Name: ________________________ID: A____ 33. Using the internal audit department to coordinate regulatory examiner’s efforts is beneficial to theorganization because internal auditors can: Show
Get answer to your question and much more ____34.A chief audit executive would most likely use risk assessment for audit planning because it provides: Get answer to your question and much more ____ 35. In deciding whether to schedule the purchasing or the personnel department for an auditengagement, which of the following would be theleastimportant factor? Get answer to your question and much more ____ 36. The internal audit activity of a large corporation has established its operating plan and budget for thecoming year. The operating plan is restricted to the following categories: a prioritized listing of allengagements, staffing, a detailed expense budget, and the commencement date of each engagement. Whichof the following best describes the major deficiency of this operating plan?Requests by management for special projects are not considered.Opportunities to achieve operation benefits are ignored.Measurability criteria and targeted dates of completion are not provided.Knowledge, skills, and disciplines required to perform work are ignored. This preview shows page 12 - 15 out of 32 pages. Question 136 ( Topic 2 )A chief audit executive would most likely use risk assessment for audit planning because it provides:A. A systematic process for assessing and integrating professional judgment about probable adverse conditions.B. A listing of potentially adverse effects on the organization.C. A list of auditable activities in the organization.D. The probability that an event or action may adversely affect the organization.Answer : A Next QuestionQuestion 137 ( Topic 2 )Which of the following is most likely to be an element of an effective compliance program? Get answer to your question and much more Next QuestionQuestion 138 ( Topic 2 )Risk assessments can vary in format,but generallyinclude.I.A description of identified risks.II.Tests of audit controls.III.A system of rating risks.IV.Sample size identification. Get answer to your question and much more 1/14/2021IIA IIA-CIA-Part1 Free Practice Exam & Test Training - ITExams.comQuestion 139 ( Topic 2 )The primary objective of risk-based auditing is to assessthe:A. Economy of controls.B. Compliance with controls.C. Adequacy of controls.D. Efficiency of controls.Answer : C Next QuestionQuestion 142 ( Topic 2 )Which of the following factors related to an organization's performance management system would not contribute to the organization's success? Get answer to your question and much more Next QuestionQuestion 140 ( Topic 2 )Which of the following elements should an auditor recommend for inclusion in an organization's code of ethics?I.Ethics should vary with local customs in the organization's foreign operations.II.Whistle-blowing should be discouraged because it can cause distrust among employees and false accusations which waste organizational resourceson investigations.III.Ethical behavior should not be incorporated into performance evaluations because it is too subjective and controversial. Get answer to your question and much more Next QuestionQuestion 141 ( Topic 2 )Continuing Professional Education (CPE) hours for Certified Internal Auditors may be achieved by: Get answer to your question and much more 1/14/2021IIA IIA-CIA-Part1 Free Practice Exam & Test Training - ITExams.com?14/32Wco te oowg acto s e ated to ao gaat os peoaceaageet systewou dot cotbute to te ogaat os success? Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 32 pages? Upload your study docs or become a Course Hero member to access this document Tags chief audit executive What is the chief audit executive responsible for?As the Chief Audit Executive, this position will be responsible for establishing the Internal Audit vision, and functions as the chief business advisory and risk person in the company.
What is risk assessment in audit planning?•Risk assessment is the identification and evaluation of several. aspects of an entity whereby risks are identified and evaluated for use in guiding the audit procedures that will be necessary in order to substantiate the amounts reported in the financial statements.
What is the chief audit executive's most logical definition of risk of loss to be used in selecting engagement Clients?What is the chief audit executive's most logical definition of risk of loss to be used in selecting engagement clients? Amount of risk exposure times the probability of loss.
Which of the following is the best reason for the chief audit executive to consider the strategic plan in developing the annual audit plan?Which of the following is the best reason for the chief audit executive to consider the strategic plan in developing the annual audit plan? To ensure that the internal audit plan supports the overall business objectives.
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A chief audit executive most likely uses risk assessment for audit planning because it provides
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