QUESTION: 41

According to IIA guidance, which of the following statements about working papers is false?

They assist in the implementation of recommendations.
They provide support for communication to third parties.
They demonstrate compliance with auditing standards.
They contribute to development of the internal audit staff.

Answer(s): A

An assurance mapping exercise helps an organization do which of the following?
1. Provide assurance to stakeholders that risks are managed and reported, and regulatory and legal obligations are met.
2. Fulfill best practices in the industry.
3. Identify and address any gaps in the risk management process.
4. Identify fraud.

1 and 4.
1 and 3.
2 and 3.
3 and 4.

Answer(s): B

Reveal Solution Next Question

QUESTION: 43

Which of the following are core responsibilities to be included in the internal audit charter?
1. Review reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such information.
2. Determine the adequacy and effectiveness of the organization's systems of internal accounting and operating controls.
3. Participate in the planning and performance of audits of potential acquisitions with the organization's outside accountants and other members of the corporate staff.
4. Report to those members of management who should be informed of results of audit examinations, the audit opinions formed, and the recommendations made.