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AUI3701 Assignment 1 Semester 1 2023
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AUI3701 Assignment 1 Answers Semester 1 2023
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Started on Monday, 27 March 2023, 10:08 AMState Finished
Completed on Monday, 27 March 2023, 10:30 AM
Time taken 21 mins 49 secs
Marks 18.00/20.00
Grade 90.00 out of 100.00
Question 1
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Select the incorrect option. A preliminary survey must be documented and should
among other include the following:
a.
Identification of significant engagement issues that might require in-depth testing.
b.
Identification of potential control deficiencies.
c.
Identification of risk area
d.
Identification of the potential audit opinion in the final engagement report.
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The correct answer is: Identification of the potential audit opinion in the final
engagement report.
Question 2
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Select the correct option. One of the purposes of the International Standards for the
Professional Practice of Internal Auditing (Standards) is to...
,Question duplicated
a.
Foster the improvement of the organisational processes and operations.
b.
Reduce the risk of business failure caused by ineffective processes and operations.
c.
Reduce the level of fraud faced by the organisation.
d.
Improve the organisational status of the internal auditing function.
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The correct answer is: Foster the improvement of the organisational processes and
operations.
Question 3
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Select the correct option. Internal auditors apply their knowledge, skills, and experience
needed in the performance of internal audit services. Internal auditors shall...
a.
Not use information for any personal gain or in any manner that would be contrary to
the law or detrimental to the legitimate and ethical objectives of the organisation.
b.
Not participate in any activity or relationship that may impair or be presumed to impair
their unbiased assessment (Conflict of interest).
c.
On a continuous basis improve their proficiency, effectiveness and quality of their
services.
d.
, Observe the law and make disclosures expected by the law and the profession.
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The correct answer is: On a continuous basis improve their proficiency, effectiveness and
quality of their services.
Question 4
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Zizipho is employed as an internal auditor intern. Zizipho is informed by the internal
audit manager to avoid any relationship that may or may not appear to be in the best
interest of the organisation and could prejudice the internal auditor’s ability to perform
his or her duties objectively. Under which scenario would there be no conflict of interest
committed by the internal auditor?
a.
Accepting a gift of a significant value to from the auditee.
b.
Borrowing money from the head of the department being audited.
c.
Facilitating a Control Risk Self-Assessment (CRSA) workshop.
d.
Auditing an area which the internal auditor’s ex-spouse is heading.
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The correct answer is: Facilitating a Control Risk Self-Assessment (CRSA) workshop.
Question 5
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