1. Which of the following are components of the definition of internal auditing?
a. Independence and Objectivity
b. A systematic and disciplined
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c. Helping the organization accomplish its objectives
d. All of the above
d. All of the above
2. Assurance, Insight, and Objectivity comprise:
a. The mission of internal auditing
b. The three lines of defense model
c. The objectives of internal auditing
d. The value of proposition
d. The value proposition
3. Independent outside auditors provide financial reporting assurance services primarily for:
a. The benefit of third parties
b. Management
c. Board of directors
d. The CEO
a. The benefit of third parties
4. AVF Company's new CFO has asked the company's CAE to meet with him to discuss the role of the internal audit function. The CAE should inform the CFO that the overall responsibility of internal audit is to:
a. Serve as an independent assurance and consulting activity designed to add value and improve the company's operations
b. Assess the company's methods for safeguarding its assets, as appropriate, verify the existence of the assets
c. Review the integrity of financial and operating information and the methods used to accumulate and report information
d. Determine whether the company's system of internal controls provides reasonable assurance that information is effectively and efficiently communicated to management.
a. Serve as an independent assurance and consulting activity designed to add value and improve the company's operations
5. Which of the following statements is not true about business objectives?
a. Business objectives represent targets of performance
b. Establishing meaningful business objectives is a prerequisite to effective internal controls
c. Establishing meaningful business objectives is a key component of the management process
d. Business objectives are management's means of employing resources and assigning responsibilities
b. Establishing meaningful business objectives is a prerequisite to effective internal controls
6. Within the context of internal auditing, assurance services are best defined as:
a. Objective examinations of evidence for the purpose of providing independent assessments
b. Advisory services intended to add value and improve an organizations operation
c. Professional activities that measure and communicate financial and business data
d. Objective evaluations of compliance with policies, plans, procedures, laws, and regulations.
a. Objective examinations of evidence for the purpose of providing independent assessments
7. Which of the following is mandatory guidance within the IPPF?
a. Implementation guidance
b. Supplemental guidance
c. The value proposition
d. The core principles
d. The core principles
8. Which of the following is recommended guidance within the IPPF?
a. The Definition of Internal Auditing
b. The Standards
c. Supplemental guidance
d. None of the above
c. Supplemental guidance
9. The Internal Audit Foundation exists to help audit leaders, practitioners, students, and academics experience continuous growth in their careers to propel them to become:
a. Strong assurance providers
b. Trusted advisors
c. Independent Outside auditors
d. CAEs
b. Trusted advisors
10. Which of the following is one of the 5 Cs essential to success as an Internal Auditor?
a. Courage
b. Consistency
c. Collaboration
d. Candidness
a. Courage
11. Which of the following is a framework that can help individual internal auditors and internal audit functions assess their current competency levels and identify areas for improvement?
a. Internal Control - Integrated Framework
b. International Professional Practices Framework
c. The Global Internal Auditor Competency Framework
d. Enterprise Risk Management Framework
c. The Global Internal Auditor Competency Framework
12. Internal auditors must have competent interpersonal skills. Which of the following does not represent an attribute of interpersonal skills?
a. Communication
b. Leadership
c. Project Management
d. Team capabilities
c. Project Management
13. While planning an internal audit, the internal auditor obtains knowledge about the auditee to, among other things:
a. Develop an attitude of professional skepticism about management's assertions
b. Develop an understanding of the auditee's objectives and risks
c. Make constructive suggestions to management concerning internal control improvements
d. Evaluate whether misstatements in the auditee's performance reports should be communicated to senior management and the audit committee
b. Develop an understanding of the auditee's objectives and risks
14. Which of the following is the premier certification sponsored by the IIA?
a. Certification in Control Self Assessment
b. Certified Internal Auditor
c. Certification in Risk Management Assessment
d. Certified Information Systems Auditor
b. Certified Internal Auditor
15. Which of the following is the ultimate position of a career internal auditor?
a. CEO
b. CFO
c. CRO
d. CAE
d. CAE [Show Less]