Exam (elaborations)
AUI3704 ASSIGNMENT 3
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AUI3704 ASSIGNMENT 3 SEMESTER 2
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Started on Thursday, 31 August 2023, 11:05 AMState Finished
Completed on Thursday, 31 August 2023, 11:20 AM
Time taken 15 mins 1 sec
Marks 49.00/50.00
Grade 98.00 out of 100.00
Question 1
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Indicate if the following statement is (TRUE) or (FALSE).
The purpose, authority and responsibility of the internal audit activity of an organisation should be
formally documented in an internal audit charter that is approved by the audit committee.
Select one:
True
False
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The correct answer is 'True'.
Question 2
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Indicate if the following statement is TRUE or FALSE.
A charter is being drafted for a newly formed internal audit activity. The appropriate organisational
status that should be incorporated into the charter is that the chief audit executive should report to the
chief executive officer, but that she/he should have access to the board of directors.
Select one:
True
False
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The correct answer is 'True'.
Question 3
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, Indicate if the following statement is (TRUE) or (FALSE).
The policies and guidelines issued by the audit committee are the best starting point for any internal
audit engagement.
Select one:
True
False
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The correct answer is 'False'.
Question 4
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Indicate if the following statement is (TRUE) or (FALSE).
The appropriate organisational status that should be incorporated into an internal audit charter is that
the chief audit executive (CAE) should report administratively to the chief operating officer (COO).
Select one:
True
False
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The correct answer is 'False'.
Question 5
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GOVERNANCE (15 Marks)
In terms of the King IV Code, specific responsibilities should be assigned to individuals or a group in
an organisation to achieve governance outcomes.
REQUIRED:
Match the responsibilities (1 to 10) with the appropriate groupings or individuals listed.
Who is responsible for setting an organisation's Answer 1
short-term, medium-term and long-term strategy?
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