QUESTION: 25 Topic 1, Volume A

A manufacturing firm uses hazardous materials in the production of its products. An audit of the firm's processes related to hazardous materials should include.

Recommending an environmental management system as part of policies and procedures.
II. Verifying the existence of tracking records for these materials from creation to destruction.
III. Using consultants to avoid self-incrimination of the firm in the event illegalities were detected in an environmental audit.
IV. Evaluating the cost provided for in an environmental liability accrual account.
IIonly
III and IVonly
I,II,and IVonly
I,III,and IVonly

Answer(s): C

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QUESTION: 26 Topic 1, Volume A

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An organization's accounts payable function improved its internal controls significantly after it received an unsatisfactory audit report.
When planning a follow-up audit of the function, what level of detection risk should be expected if the audit and sampling procedures used are unchanged from the prior audit?

Detection risk is lower because control risk is lower.
Detection risk is lower because control risk is higher.
Detection risk is higher because control risk is lower.
Detection risk is unchanged although control risk is lower.

Answer(s): D

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QUESTION: 27 Topic 1, Volume A

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Which of the following risk assessment tools would best facilitate the matching of controls to risks?

Control matrix.
Internal control questionnaire.
Control flowchart.
Program evaluation and review technique (PERT) analysis.

Answer(s): A

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QUESTION: 28 Topic 1, Volume A

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Which of the following is an example of sharing risk?

An organization redesigned a business process to change the risk pattern.
An organization outsourced a portion of its services to a third-party service provider.
An organization sold an unprofitable business unit to its competitor.
In order to spread total risk,an organization used multiple vendors for critical materials.

Answer(s): B

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QUESTION: 25 Topic 1, Volume A

QUESTION: 26 Topic 1, Volume A

QUESTION: 27 Topic 1, Volume A

QUESTION: 28 Topic 1, Volume A

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