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| Section | Objectives |
|---|---|
| Topic 1: Business Knowledge for Internal Auditing | - Information systems and IT auditing concepts - Financial and managerial accounting basics |
| Topic 2: Practice of Internal Auditing | - Audit planning and risk assessment - Audit execution and evidence collection |
| Topic 3: Essentials of Internal Auditing | - Internal audit fundamentals and governance - Ethics and professional standards |
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NEW QUESTION # 125
Which of the following best describes the risk contained in an initial public offering for a new stock?
Answer: B
Explanation:
* Introduction:
* Inherent risk refers to the susceptibility of an assertion to a material misstatement, assuming no related controls.
* IPO Risks:
* Initial Public Offerings (IPOs) inherently carry a high level of risk due to the uncertainty and complexity involved in the process, the lack of historical data, and market volatility.
* Options Analysis:
* Option A: Residual risk is the risk remaining after controls are applied.
* Option B: Net risk is not a standard term in audit risk assessments.
* Option C: Inherent risk is the appropriate term for the risks associated with an IPO, which exist before considering any controls.
* Option D: Underlying risk is not a standard audit term.
* Conclusion:
* The risk associated with an IPO for a new stock is best described as inherent risk due to the nature of the uncertainties involved.
NEW QUESTION # 126
An organization uses the management-by-objectives method, whereby employee performance is based on defined goals. Which of the following statements is true regarding this approach?
Answer: C
Explanation:
* Management-by-Objectives (MBO):This method involves setting clear, measurable objectives that employees and management agree on. It aligns individual performance with organizational goals.
* Inclusive Goal-Setting:When goal-setting is inclusive, involving all team members, it fosters a sense of ownership and commitment to the goals. This collaboration enhances motivation and accountability.
* Empirical Evidence:Research and practical experience indicate that MBO is more effective when employees at all levels are involved in the goal-setting process, as it leads to better performance and job satisfaction.
* IIA Standards and Best Practices:Encouraging participation from all levels aligns with the principles of good governance and effective management, which are central to the IIA's standards and best practices.
References:
* Principles of Management-by-Objectives (MBO) .
NEW QUESTION # 127
Which of the following would provide the BEST evidence that a disaster recovery plan is effective?
Answer: B
Explanation:
Actual testing demonstrates whether recovery capabilities work in practice.
NEW QUESTION # 128
A chief audit executive (CAE) identifies that the internal audit activity lacks a necessary skill to perform a management request for a consulting engagement. According to IIA guidance, which of the following Is the most appropriate action the CAE should take regarding the request?
Answer: B
Explanation:
According to the IIA's Standards, specifically Standard 1210 - Proficiency, internal auditors must possess the knowledge, skills, and other competencies needed to perform their individual responsibilities. If the internal audit activity lacks the necessary skill set to conduct a requested consulting engagement, the most appropriate action for the CAE is to decline the engagement request. This ensures that the internal audit activity does not compromise the quality and effectiveness of its services.
NEW QUESTION # 129
A chief audit executive (CAE) following up on action plans from previously completed audits identifies that management has determined that certain action plans are no longer necessary If the CAE disagrees with managements decision, which of the following is the most appropriate next step for the CAE to take?
Answer: A
Explanation:
* Introduction:
* The chief audit executive (CAE) must ensure that audit recommendations are appropriately addressed and that any disagreements with management's decisions are resolved effectively.
* Escalation Process:
* If the CAE disagrees with management's decision to not implement certain action plans, it is important to escalate the issue to the board to ensure that risks are properly managed and that there is accountability.
* Options Analysis:
* Option A: Discussing with senior management is a preliminary step but may not resolve the issue if there is still disagreement.
* Option B: Discussing with key shareholders is not typically within the CAE's direct line of reporting and may not be appropriate.
* Option C: Legal counsel can provide advice, but the final decision on audit matters typically rests with the board.
* Option D: The most appropriate step is for the CAE to discuss the matter with the board, as they have the ultimate oversight responsibility and can ensure that management's decisions align with the organization's risk management and governance frameworks.
* Conclusion:
* The CAE should discuss the matter with the board to ensure that management's decision is aligned with the organization's risk management strategy and to address any unresolved issues.
NEW QUESTION # 130
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