Any audit performed by the internal auditor

An audit performed by the operations director

All of the following are acceptable criteria on which an internal audit may be based except

Management cooperation with audit activities.

Documentation required to plan an internal audit engagement includes information that

Resources needed to complete the engagement were considered.

Intended engagement observations have been identified.

Internal audit activity resources are efficiently and effectively employed.

Planned engagement work will be completed on a timely basis.

Which of the following statements is true concerning a time budget for an internal audit engagement?

Time budgets should normally be prepared in terms of hours or days.

Time budgets should be used for financial audits, but not for operational audits.

Time budgets should be strictly adhered to, regardless of circumstances

Requests for time budget adjustments should be approved by the audit committee.

One of the primary roles of an engagement work program is to

Serve as a tool for planning and conducting engagement work.

Provide a standardized approach to the engagement.

Document an internal auditor's evaluations of controls.

Assess the risks associated with the activity under review.

An audit in accordance with the Single Audit Act does not involve reporting upon:

Internal control over operations.

Compliance with provisions of laws that may have a direct and material effect on each major federal financial assistance program.

Schedule of expenditures of federal awards.

The organization that issues standards for the practice of internal auditing is the:

Institute of Internal Auditors.

American Accounting Association.

American Institute of Certified Public Accountants.

American Organization of Internal Auditing.

Which of the following best describes the scope of internal auditing as it has developed to date?

Internal auditing has evolved to more of an operational orientation from a financial orientation .

Internal auditing involves appraising the economy and efficiency with which resources are employed.

Internal auditing involves evaluating compliance with policies, plans, procedures, laws, and regulations.

Internal auditing has evolved to verify the existence of assets and review the means of safeguarding assets.

The internal auditing department provides information about control and quality of performance to:

Management and the board of directors

A level in the organization sufficient to ensure acceptance of all recommendations

Outside agencies for regulatory and financial compliance

Any member of the organization upon request

Management is beginning to take corrective action on human resources department deficiencies reported during the last internal audit. According to the IIA's Standards, the internal auditor should:

Follow up to see that the corrective action satisfies the audit recommendations.

Postpone the next audit of the human resources department until the corrective action is completed.

Refrain from judging whether the corrective action will remedy the deficiencies.

According to the IIA's Standards, an internal auditor's working papers should be reviewed by the:

Management of the internal auditing department.

Management of the department being audited.

Audit committee of the board of directors.

Management of the organization's security division.

For the highest degree of independence, the director of internal auditing should report directly to:

The audit committee of the board of directors.

Which of the following is not one of the attribute standards of the IIA's Standards for the Professional Practice of Internal Auditing?

Proficiency and professional care.

Purpose, authority, and responsibility.

Per IIA Standards, internal audit functions must establish:

Both internal and external quality assurance and improvement program assessments

Internal quality assurance and improvements program assessments

External quality assurance and improvements program assessments

Neither internal nor external quality assurance and improvements program assessments

Who is ultimately responsible for determining that the objectives for an internal audit engagement have been met?

To ensure that the internal audit plan supports the overall business objectives.

To emphasize the importance of the internal audit function to the organization

To make recommendations to improve the strategic plan.

To provide assurance that the strategic plan is consistent with the organization's values.

Which of the following is the best reason for the CAE to consider the organization's strategic plan in developing the annual internal audit plan?

To ensure that the internal audit plan supports the overall business objectives.

To emphasize the importance of the internal audit function to the organization.

To make recommendations to improve the strategic plan

To provide assurance that the strategic plan is consistent with the organization's values.

The Standards require policies and procedures to guide the internal audit staff. Which of the following statements is false concerning this requirement?

All internal audit functions should have detailed policies and procedures manual

A small internal audit function may be managed informally through close supervision and written memos.

Formal administrative and technical audit manuals may not be needed by all internal audit functions.

The CAE should establish the function's policies and procedures.

Which of the following is not a responsibility of the CAE?

To oversee the establishment, administration, and assessment of the organization's system of internal controls and risk management processes

To establish a risk-based plan to accomplish the objectives of the internal auditing activity consistent with the organization's goals

To communicate the internal audit function's plans and resource requirements to senior management and the board for review and approval

To follow up on whether appropriate management actions have been taken on significant reported risks

When evaluating the independence of internal audit activity, a quality assurance review team performing an external assessment considers several factors. Which of the following factors has the least amount of influence when judging an internal audit activity's independence?

The extent of internal auditor training in communications skills.

Relationship between engagement records and engagement communications.

Criteria used in making internal auditors' assignments.

Impartial and unbiased judgments

An external quality assessment team was evaluating the independence of internal audit activity. The internal audit activity performs engagements concerning all of the elements included in its scope. Which of the following reporting responsibilities is most likely to threaten the internal audit activity's independence?

Reporting to the Executive vice president.

Reporting to the Audit committee.

Group 1 - Internal Audit

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Group 1 - Internal Audit

50 questions

Which of the following are components of the definition of internal auditing?

What is an internal audit?

What is the main purpose of an internal audit?

What stages does the internal audit process include

What skills does the internal audit team need?

Internal audit is usually performed by whom in the company?

The internal audit process includes data collection, analysis, and evaluation. What is the analysis phase?

The internal audit process includes data collection, analysis, and evaluation. What is the evaluation phase?

How many times per year are internal audits usually performed?

What is not a benefit of internal audit?

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