QUESTION: 17 Topic 1, Volume A

An organization has a policy requiring two signatures on all checks written for amounts in excess of $10, 000. When evaluating controls over disbursements, an auditor would conclude that a greater risk exists if.

The auditor located two checks for $9,000 each that contained one authorized signature.
The $10,000 was an immaterial amount to the organization and very few cash disbursements required an amount in excess of $10,000.
The director of accounting was not one of the authorized signers.
There were several instances in which successively numbered checks for amounts between $5,000 and $10,000 were made payable to the same vendor.

Answer(s): D

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QUESTION: 18 Topic 1, Volume A

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Which of the following is not an appropriate type of coordination between the internal audit activity and regulatory auditors?

Regulatory auditors share their perspective on risk management,control,and governance with the internal auditors.
Internal auditors perform fieldwork at the direction of the regulatory auditors.
Internal auditors review copies of regulatory reports in planning related internal engagements.
Regulatory and internal auditors exchange information about planned activities.

Answer(s): B

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QUESTION: 19 Topic 1, Volume A

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Which of the following activities most significantly increases the risk that a bank will make poor- quality loans to its customers?

Borrowers may not sign all required mortgage loan documentation.
Fees paid by the borrower at the time of the loan may not be deposited in a timely manner.
The bank's loan documentation may not meet the government's disclosure requirements.
Loan officers may override the lending criteria established by senior management.

Answer(s): D

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QUESTION: 20 Topic 1, Volume A

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An organization that outsources much of its internal audit work to an external service provider is planning for an external quality assessment. Which of the following options would accomplish this task and be in conformance with the Standards?

External industry associate that performed a similar review for a supplier of the organization.
A team from an independent entity that previously employed the chief audit executive of the organization.
A team under the direction of the organization's chief audit executive with validation by a former manager of the internal audit activity.
The same external service provider because of its competency and experience with the organization.

Answer(s): A

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QUESTION: 17 Topic 1, Volume A

QUESTION: 18 Topic 1, Volume A

QUESTION: 19 Topic 1, Volume A

QUESTION: 20 Topic 1, Volume A

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