QUESTION: 101

According to the COSO internal control framework, which of the following best describes the use of continuous auditing programs by the internal audit activity?

Control environment.
Control activities.
Risk assessment.
Monitoring.

Answer(s): D

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QUESTION: 102

Which of the following is most likely to be considered a control weakness?

Vendor invoice payment requests are accompanied by a purchase order and receiving report.
Purchase orders are typed by the purchasing department using prenumbered forms.
Buyers promptly update the official vendor listing as new supplier sources become known.
Department managers initiate purchase requests that must be approved by the plant superintendent.

Answer(s): C

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QUESTION: 103

What is the purpose of a secondary control?

It replaces primary controls that are either ineffective or cannot fully mitigate a risk.
It partially reduces the residual risk level when a key control does not operate effectively.
lt combines with other controls to help reduce significant risk exposures to an acceptable level.
It helps to ensure the completeness and accuracy of automated controls in a system environment.

Answer(s): C

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An internal auditor who is carrying out an engagement to review controls related to corporate tax reporting must possess which of the following competencies?
1. Proficiency in analyzing key IT risks and controls.
2. The ability to recognize significant deviations from good business practices.
3. Knowledge of key indicators of fraud in tax reporting.
4. The ability to recognize the existence of problems related to tax accounting.

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

Answer(s): B

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QUESTION: 101

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QUESTION: 104