QUESTION: 185

According to IIA guidance, which of the following would not be a consideration for the internal audit activity (IAA) when determining the need to follow-up on recommendations?

Degree of effort and cost needed to correct the reported condition.
Complexity of the corrective action.
Impact that may result should the corrective action fail.
Amount of resources required to conduct the follow-up activities.

Answer(s): D

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QUESTION: 186

Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?

Identifying and managing risks in line with the entity's risk appetite.
Ensuring that a proper and effective risk management process exists.
Attaining an adequate understanding of the entity's key mitigation strategies.
Identifying and ensuring that appropriate controls exist to mitigate risks.

Answer(s): C

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QUESTION: 187

Which of the following is a detective control for managing the risk of fraud?

Awareness of prior incidents of fraud.
Contractor non-disclosure agreements.
Verification of currency exchange rates.
Receipts for employee expenses.

Answer(s): C

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QUESTION: 188

Which of the following is a justifiable reason for omitting advance client notice when planning an audit engagement?

Advance notice may result in management making corrections to reduce the number of potential deficiencies.
Previous management action plans addressing prior internal audit recommendations remain incomplete.
The engagement includes audit assurance procedures such as sensitive or restricted asset verifications.
The audit engagement has already been communicated and approved through the annual audit plan.

Answer(s): C

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QUESTION: 188