QUESTION: 121 Topic 2, Volume B

A quantitative risk assessment model has all of the following advantages except:

Accommodating a large number of risk factors in the assessment.
Providing documentation for the chief audit executive,who must defend the long-range audit plan.
Providing a systematic method of applying weightings to risks and priorities.
Removing the need for judgment on the part of the chief audit executive.

Answer(s): D

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QUESTION: 122 Topic 2, Volume B

Continuing Professional Education (CPE) hours for Certified Internal Auditors may be achieved by:

Attending audit staff meetings.
Verifying that all completed audit tests are fully documented.
Publishing an article on the company's internal audit department.
Obtaining experience on the job.

Answer(s): C

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QUESTION: 123 Topic 2, Volume B

In a manufacturing company, which department would be the internal audit activity's most reliable source of information on the controls over minimizing defective goods?