D560 Internal Audit Exam 1 Study Guide - Multiple
Choice, T/F, Short Answer (– Questions & A+
Answers)
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Terms in this set (171)
Which of the following are d. All of the above
components of the definition of
internal auditing?
a. Independence and objectivity.
b. A systematic and disciplined
approach.
c. Helping the organization
accomplish its objectives.
d. All of the above.
Assurance, Insight, and Objectivity d. the value proposition
comprise: assurance - Governance, Risk, and Control
a. The mission of internal auditing. insight - Catalyst, Analyses, and Assessments
b. The three lines model. objectivity - Integrity, Accountability, and
c. The objectives of internal auditing. Independence
d. The value proposition.
Independent outside auditors provide a. the benefit of third parties
financial reporting assurance services
primarily for:
a. The benefit of third parties.
b. Management.
c. Board of directors.
d. The CEO.
,AVF Company's new CFO has asked a. Serve as an independent assurance and consulting
the company's CAE to meet with him activity designed to add value and improve the
to discuss the role of the internal audit company's operations.
function. The CAE should inform the
CFO that the overall responsibility of
internal audit is to:
a. Serve as an independent assurance
and consulting activity designed to
add value and improve the company's
operations.
b. Assess the company's methods for
safeguarding its assets and, as
appropriate, verify the existence of
the assets.
c. Review the integrity of financial and
operating information and the
methods used to accumulate and
report information.
d. Determine whether the company's
system of internal controls provides
reasonable assurance that information
is effectively and efficiently
communicated to management.
Which of the following statements is b. Business objectives are management's means of
not true about business objectives? employing resources and assigning responsibilities.
a. Business objectives represent - this is a business strategy
targets of performance.
b. Establishing meaningful business
objectives is a prerequisite to effective
internal control.
c. Establishing meaningful business
objectives is a key component of the
management process.
d. Business objectives are
management's means of employing
resources and assigning
responsibilities.
,Within the context of internal auditing, a. Objective examinations of evidence for the
assurance services are best defined purpose of providing independent assessments.
as:
a. Objective examinations of evidence
for the purpose of providing
independent assessments.
b. Advisory services intended to add
value and improve an organization's
operations.
c. Professional activities that measure
and communicate financial and
business data.
d. Objective evaluations of
compliance with policies, plans,
procedures, laws, and regulations.
Which of the following is mandatory d. The core principles
guidance within the IPPF? - other mandatory guidance includes definitions,
a. Implementation guidance. standards, and code of ethics
b. Supplemental guidance.
c. The value proposition.
d. The core principles.
Which of the following is c. Supplemental guidance
recommended guidance within the - other recommended guidance includes
IPPF? implementation guidance
a. The Definition of Internal Auditing.
b. The Standards.
c. Supplemental guidance.
d. None of the above.
The Internal Audit Foundation exists to b. Trusted advisors
help audit leaders, practitioners,
students, and academics experience
continuous growth in their careers to
propel them to become:
a. Strong assurance providers.
b. Trusted advisors.
c. Independent outside auditors.
d. CAEs.
, Which of the following is one of the 5 a. courage
Cs essential to success as an internal the other Cs are Competence, Credibility,
auditor? Connectivity, Communication
a. Courage.
b. Consistency.
c. Collaboration.
d. Candidness.
Which of the following is a framework c. Internal Audit Competency Framework
that can help individual internal
auditors and internal audit functions
assess their current competency levels
and identify areas for improvement?
a. Internal Control - Integrated
Framework.
b. International Professional Practices
Framework.
c. Internal Audit Competency
Framework.
d. Enterprise Risk Management
Framework.
Internal auditors must have competent c. Project management
interpersonal skills. Which of the
following does not represent an
attribute of interpersonal skills?
a. Communication.
b. Leadership.
c. Project management.
d. Team capabilities.
Choice, T/F, Short Answer (– Questions & A+
Answers)
Save
Terms in this set (171)
Which of the following are d. All of the above
components of the definition of
internal auditing?
a. Independence and objectivity.
b. A systematic and disciplined
approach.
c. Helping the organization
accomplish its objectives.
d. All of the above.
Assurance, Insight, and Objectivity d. the value proposition
comprise: assurance - Governance, Risk, and Control
a. The mission of internal auditing. insight - Catalyst, Analyses, and Assessments
b. The three lines model. objectivity - Integrity, Accountability, and
c. The objectives of internal auditing. Independence
d. The value proposition.
Independent outside auditors provide a. the benefit of third parties
financial reporting assurance services
primarily for:
a. The benefit of third parties.
b. Management.
c. Board of directors.
d. The CEO.
,AVF Company's new CFO has asked a. Serve as an independent assurance and consulting
the company's CAE to meet with him activity designed to add value and improve the
to discuss the role of the internal audit company's operations.
function. The CAE should inform the
CFO that the overall responsibility of
internal audit is to:
a. Serve as an independent assurance
and consulting activity designed to
add value and improve the company's
operations.
b. Assess the company's methods for
safeguarding its assets and, as
appropriate, verify the existence of
the assets.
c. Review the integrity of financial and
operating information and the
methods used to accumulate and
report information.
d. Determine whether the company's
system of internal controls provides
reasonable assurance that information
is effectively and efficiently
communicated to management.
Which of the following statements is b. Business objectives are management's means of
not true about business objectives? employing resources and assigning responsibilities.
a. Business objectives represent - this is a business strategy
targets of performance.
b. Establishing meaningful business
objectives is a prerequisite to effective
internal control.
c. Establishing meaningful business
objectives is a key component of the
management process.
d. Business objectives are
management's means of employing
resources and assigning
responsibilities.
,Within the context of internal auditing, a. Objective examinations of evidence for the
assurance services are best defined purpose of providing independent assessments.
as:
a. Objective examinations of evidence
for the purpose of providing
independent assessments.
b. Advisory services intended to add
value and improve an organization's
operations.
c. Professional activities that measure
and communicate financial and
business data.
d. Objective evaluations of
compliance with policies, plans,
procedures, laws, and regulations.
Which of the following is mandatory d. The core principles
guidance within the IPPF? - other mandatory guidance includes definitions,
a. Implementation guidance. standards, and code of ethics
b. Supplemental guidance.
c. The value proposition.
d. The core principles.
Which of the following is c. Supplemental guidance
recommended guidance within the - other recommended guidance includes
IPPF? implementation guidance
a. The Definition of Internal Auditing.
b. The Standards.
c. Supplemental guidance.
d. None of the above.
The Internal Audit Foundation exists to b. Trusted advisors
help audit leaders, practitioners,
students, and academics experience
continuous growth in their careers to
propel them to become:
a. Strong assurance providers.
b. Trusted advisors.
c. Independent outside auditors.
d. CAEs.
, Which of the following is one of the 5 a. courage
Cs essential to success as an internal the other Cs are Competence, Credibility,
auditor? Connectivity, Communication
a. Courage.
b. Consistency.
c. Collaboration.
d. Candidness.
Which of the following is a framework c. Internal Audit Competency Framework
that can help individual internal
auditors and internal audit functions
assess their current competency levels
and identify areas for improvement?
a. Internal Control - Integrated
Framework.
b. International Professional Practices
Framework.
c. Internal Audit Competency
Framework.
d. Enterprise Risk Management
Framework.
Internal auditors must have competent c. Project management
interpersonal skills. Which of the
following does not represent an
attribute of interpersonal skills?
a. Communication.
b. Leadership.
c. Project management.
d. Team capabilities.
