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| Section | Objectives |
|---|---|
| Topic 1: Practice of Internal Auditing | - Audit execution and evidence collection - Audit planning and risk assessment |
| Topic 2: Essentials of Internal Auditing | - Internal audit fundamentals and governance - Ethics and professional standards |
| Topic 3: Business Knowledge for Internal Auditing | - Financial and managerial accounting basics - Information systems and IT auditing concepts |
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NEW QUESTION # 76
A bicycle manufacturer incurs a combination of fixed and variable costs with the production of each bicycle. Which of the following statements is true regarding these costs?
Answer: B
NEW QUESTION # 77
Which action would MOST likely impair internal audit objectivity?
Answer: C
Explanation:
Approving risk responses is a management responsibility. Internal audit may advise but should not make management decisions.
NEW QUESTION # 78
According to IIA guidance, which of the following most appropriately justifies the CEO's decision that the internal audit activity shall be responsible for risk management and Investigation at multinational organization?
Answer: C
Explanation:
Role of Internal Audit Charter: The internal audit charter is a formal document that defines the purpose, authority, and responsibility of the internal audit activity. It establishes the internal audit activity's position within the organization, including the nature of the chief audit executive's functional reporting relationship with the board.
CEO's Decision Justification: According to IIA guidance, the internal audit activity can take on responsibilities related to risk management and investigation if it is defined within the internal audit charter.
The charter must outline the scope of the internal audit activity, which can include risk management functions if approved by the board and senior management.
Authority and Proficiency: While the CEO has the authority to assign responsibilities, the decision must align with the provisions of the internal audit charter. The level of proficiency of the CAE and the recommendation of external auditors can support the decision but are not primary justifications.
IIA Standards: Standard 1000 - Purpose, Authority, and Responsibility - requires that the internal audit activity's purpose, authority, and responsibility be formally defined in an internal audit charter, consistent with the Mission of Internal Audit and the mandatory elements of the International Professional Practices Framework.
References:
* The internal audit charter is the primary document that justifies the scope and responsibilities of the internal audit activity, including risk management and investigation roles. It ensures that such roles are formally acknowledged and authorized by the board and senior management.
NEW QUESTION # 79
While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditors relative. Which course of action should the auditor take?
Answer: C
Explanation:
* Identify the Conflict of Interest:The internal auditor learns about a large loan made to another auditor's relative, which represents a conflict of interest.
* Refer to Professional Standards:According to the Institute of Internal Auditors' (IIA) standards, an internal auditor must maintain objectivity and avoid conflicts of interest (IIA Standard 1100 - Independence and Objectivity).
* Escalate the Issue:The appropriate course of action is to escalate this matter to the chief audit executive (CAE) and management, as they are responsible for determining the impact of the conflict and the appropriate response.
* Decision Making:The CAE and management will assess whether the conflict of interest could impair the auditor's objectivity and decide whether the auditor should be removed from the engagement or if additional oversight is needed.
* Documentation:It is important to document the conflict and the decision-making process in the audit documentation for transparency and accountability.
References:
* The IIA's International Standards for the Professional Practice of Internal Auditing, specifically Standard 1100 on Independence and Objectivity.
NEW QUESTION # 80
Which of the following steps should an internal auditor complete when conducting a review of an electronic data interchange application provided by a third-party service?
1.Ensure encryption keys meet ISO standards.
2.Determine whether an independent review of the service provider's operation has been conducted.
3.Verify that the service provider's contracts include necessary clauses.
4.Verify that only public-switched data networks are used by the service provider
Answer: D
Explanation:
When conducting a review of an electronic data interchange (EDI) application provided by a third-party service, the internal auditor should ensure several key aspects to maintain security and compliance:
* Independent Review of Service Provider: Determine whether an independent review of the service provider's operations has been conducted. This review helps ensure that the service provider meets
* necessary standards and maintains adequate controls.
* Contractual Clauses: Verify that the service provider's contracts include necessary clauses. These clauses should cover aspects like data security, confidentiality, compliance with standards, and performance metrics.
Ensuring encryption keys meet ISO standards and verifying the use of public-switched data networks are important but are more specific technical controls that might be part of broader reviews. The focus here should be on independent verification and robust contractual agreements
NEW QUESTION # 81
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