WGU D560 Internal Auditing I OA |
Objective Assessment |Questions and
Correct Answers| Latest Update|
Score 100%
What is the Institute of Internal Auditors' (IIA) definition of internal auditing?
An independent and objective assurance and consulting activity crafted to
improve an organization's operations and add value.
An internal auditor analyzes a company's capacity to use commodities hedging
to secure a stable supply of raw materials at favorable prices. How does the
internal auditor add value to the company through this analysis?
By reducing risk exposure
An internal auditor at a firm conducts an in-depth analysis of the firm's
procurement procedures and suggests implementing automated systems for
,purchase orders to reduce inefficiency. Which component of the internal audit's
value proposition does the internal auditor's work represent?
Insight
A company's internal auditor assesses internal and external risk factors that may
negatively impact the company's success and stakeholders' interests and
suggests plans to mitigate those risks. Which category of business objective is
the internal auditor helping the company accomplish?
Strategic
A company's internal auditor evaluates its internal control procedures designed
to prevent unauthorized access to resources. Which category of business
objective is the internal auditor helping the company accomplish?
Operations
A firm's internal auditor assesses whether its internal controls effectively
prevent errors in financial statements to ensure the integrity of financial
information.Which category of business objective does the internal auditor help
the firm accomplish?
Reporting
, What is the internal audit's responsibility regarding governance, risk
management, and control?
Evaluating
A financial institution's chief financial officer (CFO) has engaged an internal
auditor to recommend best practices in financial reporting. The CFO will then
share this information with the board of directors and stakeholders. Who is
considered the customer in this engagement?
Chief financial officer
Which term refers to the mental attitude of individual internal auditors?
Objectivity
An employee of a nonprofit organization is responsible for providing assurance
on the organization's financial statements to ensure they adhere to accounting
standards and regulatory requirements. Which type of task is the employee
performing?
Internal auditing
An internal auditor is evaluating the effectiveness of internal controls aimed at
preventing employee theft from store cash registers. Which target of internal
audit attention is the internal auditor concentrating on?
Objective Assessment |Questions and
Correct Answers| Latest Update|
Score 100%
What is the Institute of Internal Auditors' (IIA) definition of internal auditing?
An independent and objective assurance and consulting activity crafted to
improve an organization's operations and add value.
An internal auditor analyzes a company's capacity to use commodities hedging
to secure a stable supply of raw materials at favorable prices. How does the
internal auditor add value to the company through this analysis?
By reducing risk exposure
An internal auditor at a firm conducts an in-depth analysis of the firm's
procurement procedures and suggests implementing automated systems for
,purchase orders to reduce inefficiency. Which component of the internal audit's
value proposition does the internal auditor's work represent?
Insight
A company's internal auditor assesses internal and external risk factors that may
negatively impact the company's success and stakeholders' interests and
suggests plans to mitigate those risks. Which category of business objective is
the internal auditor helping the company accomplish?
Strategic
A company's internal auditor evaluates its internal control procedures designed
to prevent unauthorized access to resources. Which category of business
objective is the internal auditor helping the company accomplish?
Operations
A firm's internal auditor assesses whether its internal controls effectively
prevent errors in financial statements to ensure the integrity of financial
information.Which category of business objective does the internal auditor help
the firm accomplish?
Reporting
, What is the internal audit's responsibility regarding governance, risk
management, and control?
Evaluating
A financial institution's chief financial officer (CFO) has engaged an internal
auditor to recommend best practices in financial reporting. The CFO will then
share this information with the board of directors and stakeholders. Who is
considered the customer in this engagement?
Chief financial officer
Which term refers to the mental attitude of individual internal auditors?
Objectivity
An employee of a nonprofit organization is responsible for providing assurance
on the organization's financial statements to ensure they adhere to accounting
standards and regulatory requirements. Which type of task is the employee
performing?
Internal auditing
An internal auditor is evaluating the effectiveness of internal controls aimed at
preventing employee theft from store cash registers. Which target of internal
audit attention is the internal auditor concentrating on?
