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QUESTION: 266 Exam Topic: 3, Volume C

According to the International Professional Practices Framework, which of the following statements is true regarding the use of the statement, "Conducted in Conformance with the International Standards for the Professional Practice of Internal Auditing," when communicating results of a seven-year-old internal audit activity?

The statement may be used only when conducting international engagements.
The statement may be used only if the results of the quality assurance and improvement program support the statement.
The statement may be used whether or not the internal audit department has an external quality assessment review or an independent validation of a self assessment.
The statement should not be used for a consulting engagement.

Answer(s): B

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QUESTION: 267 Exam Topic: 3, Volume C

During an engagement, an internal auditor discovered that an organization's policy on delegation of authority listed six individuals who were no longer employed with the organization. In addition, four individuals acting with disbursement authority were not identified in the policy as having such authority. Which of the following is the most effective course of action to address the control weakness?

Immediately initiate a complete audit of the disbursement function to determine if significant frauds have occurred.
Recommend that management review the process supporting the policy and make improvements.
Advise management to add the four additional names and remove the incorrect names from the
policy to make it current.
Review further to ensure that the four individuals do not have the appropriate authority through delegation.

Answer(s): B

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QUESTION: 268 Exam Topic: 3, Volume C

In which of the following cases is it appropriate for an audit report to not contain management's response either within the report or as an attachment?

Management's response to an audit report is generally not a requirement.
Internal controls were found to be properly designed and operating effectively although operations are deemed inefficient.
There was insufficient time to obtain management's response during the draft reporting process.
An internal audit report contains no observations.

Answer(s): D

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QUESTION: 269 Exam Topic: 3, Volume C

When performing a compliance audit of the organization's outsourced services, which of the following is considered the primary engagement objective?

Verifying that the organization does not have the appropriate knowledge and resources in- house.
Ensuring the provider has adequate internal controls in order to protect the quality of their service.
Evaluating the efficiency, effectiveness, economy, and sufficiency of the services provided.
Assessing the provider's adherence to contract and regulatory requirements.

Answer(s): D

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