QUESTION: 49

Internal auditors must exercise due professional care by considering which of the following?
1. Cost of assurance in relation to potential benefits.
2. Adequacy and effectiveness of governance, risk management, and control processes.
3. Management's competency level in the area being evaluated.
4. Probability of significant errors, fraud, or noncompliance.

1 and 2 only
1, 2, and 3 only
1, 2, and 4 only
2, 3, and 4 only

Answer(s): C

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QUESTION: 50

According to IIA guidance, which of the following are considerations of due professional care when an internal auditor conducts a formal consulting engagement?
1. The complexity of the work required.
2. The needs and expectations of the client.
3. The potential value of the engagement compared to the effort.
4. Information regarding assumptions and procedures to be employed.

1 and 4 only
2 and 3 only
1, 2, and 3 only
1, 2, 3, and 4

Answer(s): C

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QUESTION: 51

According to IIA guidance, which of the following must the internal auditor consider to meet the requirements for due professional care?

The training courses necessary to enhance the internal auditor's knowledge, skills, and other competencies.
The appropriateness of assurance procedures necessary to ensure all significant risks will be identified.
The use of innovative technology and data analysis techniques.
The extent of work needed to achieve the engagement's objectives.

Answer(s): D

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QUESTION: 52

An organization has implemented a software system that requires a supervisor to approve transactions that would cause treasury dealers to exceed their authorized limit. This is an example of which of the following types of controls?

Preventive controls.
Detective controls.
Soft controls.
Directive controls.

Answer(s): A

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QUESTION: 52