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| Section | Objectives |
|---|---|
| Essentials of Internal Auditing | - Internal audit fundamentals and governance - Ethics and professional standards |
| Practice of Internal Auditing | - Audit planning and risk assessment - Audit execution and evidence collection |
| Business Knowledge for Internal Auditing | - Information systems and IT auditing concepts - Financial and managerial accounting basics |
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NEW QUESTION # 61
Which of the following statements is true regarding the management-by-objectives method?
Answer: D
NEW QUESTION # 62
According to IIA guidance, which of the following corporate social responsibility (CSR) evaluation activities may be performed by the internal audit activity?
1.Consult on CSR program design and implementation
2.Serve as an advisor on CSR governance and risk management.
3.Review third parties for contractual compliance with CSR terms
4Identify and mitigate risks to help meet the CSR program objectives
Answer: A
Explanation:
According to the Institute of Internal Auditors (IIA) guidance, internal audit activities can encompass several aspects of evaluating corporate social responsibility (CSR) programs.
* Consulting on Design and Implementation: Internal auditors can provide valuable insights into the design and implementation of CSR programs to ensure they are well-structured and aligned with organizational objectives.
* Advising on Governance and Risk Management: Serving as advisors, internal auditors can help in
* establishing effective governance structures and identifying and managing risks associated with CSR initiatives.
* Mitigating Risks: By identifying and mitigating risks, internal auditors support the achievement of CSR program objectives, ensuring these initiatives are both effective and sustainable.
* Reviewing Third Parties: While internal auditors may review third parties for contractual compliance with CSR terms, this activity is more often part of broader compliance audits rather than a specific focus area for CSR evaluations.
References:
* "IIA Practice Guide: Auditing Corporate Social Responsibility," which outlines the role of internal auditors in CSR-related activities.
NEW QUESTION # 63
While reviewing the workpapers and draft report from an audit engagement, the chief audit executive (CAE) found that an Important compensating control had not been considered adequately by the audit team when it reported a major control weakness Therefore, the CAE returned the documentation to the auditor in charge for correction Based on this Information, which of the following sections of the workpapers most likely would require changes?
1.Effect of the control weakness.
2.Cause of the control weakness
3.Conclusion on the control weakness.
4.Recommendation for the control weakness.
Answer: A
Explanation:
* Introduction:
* When a compensating control is not considered, it can affect various aspects of the audit findings and conclusions.
* Impact on Workpapers:
* Effect of the Control Weakness: The impact of the control weakness needs to be reassessed considering the compensating control.
* Conclusion on the Control Weakness: The overall conclusion about the severity of the control weakness may change.
* Recommendation for the Control Weakness: Recommendations may need to be adjusted based on the new assessment.
* Options Analysis:
* Option A: Includes the effect, cause, and conclusion, but the cause might not change if it remains relevant regardless of compensating controls.
* Option B: Includes the effect, cause, and recommendation, but the cause might not change.
* Option C: The effect, conclusion, and recommendation would likely need adjustments.
* Option D: Includes cause, conclusion, and recommendation, but the cause might remain unchanged.
* Conclusion:
* The sections of the workpapers that most likely require changes are the effect of the control weakness, the conclusion on the control weakness, and the recommendation for the control weakness.
NEW QUESTION # 64
Which of the following is applicable to both a job order cost system and a process cost system'?
Answer: C
Explanation:
Both job order cost systems and process cost systems track three manufacturing cost elements:
direct materials, direct labor, and manufacturing overhead. These cost elements are essential in calculating the total production cost and determining the cost per unit.
Direct Materials: The raw materials directly used in the production of goods.
Direct Labor: The wages of workers who are directly involved in manufacturing the products.
Manufacturing Overhead: Indirect costs associated with production, such as utilities, maintenance, and depreciation of equipment.
NEW QUESTION # 65
An accounts payable clerk has recently transferred into the internal audit activity and has been assigned to an engagement related to accounts payable processes for which he was previously responsible Which of the following is the best action for the new internal auditor to take?
Answer: B
Explanation:
Conflict of Interest: For both assurance and consulting engagements, it is crucial to avoid conflicts of interest. An auditor assessing processes they were previously responsible for can compromise objectivity and independence.
IIA Standards: The IIA's Code of Ethics and standards emphasize maintaining objectivity and avoiding conflicts of interest. This is particularly important in consulting engagements where the auditor's recommendations could be influenced by prior roles.
Appropriate Action:
Assurance Engagements: For assurance engagements, prior knowledge might be beneficial but still raises concerns about independence. Declining the consulting engagement due to previous responsibilities ensures objectivity.
NEW QUESTION # 66
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