WGU Internal Auditing I Practice Assessment –
Questions With Solutions (100%)
Save
Terms in this set (59)
What is the Institute of Internal An independent and objective assurance and
Auditors' (IIA) definition of internal consulting activity crafted to improve an
auditing? organization's operations and add value.
An internal auditor analyzes a By reducing risk exposure
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?
An internal auditor at a firm conducts Insight
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?
A company's internal auditor Strategic
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?
, A company's internal auditor Operations
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?
A firm's internal auditor assesses Reporting
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?
What is the internal audit's Evaluating
responsibility regarding governance,
risk management, and control?
A financial institution's chief financial Chief financial officer
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?
Which term refers to the mental Objectivity
attitude of individual internal
auditors?
Questions With Solutions (100%)
Save
Terms in this set (59)
What is the Institute of Internal An independent and objective assurance and
Auditors' (IIA) definition of internal consulting activity crafted to improve an
auditing? organization's operations and add value.
An internal auditor analyzes a By reducing risk exposure
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?
An internal auditor at a firm conducts Insight
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?
A company's internal auditor Strategic
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?
, A company's internal auditor Operations
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?
A firm's internal auditor assesses Reporting
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?
What is the internal audit's Evaluating
responsibility regarding governance,
risk management, and control?
A financial institution's chief financial Chief financial officer
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?
Which term refers to the mental Objectivity
attitude of individual internal
auditors?
