QUESTION: 113

A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant.
Which of the following tasks is appropriate for the CAE to undertake?

Coordinate and facilitate risk workshops for management to attend.
Establish the degree of risk appetite for management to accept.
Set risk indicators and mitigation plans for management to implement.
Determine the number of significant risks for management to report to the board.

Answer(s): D

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QUESTION: 114

Which of the following must be in existence as a precondition to developing an effective system of internal controls?

A monitoring process.
A risk assessment process.
A strategic objective-setting process.
An information and communication process.

Answer(s): B

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QUESTION: 115

According to The MA Global Internal Audit Competency Framework, which of the following areas of training would best assist the internal audit activity in improving its use of tools and techniques?

Negotiation and conflict resolution.
Project management.
Financial accounting.
Ethics and fraud.

Answer(s): B

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QUESTION: 116

Which of the following statements accurately describes an internal auditor's responsibility with regard to due professional care?

An internal auditor should express an opinion only when consensus with top management has been achieved.
An internal auditor's opinion should be based on experience and free of all bias.
An internal auditor's opinion should be based on factual evidence.
An internal auditor's opinion should be limited to the effectiveness of internal controls.

Answer(s): C

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QUESTION: 116