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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Internal Audit Basics | 20% | - Governance, risk, and control
|
| Topic 2: Internal Audit Practice | 40% | - Audit planning and execution
|
| Topic 3: Information Systems and Technology Audit | 40% | - Information systems audit process
|
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NEW QUESTION # 125
An internal auditor observed that sales staff are able to modify or cancel an order in the system prior to shipping She wonders whether they can also modify orders after shipping. Which of the following types of controls should she examine?
Answer: B
Explanation:
Application controls are specific to software applications and ensure that transactions are processed correctly and accurately. They include controls over input, processing, and output. In this scenario, examining application controls will help determine if sales staff can modify orders after shipping, as these controls directly impact how data is handled within the system.
NEW QUESTION # 126
According to IIA guidance, which of the following statements is true regarding due professional care?
Answer: C
Explanation:
Due professional care is a critical concept in internal auditing, ensuring that auditors conduct their work with the necessary diligence and competence.
* Definition and Standards:According to the IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 1220 - Due Professional Care, internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor.
NEW QUESTION # 127
A bank uses customer departmentalization to categorize its departments. Which of the following groups best exemplifies this method of categorization?
Answer: B
Explanation:
Customer Departmentalization: This method categorizes departments based on the type of customers they serve. It aligns services and strategies with the specific needs and characteristics of different customer groups.
Examples of Customer Departmentalization:
Community Banking: Focuses on services tailored for local communities, often involving personal banking services.
Institutional Banking: Caters to large organizations, offering specialized financial products and services.
Agricultural Banking: Provides financial services to farmers and agricultural businesses, addressing their unique needs.
NEW QUESTION # 128
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annual snowfall for the coming winter. Which of the following best describes this type of risk?
Answer: A
Explanation:
Inherent Risk: Inherent risk refers to the exposure to risk in its natural state, without considering any controls or mitigation measures. It is the risk that exists before any action is taken to manage it.
* Example: In the scenario of a snow removal company, the significant reduction in annual snowfall represents an inherent risk as it is a natural condition that affects the company's operations.
Other Risk Types:
* Residual Risk: This is the risk that remains after controls and mitigation strategies have been applied.
* Net Risk: Similar to residual risk, it is the risk that remains after considering existing controls.
* Accepted Risk: This is the risk that the organization knowingly accepts after evaluating its impact and likelihood.
Scenario Planning: The exercise of considering the impacts of reduced snowfall helps the company understand its inherent risks and prepare for potential adverse outcomes.
NEW QUESTION # 129
In which scenario might it be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function?
Answer: D
Explanation:
* Introduction:
* The independence and objectivity of the internal audit function are paramount, especially when the CAE has had prior involvement in the area under review.
* Scenario Analysis:
* Option A: Previous consulting assignments may raise concerns but do not inherently impair independence if managed correctly.
* Option B: A historical role in accounting functions is less problematic if sufficient time has passed and there is no ongoing influence.
* Option C: Having been the payroll manager presents a direct conflict of interest, compromising the CAE's objectivity.
* Option D: Reviews following consulting assignments are common practice and do not necessarily indicate a conflict.
* Conclusion:
* It is problematic for the CAE to provide assurance over payroll functions if they were previously the payroll manager, as this creates a clear conflict of interest and threatens audit objectivity.
NEW QUESTION # 130
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