M1C12

M1C12

Professional Development

20 Qs

quiz-placeholder

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M1C12

M1C12

Assessment

Quiz

Professional Development

Professional Development

Hard

Created by

Rohit Narang

Used 1+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The primary purpose and existence of an audit charter is to:
Document the audit process used by the enterprise.
Formally document the audit department’s plan of action.
Document a code of professional conduct for the auditor.
Describe the authority and responsibilities of the audit department.

Answer explanation

It is like the constitution for the IS Audit function as it mandates the authority, scope and responsibility of IS Audit in the organization.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following control classifications identify the cause of a problem and minimize the impact of threat
Administrative Controls
Detective Controls
Preventive Controls
Corrective Controls

Answer explanation

Corrective Controls classifications identify the cause of a problem and minimize the impact of threat. The Goal of these controls is to identify the root cause of an issue whenever possible and eliminate the potential for that occurring again. The other controls are useful but perform other functions instead.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT generally considered a category of Audit Risk?
Detection Risk
Scoping Risk
Inherent Risk
Control Risk

Answer explanation

Scoping risk is not generally considered as category of audit risk. The other risk categories are also possible types of risk; however they are not the one that question demand.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following are most commonly used to mitigate risks discovered by organizations?
Controls
Personnel
Resources
Threats

Answer explanation

Controls are most commonly used to mitigate risks discovered by organizations. This is what organizations implement as a result of the risks an organization discovers. Resources and personnel are often expended to implement controls.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a type of internal controls
Detective
Corrective
Preventive
Administrative

Answer explanation

Administrative is not a type of internal controls. Detective is designed to detect errors or irregularities that may have occurred. Corrective is designed to correct errors or irregularities that have been detected. Preventive is designed to keep errors or irregularities from occurring.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What means the rate at which opinion of the IS Auditor would change if he selects a larger sample size?
Audit Risk
Materiality
Risk Based Audit
Controls

Answer explanation

Audit risk means the rate at which opinion of the IS Auditor would change if he selects a larger sample size. Audit risk can be high, moderate or low depending on the sample size selected by the IS Auditor. A risk based audit approach is usually adapted to develop and improve the continuous audit process. Materiality means importance of information to the users. It is totally the matter of the professional judgment of the IS Auditor to decide whether the information is material or immaterial.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following cannot be classified as Audit Risk?
Inherent Risk
Detection Risk
Controllable Risk
Administrative Risk

Answer explanation

Inherent risk means overall risk of management which is on account of entity’s business operations as a whole. Controllable risk is the risk present in the internal control system and the enterprise can control this risk completely and eliminate it form the system. Detection risk is the risk of the IS Auditor when he is not able to detect the inherent risk or the controllable risk.

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