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QUESTION: 431

In what order should the following actions be taken by an internal auditor when planning to analyze data using computer assisted audit techniques?

I). Define the procedures to be undertaken.
II). Define the output requirements.
III). Set the objectives.
IV). Obtain access to appropriate data.

III, II, I, IV.
II, III, IV, I.
III, IV, I, II.
IV, III, II, I.

Answer(s): A

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QUESTION: 432

A fire destroyed a large portion of an organization's inventory. Should management be permitted to use the internal auditors' workpapers to file an insurance claim as a result of the fire?

No. Workpapers cannot be used to prepare the claims.
Yes. Workpapers can be used to prepare the claim, but such use should be approved by the chief audit executive.
No. Workpapers cannot be provided to management, but the claim could be performed by the internal audit activity.
Yes. Workpapers can be used to prepare the claim but must first be approved by the organization's external auditors.

Answer(s): B

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QUESTION: 433

In which of the following situations should internal auditors report fraud to senior management and the board?

Irregular transactions have been identified and are under investigation.
Suspicious activities have been reported to the internal auditors.
Significant fraud has been established to a reasonable certainty.
Review of all suspected fraud related transactions is complete.

Answer(s): C

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QUESTION: 434

A chief audit executive (CAE) of a major retailer has engaged an independent firm of information security specialists to perform specialized internal audit activities. The CAE can rely on the specialists' work only if it is