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Certified Internal Auditor Exam Questions 231–235 (page: 48)

A bakery chain has a statistical model that can be used to predict daily sales at individual stores based on a direct relationship to the cost of ingredients used and an
inverse relationship to rainy days. What conditions would an auditor look for as an indicator of employee theft of food from a specific store?

Which of the following procedures would provide the best evidence of the effectiveness of a credit-granting function?

An organization has developed a large database that tracks employees, employee benefits, payroll deductions, job classifications, and other similar information. In order to test whether data currently within the automated system are correct, an auditor should

Senior management at a financial institution has received allegations of fraud at its derivatives trading desk and has asked the internal audit activity to investigate and issue a report concerning the allegations. The internal audit activity has not yet developed sufficient proficiency regarding derivatives trading to conduct a thorough fraud investigation in this area. Which of the following courses of action should the chief audit executive (CAE) take to comply with the Standards?

According to the International Professional Practices Framework, internal auditors should possess which of the following competencies?

I). Proficiency in applying internal auditing standards, procedures, and techniques.
II). Proficiency in accounting principles and techniques.
III). An understanding of management principles.
IV). An understanding of the fundamentals of economics, commercial law, taxation, finance, and quantitative methods.