WorksheetsChapter 1
Total questions: 15
Worksheet time: 8mins
Which of the following are components of the definition of internal auditing?
Independence and objectivity.
A systematic and disciplined approach
Helping the organization accomplish its key component of the management process. objectives
All of the above
Assurance, Insight, and Objectivity comprise:
The mission of internal auditing
The three lines of defense model.
The objectives of internal auditing.
The value proposition
External auditors provide financial reporting assurance services primarily for:
The benefit of third parties
Management
Board of directors
The CEO
AVF Company’s new CFO has asked the company’s CAE to meet with him to discuss the role of the internal audit function. The CAE should inform the CFO that the overall responsibility of internal audit is to:
Serve as an independent assurance and consulting activity designed to add value and improve the company’s operations.
Assess the company’s methods for safeguarding its assets and, as appropriate, verify the existence of the assets
Review the integrity of financial and operating information and the methods used to accumulate and report information.
Determine whether the company’s system of internal controls provides reasonable assurance that information is effectively and efficiently communicated to management.
Which of the following statements is not true about business objectives?
Business objectives represent targets of performance
Establishing meaningful business objectives is a prerequisite to effective internal control.
Establishing meaningful business objectives is a key component of the management process.
Business objectives are management’s means of employing resources and assigning responsibilities
Within the context of internal auditing, assurance services are best defined as:
Objective examinations of evidence for the purpose of providing independent assessments.
Advisory services 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, and regulations
Which of the following is mandatory guidance within the IPPF?
Implementation guidance
Supplemental guidance
The value proposition.
Topical requirements.
Which of the following is supplemental guidance within the IPPF?
The Purpose of Internal Auditing
The Standards
Global Practice Guides
None of the above
The Internal Audit Foundation exists to help audit leaders, practitioners, students, and academics experience continuous growth in their careers to propel them to become:
Strong assurance providers.
Strategic advisors
External auditors
CAEs.
Which of the following is one of the 5 Cs essential to success as an internal auditor?
Courage
Consistency
Collaboration
Candidness
Which of the following is a framework that can help individual internal auditors and internal audit functions assess their current competency levels and identify areas for improvement?
Internal Control - Integrated Framework.
International Professional Practices Framework
Internal Audit Competency Framework
Enterprise Risk Management Framework
Internal auditors must have competent interpersonal skills. Which of the following does not represent an attribute of interpersonal skills?
Communication
Leadership
Project management
Team capabilities
While planning an internal audit, the internal auditor obtains knowledge about the activity under review to, among other things:
Develop an attitude of professional skepticism about management’s assertions
Develop an understanding of the activity under review’s objectives and risks.
Make constructive suggestions to management concerning internal control improvements
Evaluate whether misstatements in the activity under review’s performance reports should be communicated to senior management and the audit committee.
Which of the following is the premier certification sponsored by The IIA?
Certification in Control Self-Assessment.
Certified Internal Auditor.
Certification in Risk Management Assessment
Certified Information Systems Auditor.
Which of the following is the ultimate position of a career internal auditor?
CEO
CFO
CRO
CAE
