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Regarding an organization's decision to retain an external audit firm, the chief audit executive (CAE) should

Work with the organization's chief financial officer to evaluate the external auditor's performance and together make the decision.
Not be involved in this decision process as it would compromise the CAE's objectivity.
Evaluate the external auditor's performance and retain the external auditor if quality and cost criteria are met.
Assist the audit committee by facilitating the development of an appropriate evaluation process.

Answer(s): D

The primary role of the internal audit activity in regard to an organization's ethical climate is to

Answer(s): B

Which of the following factors related to an organization's performance management system would not contribute to the organization's success?

Performance management is linked to competence and knowledge management.
Subordinates and superiors have shared responsibility for the performance management process.
Staff members own the performance management process, thereby ensuring implementation and accountability.
Performance management is integrated into other organizational processes and human resource processes.

Answer(s): C

Which of the following actions by a chief audit executive would be most effective in preventing fraud?

Ensure that the board is aware of all fraud that has been identified or reported.
Train the internal audit staff in identifying fraud indicators.
Review the adequacy of all policies that describe prohibited activities.
Submit an annual report to the board on all fraud that has been detected.

Answer(s): C