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Wiley CIA Exam Vol 1
Internal Audit Activity's Role in Governance, Risk, & Control
| Question | Answer |
|---|---|
| If an auditee's operating standards are vague and thus subject to interpretation, the auditor should | Seek agreement with auditee as to the standards to be used to measure operation performance |
| Which of the following activities are designed to provide feedback on the effectiveness of an audit depart? | 1.Proper supervision 2.Internal reviews 3.External reviews |
| If Sr Mgmt has decided to accept the risk involved in a process, What would the auditors' reporting obligation be? | The auditors have no further reporting responsibilities |
| Auditors realize that at times correction action is not taken even when agreed by the appropriate parties. This should lead IA to | Decide the extent of necessary followup work |
| Which of the following is correct regarding the CE requirements of the practicing IA? | CIA's have formal requirements that must be met in order to continue as a CIA |
| Marketing has requested IA to perform an operational audit of the telephone marketing operations of a major division and to recommend policies & procedures for improving. The IA should: | Accept the audit engagement because independence would not be impaired |
| Under which of the following would IA be in compliance with Standards regarding knowledge and skills? | The senior auditor is skilled in the area and closely supervises the staff auditor |
| Communication skills are important to IA. According to the Standards, the IA should be able to effectively convey | 1.Audit objectives 2.Audit evaluations, & 3.Audit recommendations NOTE: Risk Assessments are NOT normally communicated to the Auditee |
| IA should be independent of the activities the audit What would impair the IA | Accepting a fee or gift from an auditee would impair the IA objectivity. The IA might feel obligated to render a more favorable result |
| What is a good way to insure IA has organizational independence & objectivity | IA reports directly to the BOD |
| To determine if Mgmt has established criteria to determine goals & objectives, the IA should | 1.Report inadequacies to the appropriate level of Mgmt & recommend appropriate actions 2.Recommend alternative sources of criteria to Mgmt such as industry standards 3.Formulate criteria the auditor believes to be adequate and perform the audit & report |
| Coordination of audit efforts and the efficiency of audit activities should be the primary responsibility of | The Director of IA |
| Auditors are not required to perform control evaluations and are certainly not required to fill out standard internal control questionaiers | TRUE |
| Who has ultimate responsibility for the quality of reports issued by IA | The Director of IA and should signify formal approval of the report with signature |
| All IIA Standards should apply outside the US. IA when facing special problems outside the US should | 1.Determine whether Mgrs are in compliance with local laws 2.Maybe justification for having different polices in force at foreign branches 3.Preferable to have multilingual auditors conduct audits at non-English nations |
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