Exam (elaborations)
INTERNAL AUDIT EXAM 1 STUDY GUIDE - MULTIPLE CHOICE, T/F, SHORT ANSWER SCORED A+
- Course
- Institution
INTERNAL AUDIT EXAM 1 STUDY GUIDE - MULTIPLE CHOICE, T/F, SHORT ANSWER SCORED A+
[Show more]
Content preview
INTERNAL AUDIT EXAM1 STUDY GUIDE -
MULTIPLE CHOICE, T/F,
SHORT ANSWER
SCORED A+
INTERNAL AUDIT
Evatee 8/30/24 INTERNAL AUDIT
,INTERNAL AUDIT EXAM 1 STUDY GUIDE -
MULTIPLE CHOICE, T/F, SHORT ANSWER
SCORED A+
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. Answer - d. All of the above
Assurance, Insight, and Objectivity comprise:
a. The mission of internal auditing.
b. The three lines model.
c. The objectives of internal auditing.
d. The value proposition. Answer - d. the value proposition
assurance - Governance, Risk, and Control
insight - Catalyst, Analyses, and Assessments
objectivity - Integrity, Accountability, and Independence
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. Answer - a. the benefit of third parties
,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 and, 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. Answer - a. Serve as an independent
assurance and consulting activity designed to add value and improve the
company's operations.
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 control.
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. Answer - b. Business objectives are management's
means of employing resources and assigning responsibilities.
- this is a business strategy
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 organization's
operations.
c. Professional activities that measure and communicate financial and business
data.
d. Objective evaluations of compliance with policies, plans, procedures, laws,
and regulations. Answer - a. Objective examinations of evidence for the
purpose of providing independent assessments.
Which of the following is mandatory guidance within the IPPF?
a. Implementation guidance.
b. Supplemental guidance.
c. The value proposition.
d. The core principles. Answer - d. The core principles
- other mandatory guidance includes definitions, standards, and code of ethics
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. Answer - c. Supplemental guidance
- other recommended guidance includes implementation guidance
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EvaTee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $29.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76658 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now