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Exam (elaborations)

Ac 413 - Exam 1 Updated Actual Questions And Correct Answers

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AC 413 - EXAM 1 UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS Question: 1. Internal Auditing Independent, objective assurance and consulting activity designed to add value Answer: and improve an organization's operations Question: 2. How does IA help an Oraganization accomplish objectives Answer: By bringing a systematic, disciplined approach to evaluate and improve effectiveness of risk management, control and governance processes Question: 3. Services dimensions provided by IA function Answer:- Primary purpose of the engagement- Who determines scope and nature of engagement- Which parties are involved Question: 4. Assurance Services Answer: Provide assurance (independent, unbiased assessment) on a set of assertions- IA determines scope and nature- Parties include auditee, auditor, and user Question: 5. Consulting Services Answer: Provide advice- Scope and nature mutually agreed upon by auditee and auditor Question: 6. IA Characteristics - Assess the effectiveness and efficiency of GRC Answer:- Collaborate with management to improve efficiency- Consider business, financial, regulatory, reputational, and technology risks

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AC 413 - EXAM 1 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
1. Internal Auditing Independent, objective assurance and consulting activity designed to add value
Answer:
and improve an organization's operations
Question:
2. How does IA help an Oraganization accomplish objectives
Answer:
By bringing a systematic, disciplined approach to evaluate and improve effectiveness of risk management,
control and governance processes
Question:
3. Services dimensions provided by IA function
Answer:
- Primary purpose of the engagement
- Who determines scope and nature of engagement
- Which parties are involved
Question:
4. Assurance Services
Answer:
Provide assurance (independent, unbiased assessment) on a set of assertions
- IA determines scope and nature
- Parties include auditee, auditor, and user
Question:
5. Consulting Services
Answer:
Provide advice
- Scope and nature mutually agreed upon by auditee and auditor
Question:
6. IA Characteristics - Assess the effectiveness and efficiency of GRC
Answer:
- Collaborate with management to improve efficiency
- Consider business, financial, regulatory, reputational, and technology risks
Question:
7. EA Characteristics

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