Audit Test 1 UPDATED ACTUAL Exam
Questions and CORRECT Answers
senior management is primarily responsible for - CORRECT ANSWER - determining who
will be risk owners
Which of the following statements regarding corporate governance is not correct? - CORRECT
ANSWER - The internal auditor of a company has more responsibility than the board for
the company's corporate governance
What are the major components of governance - CORRECT ANSWER - Strategic
Direction
Oversight
What are the elements of the oversight component of governance? - CORRECT
ANSWER - external assurance
internal auditing
Governance should help to ensure that the objectives of an entity's stakeholders are met.
Stakeholders include - CORRECT ANSWER - Employees, regulators, suppliers,
customers
The board as defined by the IIA - CORRECT ANSWER - may be the head of the
organization
The board of director's primary responsibility regarding internal control is to - CORRECT
ANSWER - Identify stakeholders and the outcomes that are unacceptable
The design and implementation of governance processes are the responsibility of - CORRECT
ANSWER - The Board- Yes
Management-Yes
, Which of the following statements about governance is true? - CORRECT ANSWER -
Governance has a range of definitions depending on the circumstances.
three elements of governance - CORRECT ANSWER - Governance
Risk Management
Internal Controls
The six key components of governance - CORRECT ANSWER - Stakeholders
Board of Governors
Risk Management: Senior Management-Risk Owners
Assurance: Internal Activities- External Activities
control management is the result of - CORRECT ANSWER - Planning, organizing, and
directing of organizational activities
the board is responsible for implementing - CORRECT ANSWER - Governance
Internal Auditing is an assurance and consulting activity. An example of an assurance service is a
- CORRECT ANSWER - Compliance engagement
Which of the following potentially are subject to the internal auditor's evaluations - CORRECT
ANSWER - Human resources
purchasing process
manufacturing and production database system
What are the three components of value proposition - CORRECT ANSWER - Assurance
Insight
Objective
Questions and CORRECT Answers
senior management is primarily responsible for - CORRECT ANSWER - determining who
will be risk owners
Which of the following statements regarding corporate governance is not correct? - CORRECT
ANSWER - The internal auditor of a company has more responsibility than the board for
the company's corporate governance
What are the major components of governance - CORRECT ANSWER - Strategic
Direction
Oversight
What are the elements of the oversight component of governance? - CORRECT
ANSWER - external assurance
internal auditing
Governance should help to ensure that the objectives of an entity's stakeholders are met.
Stakeholders include - CORRECT ANSWER - Employees, regulators, suppliers,
customers
The board as defined by the IIA - CORRECT ANSWER - may be the head of the
organization
The board of director's primary responsibility regarding internal control is to - CORRECT
ANSWER - Identify stakeholders and the outcomes that are unacceptable
The design and implementation of governance processes are the responsibility of - CORRECT
ANSWER - The Board- Yes
Management-Yes
, Which of the following statements about governance is true? - CORRECT ANSWER -
Governance has a range of definitions depending on the circumstances.
three elements of governance - CORRECT ANSWER - Governance
Risk Management
Internal Controls
The six key components of governance - CORRECT ANSWER - Stakeholders
Board of Governors
Risk Management: Senior Management-Risk Owners
Assurance: Internal Activities- External Activities
control management is the result of - CORRECT ANSWER - Planning, organizing, and
directing of organizational activities
the board is responsible for implementing - CORRECT ANSWER - Governance
Internal Auditing is an assurance and consulting activity. An example of an assurance service is a
- CORRECT ANSWER - Compliance engagement
Which of the following potentially are subject to the internal auditor's evaluations - CORRECT
ANSWER - Human resources
purchasing process
manufacturing and production database system
What are the three components of value proposition - CORRECT ANSWER - Assurance
Insight
Objective
