QUESTION: 5 Topic 1, Volume A

According to the International Professional Practices Framework, which of the following is the appropriate division of responsibilities for the coordination of internal and external audit efforts?

Oversight of Work
Coordination of Activities
Chief audit executive
Senior management
II. Board
Chief audit executive
III. Chief financial officer
Chief audit executive
IV. Board
Chief financial officer
I
II.
III.
IV.

Answer(s): B

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QUESTION: 6 Topic 1, Volume A

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According to the Standards, the organizational status of the internal audit activity:

Must be sufficient to permit the accomplishment of its audit responsibilities.
Is best when the reporting relationship is direct to the board of directors.
Requires the board's annual approval of the audit schedules,plans,and budgets.
Is guaranteed when the charter specifically defines its independence.

Answer(s): A

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A high-volume retailer of consumer goods has used point-of-sale data to record sales and update inventory records for several years. When price changes are scheduled, corporate headquarters downloads a price change file to a computer server system at each store. Each store's assistant manager is responsible for checking the server for downloads and running the program that updates the store's price file at the authorized price update time. In comparison with having headquarters initiate the price update centrally, this approach to price updating will most likely:

Decrease the risk that customers will be undercharged consistently for sales items.
Decrease the risk that item prices will sometimes be inaccurate.
Increase the risk that customers will be undercharged consistently for sales items.
Increase the risk that item prices will sometimes be inaccurate.

Answer(s): D

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QUESTION: 8 Topic 1, Volume A

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An internal auditor is reviewing a new automated human resources system. The system contains a table of pay rates which are matched to the employee job classifications. The best control to ensure that the table is updated correctly for only valid pay changes would be to:

Limit access to the data table to management and line supervisors who have the authority to determine pay rates.
Require a supervisor in the department,who does not have the ability to change the table,to compare the changes to a signed management authorization.
Ensure that adequate edit and reasonableness checks are built into the automated system.
Require that all pay changes be signed by the employee to verify that the change goes to a bona fide employee.

Answer(s): B

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QUESTION: 5 Topic 1, Volume A

QUESTION: 6 Topic 1, Volume A

QUESTION: 7 Topic 1, Volume A

QUESTION: 8 Topic 1, Volume A

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