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INTERNAL AUDIT EXAM 1 STUDY GUIDE - MULTIPLE CHOICE, T/F, SHORT ANSWER SCORED A+
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INTERNAL AUDIT EXAM 1 STUDY GUIDE - MULTIPLE CHOICE, T/F, SHORT ANSWER SCORED A+
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INTERNAL AUDIT EXAM1 STUDY GUIDE -
MULTIPLE CHOICE, T/F,
SHORT ANSWER
SCORED A+
INTERNAL AUDIT
Evatee 8/30/24 INTERNAL AUDIT
,INTERNAL AUDIT EXAM 1 STUDY GUIDE -
MULTIPLE CHOICE, T/F, SHORT ANSWER
SCORED A+
Which of the following are components of the definition of internal auditing?
a. Independence and objectivity.
b. A systematic and disciplined approach.
c. Helping the organization accomplish its objectives.
d. All of the above. Answer - d. All of the above
Assurance, Insight, and Objectivity comprise:
a. The mission of internal auditing.
b. The three lines model.
c. The objectives of internal auditing.
d. The value proposition. Answer - d. the value proposition
assurance - Governance, Risk, and Control
insight - Catalyst, Analyses, and Assessments
objectivity - Integrity, Accountability, and Independence
Independent outside auditors provide financial reporting assurance services
primarily for:
a. The benefit of third parties.
b. Management.
c. Board of directors.
d. The CEO. Answer - a. the benefit of third parties
,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:
a. Serve as an independent assurance and consulting activity designed to add
value and improve the company's operations.
b. Assess the company's methods for safeguarding its assets and, as
appropriate, verify the existence of the assets.
c. Review the integrity of financial and operating information and the methods
used to accumulate and report information.
d. Determine whether the company's system of internal controls provides
reasonable assurance that information is effectively and efficiently
communicated to management. Answer - a. Serve as an independent
assurance and consulting activity designed to add value and improve the
company's operations.
Which of the following statements is not true about business objectives?
a. Business objectives represent targets of performance.
b. Establishing meaningful business objectives is a prerequisite to effective
internal control.
c. Establishing meaningful business objectives is a key component of the
management process.
d. Business objectives are management's means of employing resources and
assigning responsibilities. Answer - b. Business objectives are management's
means of employing resources and assigning responsibilities.
- this is a business strategy
Within the context of internal auditing, assurance services are best defined as:
a. Objective examinations of evidence for the purpose of providing
independent assessments.
, b. Advisory services intended to add value and improve an organization's
operations.
c. Professional activities that measure and communicate financial and business
data.
d. Objective evaluations of compliance with policies, plans, procedures, laws,
and regulations. Answer - a. Objective examinations of evidence for the
purpose of providing independent assessments.
Which of the following is mandatory guidance within the IPPF?
a. Implementation guidance.
b. Supplemental guidance.
c. The value proposition.
d. The core principles. Answer - d. The core principles
- other mandatory guidance includes definitions, standards, and code of ethics
Which of the following is recommended guidance within the IPPF?
a. The Definition of Internal Auditing.
b. The Standards.
c. Supplemental guidance.
d. None of the above. Answer - c. Supplemental guidance
- other recommended guidance includes implementation guidance
The Internal Audit Foundation exists to help audit leaders, practitioners,
students, and academics experience continuous growth in their careers to
propel them to become:
a. Strong assurance providers.
b. Trusted advisors.
c. Independent outside auditors.
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