QUESTION: 17

Which of the following activities is designed to provide feedback on the effectiveness of an internal audit function?

I). Proper supervision.
II). Proper training.
III). Internal assessments
IV). External assessments

I, II, and III only
I, II, and IV only
I, III, and IV only
II, III, and IV only

Answer(s): C

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QUESTION: 18

An internal quality assessment of the internal audit activity should provide the chief audit executive with

Recommendations for improvement
Objectives for internal audit engagements
Confirmation of action on past audit recommendations
Appraisals of internal audit staff performance

Answer(s): A

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QUESTION: 19

In publicly held companies, management often requires the internal audit activity's involvement with quarterly financial statements that are made public and used internally. Which of the following is generally not a reason for such involvement?

Management may be concerned about its reputation in the financial markets.
Management may be concerned about potential penalties that could occur if quarterly financial statements are misstated.
The Standards state that internal auditors should be involved with reviewing quarterly financial statements.
Management may perceive that having quarterly financial information examined by the internal auditors enhances its value for internal decision making.

Answer(s): C

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QUESTION: 20

Risk assessments can vary in format, but generally include

I). A description of identified risks.
II). Tests of audit controls
III). A system of rating risks
IV). Sample size identification

I and II only
I and III only
I, III, and IV only
II, III, and IV only

Answer(s): B

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