QUESTION: 181

According to the International Professional Practices Framework, the most complete definition of controls is

Processes and procedures that are designed to ensure that all transactions are properly authorized and accounted for.
Policies and practices designed to ensure that assets are properly protected and that
operating and financial records have integrity.
Actions taken by management to manage risk and increase the likelihood that established objectives and goals will be met.
A management-designed accounting system and related procedures.

Answer(s): C

During a meeting of an internal audit team, two members of the team disagree, and one accuses the other of trying to advance personal interests over the interests of the audit.
The audit manager should

Discipline both auditors after the meeting for their lack of professional conduct.
Continue the meeting but speak to the accusing auditor later regarding the inappropriate conduct.
Meet with both auditors after the meeting to resolve the conflict and the inappropriate behavior.
Stop the meeting and refer the matter to the entire team for discussion.

Answer(s): C

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QUESTION: 183

In order to ensure that the internal auditors have the objectivity required by the Standards, the chief audit executive should

Demonstrate willingness to include in engagement final communications all matters believed to be important.
Require all auditors to sign statements attesting to their independent mental attitudes and honest belief in their work product.
Carefully assign personnel to individual audit engagements and require auditors to disclose all conflicts of interest.
Appraise each auditor's performance on each audit assignment.

Answer(s): C

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QUESTION: 184

It would be appropriate for an internal audit activity to use consultants with expertise in health-care benefits when the internal audit activity is

I). Conducting an audit of the organization's estimate of its liability for post retirement benefits, which include health care benefits.
II). Comparing the cost of the organization's health care program with that of other programs offered in the industry.
III). Training its staff to conduct an audit of health care costs in a major division of the
organization.

I only.
I and III only.
II and III only.
I, II, and III.

Answer(s): D

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QUESTION: 184

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