WGU D560 Internal Audit Quiz 1 – Questions With
Correct Solutions
Save
Terms in this set (92)
1. 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
2. Assurance, Insight, and Objectivity d. The value proposition
comprise:
a. The mission of internal auditing
b. The three lines of defense model
c. The objectives of internal auditing
d. The value of proposition
3. Independent outside auditors a. The benefit of third parties
provide financial reporting assurance
services primarily for:
a. The benefit of third parties
b. Management
c. Board of directors
d. The CEO
,4. 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, 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.
5. Which of the following statements is b. Establishing meaningful business objectives is a
not true about business objectives? prerequisite to effective internal controls
a. Business objectives represent
targets of performance
b. Establishing meaningful business
objectives is a prerequisite to effective
internal controls
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
,6. Within the context of internal a. Objective examinations of evidence for the
auditing, assurance services are best purpose of providing independent assessments
defined as:
a. Objective examinations of evidence
for the purpose of providing
independent assessments
b. Advisory services intended to add
value and improve an organizations
operation
c. Professional activities that measure
and communicate financial and
business data
d. Objective evaluations of
compliance with policies, plans,
procedures, laws, and regulations.
7. Which of the following is mandatory d. The core principles
guidance within the IPPF?
a. Implementation guidance
b. Supplemental guidance
c. The value proposition
d. The core principles
8. Which of the following is c. Supplemental guidance
recommended guidance within the
IPPF?
a. The Definition of Internal Auditing
b. The Standards
c. Supplemental guidance
d. None of the above
9. The Internal Audit Foundation exists b. Trusted advisors
to 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
, 10. Which of the following is one of the a. Courage
5 Cs essential to success as an
Internal Auditor?
a. Courage
b. Consistency
c. Collaboration
d. Candidness
11. Which of the following is a c. The Global Internal Auditor Competency
framework that can help individual Framework
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. The Global Internal Auditor
Competency Framework
d. Enterprise Risk Management
Framework
12. Internal auditors must have c. Project Management
competent interpersonal skills. Which
of the following does not represent an
attribute of interpersonal skills?
a. Communication
b. Leadership
c. Project Management
d. Team capabilities
Correct Solutions
Save
Terms in this set (92)
1. 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
2. Assurance, Insight, and Objectivity d. The value proposition
comprise:
a. The mission of internal auditing
b. The three lines of defense model
c. The objectives of internal auditing
d. The value of proposition
3. Independent outside auditors a. The benefit of third parties
provide financial reporting assurance
services primarily for:
a. The benefit of third parties
b. Management
c. Board of directors
d. The CEO
,4. 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, 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.
5. Which of the following statements is b. Establishing meaningful business objectives is a
not true about business objectives? prerequisite to effective internal controls
a. Business objectives represent
targets of performance
b. Establishing meaningful business
objectives is a prerequisite to effective
internal controls
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
,6. Within the context of internal a. Objective examinations of evidence for the
auditing, assurance services are best purpose of providing independent assessments
defined as:
a. Objective examinations of evidence
for the purpose of providing
independent assessments
b. Advisory services intended to add
value and improve an organizations
operation
c. Professional activities that measure
and communicate financial and
business data
d. Objective evaluations of
compliance with policies, plans,
procedures, laws, and regulations.
7. Which of the following is mandatory d. The core principles
guidance within the IPPF?
a. Implementation guidance
b. Supplemental guidance
c. The value proposition
d. The core principles
8. Which of the following is c. Supplemental guidance
recommended guidance within the
IPPF?
a. The Definition of Internal Auditing
b. The Standards
c. Supplemental guidance
d. None of the above
9. The Internal Audit Foundation exists b. Trusted advisors
to 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
, 10. Which of the following is one of the a. Courage
5 Cs essential to success as an
Internal Auditor?
a. Courage
b. Consistency
c. Collaboration
d. Candidness
11. Which of the following is a c. The Global Internal Auditor Competency
framework that can help individual Framework
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. The Global Internal Auditor
Competency Framework
d. Enterprise Risk Management
Framework
12. Internal auditors must have c. Project Management
competent interpersonal skills. Which
of the following does not represent an
attribute of interpersonal skills?
a. Communication
b. Leadership
c. Project Management
d. Team capabilities
