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Internal audit glossary

Authored by Paola Hmer

Professional Development

University

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Internal audit glossary
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which concept refers to the subject of an internal audit engagement, such as an area, process, or system?

Engagement objective

Activity under review

Criteria

Control process

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Services that provide advice to stakeholders without offering assurance or taking on management responsibilities are called:

Advisory services

Assurance services

Senior management

Engagement services

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose of the concept ASSURANCE?

To enforce compliance with laws

To identify fraud

To increase stakeholder confidence by comparing against established criteria

To provide recommendations and guidelines

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which body is referred to as the “board” in the Global Internal Audit Standards?

Only the shareholders

The highest-level body charged with governance

The internal audit department

The internal audit committee only

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The leadership role responsible for managing all aspects of the internal audit function is the:

Board chairperson

Chief audit executive

Engagement supervisor

Senior manager

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is inherent risk?

The level of variation in risk tolerated in performance

The risk that remains after controls are applied

The organization’s willingness to accept risk

The combination of internal and external risk factors before any management action

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes the obedience to laws, regulations, contracts, policies, and other requirements?

Compliance

Control

Integrity

Independence

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