Exam (elaborations)
Internal Audit Ch 1&2 (1)
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Internal Audit Ch 1&2 (1)
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Internal Audit Ch 1&21. Which 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
2. Assurance, Insight, and Objectivity 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 - ANS-d. The value proposition
3. Independent outside auditors provide financial reporting assurance services primarily for:
a. The benefit of third parties
b. Management
c. Board of directors
d. The CEO - ANS-a. The benefit of third parties
4. AVF Company's new CFO has asked the company's CAE to meet with him to discuss the role
of the internal audit 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. - ANS-a. Serve as
an independent assurance and consulting activity designed to add value and improve the
company's operations
5. Which of the following statements is not true about business objectives?
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 - ANS-b. Establishing meaningful business objectives is a prerequisite to
effective internal controls
, 6. Within the context of internal auditing, assurance services are best 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. -
ANS-a. Objective examinations of evidence for the purpose of providing independent
assessments
7. Which of the following is mandatory guidance within the IPPF?
a. Implementation guidance
b. Supplemental guidance
c. The value proposition
d. The core principles - ANS-d. The core principles
8. Which of the following is recommended guidance within the IPPF?
a. The Definition of Internal Auditing
b. The Standards
c. Supplemental guidance
d. None of the above - ANS-c. Supplemental guidance
9. The Internal Audit Foundation exists 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 - ANS-b. Trusted advisors
10. Which of the following is one of the 5 Cs essential to success as an Internal Auditor?
a. Courage
b. Consistency
c. Collaboration
d. Candidness - ANS-a. Courage
11. Which of the following is a 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. The Global Internal Auditor Competency Framework
d. Enterprise Risk Management Framework - ANS-c. The Global Internal Auditor Competency
Framework
12. Internal auditors must have competent interpersonal skills. Which of the following does not
represent an attribute of interpersonal skills?
a. Communication
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