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NO.1 According to the Standards, the organizational status of the internal audit activity:
A. Must be sufficient to permit the accomplishment of its audit responsibilities.
B. Is best when the reporting relationship is direct to the board of directors.
C. Requires the board's annual approval of the audit schedules, plans, and budgets.
D. Is guaranteed when the charter specifically defines its independence.
Answer: A
NO.2 The top three sales representatives for a company consistently include non-allowable charges
on their expense reports. Line management is reluctant to deny reimbursement of the charges for
fear of losing the sales representatives. This situation has the greatest negative impact on which of
the following internal control components?
A. Monitoring.
B. Control environment.
C. Information and communication.
D. Control activities.
Answer: B
NO.3 Which of the following factors affects the control risk of a company?
A. Potential problems like technological obsolescence.
B. Unusual pressures on management.
C. Complex accounts that require expert valuations.
D. Segregation of duties.
Answer: D
NO.4 Human resources and payroll are separate departments. Which of the following combinations
would provide the best segregation of duties?
A. Human resources personnel add employees, payroll personnel process hours, and human
resources personnel deliver paychecks to employees.
B. Human resources personnel add employees, review and submit payroll hours to the payroll
department for processing, and deliver paychecks to employees.
C. Human resources personnel add employees, and payroll personnel process hours and enter
employee bank account numbers. Paychecks are automatically deposited in the employee's bank
account.
D. Payroll personnel add employees and enter employee bank account numbers but process hours
only as approved by the human resources department. Paychecks are automatically deposited in the
employee's bank account.
Answer: C
NO.5 Which of the following lists the audit activities in the order in which they would generally be
completed during a preliminary survey?
I.Write detailed audit procedures.
II.Identify client objectives, goals, and standards.
III.Identify risks and controls intended to prevent associated losses.
IV.Determine relevant engagement objectives.
A. II, I, IV, III.
B. II, III, IV, I.
C. III, IV, II, I.
D. II, IV, I, III.
Answer: B
NO.6 Which of the following is an appropriate role for the board in governance?
A. Preparing written organizational policies that relate to compliance with laws, regulations, ethics,
and conflicts of interest.
B. Ensuring that financial statements are understandable, transparent, and reliable.
C. Assisting the internal audit activity in performing annual reviews of governance.
D. Working with the organization's attorneys to develop a strategy regarding current litigation,
pending litigation, or regulatory proceedings governance.
Answer: B
NO.7 According to the International Professional Practices Framework, internal auditors should
possess which of the following competencies?
I.Proficiency in applying internal auditing standards, procedures, and techniques.
II.Proficiency in accounting principles and techniques.
III.An understanding of management principles.
IV.An understanding of the fundamentals of economics, commercial law, taxation, finance, and
quantitative methods.
A. I only.
B. II only.
C. I and III only.
D. I, III, and IV only.
Answer: D
NO.8 According to the International Professional Practices Framework, which of the following is the
appropriate division of responsibilities for the coordination of internal and external audit efforts?
I. Oversight of Work Coordination of Activities Chief audit executive Senior management
II. Board Chief audit executive
III. Chief financial officer
Chief audit executive
IV. Board
Chief financial officer
A. I
B. II.
C. III.
D. IV.
Answer: B