A fraud investigation was completed by management, and a proven fraud was communicated to relevant authorities. According to MA guidance, which of the following roles would be most appropriate for the internal audit activity to undertake after the investigation?
Answer(s): C
A manufacturing line supervisor joins the internal audit activity for a two-year rotational job assignment and is assigned to an accounts receivable audit. With regard to this assignment, which of the following should be the primary concern of the audit manager?
Answer(s): A
If appropriate safeguards exist, which of the following is considered a legitimate internal audit role within risk management at an organization?
Answer(s): B
According to the International Professional Practices Framework, which of the following are allowable activities for an internal auditor?1. Advocating the establishment of a risk management function.2. Identifying and evaluating significant risk exposures during audit engagements.3. Developing a risk response for the organization if there is no chief risk officer.4. Benchmarking risk management activities with other organizations.5. Documenting risk mitigation strategies and techniques.
During an audit engagement, the internal auditor discussed a risk mitigation recommendation with the manager of the area under review. The manager disagreed with the risk assessment and recommendation. The two failed to come up with an alternative solution, and the auditor decided to proceed with including the original recommendation in the engagement report. Which of the following is especially important in dealing with this type of situation?
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