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Started on Sunday, 17 March 2024, 4:38 PM
State Finished
Completed on Sunday, 17 March 2024, 4:48 PM
Time taken 9 mins 35 secs
Marks 26.00/27.00
Grade 96.30 out of 100.00
Question 1
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Question text
After noting some red flags, an internal auditor has an increased awareness that fraud may
be present in the area where he is conducting the audit. Which of the following best
describes the internal auditor’s responsibility?
a.
Report the matter to the audit committee and request funding for outside assurance
providers to help investigate the possible fraud.
b.
Consult with external legal counsel to determine the course of action to be taken.
c.
Expand activities to determine whether an investigation is warranted.
d.
Report the possibility of fraud to senior management and the board and ask them how they
would like to proceed.
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The correct answer is: Expand activities to determine whether an investigation is warranted.

Question 2
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A major distinction between statistical and non-statistical sampling is that …
a.
non-statistical sampling results in smaller sample sizes.
b.
statistical sampling virtually eliminates sampling risk.
c.
non statistical sampling allows the quantification of the sampling error.
d.
statistical sampling provides an objective means of determining sample size.
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