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ACC 451 Exam 1 with 100% correct answers | verified | latest update 2024
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ACC 451 Exam 1 with 100% correct answers | verified | latest update 2024
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ACC 451 Exam 1Which of the following are 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. - ANS-D. All of the above
Which of the following statement is NOT true about
business objectives?
A. Business objectives represent targets of
performance.
B. Establishing meaningful business objectives is a
key component of the management process.
C. Establishing meaningful business objectives is a
prerequisite to effective internal control.
D. Business objectives are management's means
of employing resources and assigning
responsibilities. - ANS-D. Business objectives are management's means
of employing resources and assigning responsibilities.
- the organization's strategy is the means for employing resources
Independent outside auditors provide financial
reporting assurance services primarily for the
benefit of
A. Third parties.
B. Management.
C. Board of directors.
D. The CEO. - ANS-A. Third parties.
A major reason for establishing an internal audit activity is to
a. Relieve overburdened management of the responsibility for establishing effective
controls.
b. Safeguard resources entrusted to the organization.
c. Ensure the reliability and integrity of financial and operational information.
d. Evaluate and improve the effectiveness of control processes. - ANS-d. Evaluate and
improve the effectiveness of control processes.
,Internal audit activities may involve which of the following?
a. Assurance services.
b. Consulting services.
c. Both assurance and consulting services.
d. Neither assurance nor consulting services. - ANS-c. Both assurance and consulting
services.
Internal auditing is an assurance and consulting activity. An example of an assurance
service is a(n)
a. Advisory engagement.
b. Facilitation engagement.
c. Training engagement.
d. Compliance engagement. - ANS-d. Compliance engagement.
Which of the following is the premier certification sponsored by The IIA?
a. Certified Information Systems Auditor.
b. Certification in Risk Management Assessment.
c. Certification in Control Self-Assessment.
d. Certified Internal Auditor. - ANS-d. Certified Internal Auditor.
The proper organizational role of internal auditing is to
a. Serve as the investigative arm of the board.
b. Perform studies to assist in the attainment of more efficient operations.
c. Serve as an independent, objective assurance and consulting activity that adds value
to operations.
d. Assist the external auditor in order to reduce external audit fees. - ANS-c. Serve as
an independent, objective assurance and consulting activity that adds value to
operations.
Within the context of internal auditing, assurance services are best defined as:
a. Professional activities that measure and communicate financial and business data
b. Objective examinations of evidence for the purpose of providing independent
assessments
c. Objective evaluations of compliance with policies, plans, procedures, laws, and
regulations
d. Advisory services intended to add value and improve an organization's operations -
ANS-b. Objective examinations of evidence for the purpose of providing independent
assessments
, The chief audit executive (CAE) is best defined as the
a. Fraud examiner.
b. Person responsible for the internal audit function.
c. Outside provider of internal audit services.
d. Person responsible for overseeing the service contract with the outside provider of
internal audit services and the overall quality assurance of these activities. - ANS-b.
Person responsible for the internal audit function.
The actions taken to manage risk and increase the likelihood that established objectives
and goals will be achieved are best described as
a. Supervision.
b. Quality assurance.
c. Control.
d. Compliance. - ANS-c. Control.
What is the most accurate term for the procedures used by the board to oversee
activities performed to achieve organizational objectives?
a. Governance.
b. Control.
c. Risk management.
d. Monitoring. - ANS-a. Governance.
Which of the following statement is NOT true about business objectives?
A. Establishing meaningful business objectives is a prerequisite to effective internal
control.
B. Establishing meaningful business objectives is a key component of the management
process.
C. Business objectives represent targets of performance.
D. Business objectives are management's means of employing resources and assigning
responsibilities. - ANS-D. Business objectives are management's means of employing
resources and assigning responsibilities.
The IIA defines internal auditing in their International
Standards for the Professional Practice of Internal Auditing
as an:
a. Institutional improvement system
b. Independent objective assurance and consulting activity
c. Integrated program evaluation function
d. Independent attestation services - ANS-b. Independent objective assurance and
consulting activity
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