QUESTION: 1

Which of the following best demonstrates internal auditors performing their work with proficiency?

internal auditors meet with operational management at each phase of the audit process.
Internal auditors adhere to The IIA's Code of Ethics.
Internal auditors work collaboratively with their engagement team.
Internal auditors complete a program of continuing professional development.

Answer(s): D

Explanation:

Proficiency in internal auditing is not only about technical skills but also involves continuous education and staying updated with the latest practices and standards in the field. Option D reflects the commitment to ongoing professional development, ensuring that internal auditors maintain and enhance their proficiency over time. The Institute of Internal Auditors (IIA) emphasizes the importance of continuing professional development as a means to ensure auditors remain competent in their roles

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QUESTION: 2

The internal audit activity is responsible for which of the following actions related to an organization's internal controls9

Mitigating risks affecting achievement of organizational objectives.
Enabling opportunities affecting achievement of organizational objectives.
Analyzing and advising regarding costs versus benefits of control activities.
Attesting to fairness of financial statements

Answer(s): C

Explanation:

Internal audit activities include evaluating the effectiveness and efficiency of internal controls, and part of this process involves analyzing and advising on the cost-benefit relationship of control activities.

This function helps ensure that the internal controls in place are not only effective in mitigating risks but are also economically justified

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QUESTION: 3

A newly appointed chief audit executive (CAE) of a small organization is developing a resource management plan.
Which of the following approaches would be most beneficial to help the CAE obtain details of the internal audit activity's collective knowledge, skills, and other competencies?

Review or establish a documented skills assessment of the internal audit staff and gather information from post-audit surveys.
Obtain from the human resources department the job descriptions and position requirements for all internal audit staff.
Conduct an objective written test of the internal audit staff to assess their knowledge and skills related to core internal audit competencies.
Request the internal audit staff to submit a document that summarizes their most recent performance appraisals and post audit reviews.

Answer(s): A

Explanation:

Conducting a documented skills assessment helps in identifying the existing competencies and any gaps within the internal audit team.
Post-audit surveys can provide feedback on the performance and areas for improvement, which can be used to further refine the skills and competencies of the audit staff (Ref: [16source])

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QUESTION: 4

Which of the following could increase risks to the organization's control environment?

Strong board of directors oversight.
Incentive-based compensation structures
Lower than average employee turnover.
Implementation of a fraud hotline

Answer(s): B

Explanation:

Incentive-based compensation can increase the risk of unethical behavior or fraudulent activities as employees might be tempted to manipulate results to achieve their performance targets. This could undermine the control environment and lead to significant risks if not managed properly

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