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Questions # 31:

Which of the following is the primary engagement responsibility of an entry-level internal auditor?

Options:

Leadership.

Documentation.

Analysis.

Reporting.

Expert Solution

Questions # 32:

According to the COSO internal control framework, which of the following best describes the use of continuous auditing programs by the internal audit activity?

Options:

Control environment.

Control activities.

Risk assessment.

Monitoring.

Expert Solution

Questions # 33:

Which of the following must be in existence as a precondition to developing an effective system of internal controls?

Options:

A monitoring process.

A risk assessment process.

A strategic objective-setting process.

An information and communication process.

Expert Solution

Questions # 34:

Given the highly technical and legal nature of privacy issues, which of the following statements best describes the internal audit activity's responsibility with regard to assessing an organization's privacy framework?

Options:

If an organization does not have a mature privacy framework, the internal audit activity should assist in developing and implementing an appropriate privacy framework.

Because the audit committee is ultimately responsible for ensuring that appropriate control processes are in place to mitigate risks associated with personal information, the internal audit activity is C. required to conduct privacy assessments.

The internal audit activity may delegate to nonaudit IT specialists the responsibility of determining whether personal information has been secured adequately and data protection controls are sufficient.

The internal audit activity should have appropriate knowledge and competence to conduct an asses .......framework.

Expert Solution

Questions # 35:

A fraud investigation was completed by management, and a proven fraud was communicated to relevant authorities. According to MA guidance, which of the following roles would be most appropriate for the internal audit activity to undertake after the investigation?

Options:

Plan employee sessions and team building strategies for the organization to improve awareness of fraud among employees.

Review the investigation and implement any improvements to the process.

Conduct lessons learned sessions to ascertain how the fraud occurred and which controls failed.

Determine why The fraud was not detected earlier and design controls to strengthen early detection.

Expert Solution

Questions # 36:

Which of the following behaviors could represent a significant ethical risk if exhibited by an organization's board?

Options:

Requesting a private meeting with senior management, without the presence of the chief audit executive.

Intervening during an audit involving ethical wrongdoing.

Discussing periodic reports of ethical breaches.

Authorizing an investigation of an unsafe product.

Expert Solution

Questions # 37:

Which of the following are generally recognized as essential elements of a corporate social responsibility program?

Options:

Human rights and the environment.

Organizational governance and financial reporting.

Fair operating practices and government regulation.

Consumer issues and return on investment.

Expert Solution

Questions # 38:

According to the HA Code of Ethics, which of the following statements best describes the principle of competency?

Options:

Internal auditors shall perform their work with honesty, diligence, and responsibility.

Internal auditors shall perform their work in accordance with the Standards.

Internal auditors shall perform their work in accordance with the law and make disclosures expected by the law.

Internal auditors shall be prudent in the use of information acquired while performing their work.

Expert Solution

Questions # 39:

Which of the following factors have the greatest influence on the independence of the internal audit activity?

Options:

Quality assessments and cultural biases of the internal audit activity.

Rotational assignments and familiarity of the internal audit activity.

Employee incentives and self review of the internal audit activity.

Organizational positioning and scope control of the internal audit activity.

Expert Solution

Questions # 40:

When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?

Options:

The amount of risk that an organization is willing to seek or accept.

The extent and degree of interdependency for identified key risks.

The boundaries established to manage the amount of risk taken.

The exposure to risks following management's risk responses.

Expert Solution

Questions # 41:

Forty-five percent of an organization's customer payments are submitted online. Eight percent of online payments are rejected. Executive management decides to outsource its online payment services to a contractor that will assume 75 percent of the total value of rejected payments. The organization estimates $1.25 million customer payments due during the contract period.

Which of the following represents the organization's residual risk for online customer payments due?

Options:

$11, 250

$25, 000

$33, 750

$45, 000

Expert Solution

Questions # 42:

Which of the following best explains why integrity is a necessary personal quality for internal auditors at all levels?

Options:

Internal auditor integrity enables stakeholders to constantly question the work of the internal audit activity.

Internal auditor integrity enables the internal auditor to avoid being challenged by any party in the organization.

Internal auditor integrity enables the internal audit activity to be able to demonstrate independence.

Internal auditor integrity enables users of internal auditors' work to make important business decisions.

Expert Solution

Questions # 43:

Which of the following types of social responsibilities is voluntary and guided purely by the organization's desire to make social contributions?

Options:

The bottom of the pyramid responsibility.

Innovative responsibility.

Ethical responsibility.

Discretionary responsibility.

Expert Solution

Questions # 44:

Which of the following control activities is the most effective to ensure users' levels of access are appropriate for their current roles?

Options:

The human resources department generates a monthly list of terminated and transferred employees and requests IT to update the user access as required.

Standardized user access profiles are developed and the appropriate access profiles are automatically assigned to new or transferred employees.

System administrator rights are assigned to one user in each department who can update user access of terminated or transferred employees immediately.

Department managers are required to perform periodic user access reviews of relevant systems and applications.

Expert Solution

Questions # 45:

According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization's social responsibility program is effective?

Options:

Senior management.

Internal audit activity.

All employees.

Board of directors.

Expert Solution

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