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
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
