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NEW QUESTION 29
Which of the following is the most common method of fraud detection?

A. Analytical reviews of high-risk areas.B. Unannounced audits or reviews of programs or departments.C. Tips received from employees or citizens.D. Detective controls built into the daily processes.

Answer: C

 

NEW QUESTION 30
In assessing the independence of the internal audit activity, a member of a peer review team should consider all of the following factors except:

A. Access to and frequency of communications with the board of directors or its audit committee.B. The scope and depth of engagement objectives for the audit engagements included in the review.C. The criteria of education and experience considered necessary when filling vacant positions on the audit staff.D. The degree to which auditors assume operating responsibilities.

Answer: C

Explanation:
Section: Volume B

 

NEW QUESTION 31
Which of the following represents the correct order of the risk management process?

A. Risk assessment, resource allocation, risk governance and reporting, post-mortem analysis, feedback.B. Risk management metrics, resource allocation, risk assessment, effective communication, post-mortem analysis.C. Resource allocation, risk monitoring, risk assessment, feedback, post-mortem analysis.D. Resource allocation, risk management metrics, risk assessment, post-mortem analysis, effective communication.

Answer: A

Explanation:
Section: Volume A

 

NEW QUESTION 32
Which of the following are typical management control activities?

A. Reconciliation, planning, and documentation.B. Planning, inquiry, and documentation.C. Reconciliation, planning, and inquiry.D. Reconciliation, inquiry, and documentation.

Answer: D

 

NEW QUESTION 33
If an engagement client disputes that a specific action or process is within the scope of the internal audit activity, what would be the most appropriate way for the internal audit activity (IAA) to respond?

A. Terminate only the specific action or process with which the client disagrees and work to determine a substitute function that will not impede further IAA or the client-audit relationship.B. Seek the approval of senior management or the board in mediation, allowing an overseer to clarify the scope of the audit engagement for the client.C. Refer the client to the IAA's charter and the approved yearly audit plan, which includes the areas designated for audit in the current time period.D. Terminate the audit engagement in full because an operational audit will not be productive without the client's cooperation.

Answer: C

Explanation:
Section: Volume E

 

NEW QUESTION 34
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