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Wiley CIA Exam Vol 1

Internal Audit Activity's Role in Governance, Risk, & Control

QuestionAnswer
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
Created by: jimgremjr