QUESTION: 25

The chief audit executive (CAE) has been asked to manage the regulatory compliance function for the organization's retail store operations. Store operations are included in the annual audit plan.
Which of the following strategies best fulfills the requirements of the Standards regarding these audits?

The scope of store operations audits should exclude compliance.
Store operations audits can be fully executed with appropriate disclosure to the board.
Store operations audits should be performed by an external service provider.
A store operations compliance audit should be performed by a staff internal auditor under the direction of the CAE.

Answer(s): C

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QUESTION: 26

Suspecting fraud, the chief financial officer (CFO) asked the internal audit activity to investigate a significant increase in travel related expenditures. Work was performed by a qualified internal auditor. Following the completion of the engagement, the chief audit executive (CAE) reported to the CFO that no violations were found and no fraud had occurred.
According to the Standards, which of the following principles did the CAE violate?

Due professional care.
Individual objectivity.
Proficiency.
Organizational independence.

Answer(s): A

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QUESTION: 27

A new chief audit executive (CAE) of a large internal audit activity (IAA) is dissatisfied with the current amount and quality of training being provided to the staff and wishes to implement improvements. According to IIA guidance, which of the following actions would best help the CAE reach this objective?

Require that all staff obtain a minimum of two relevant audit certifications.
Perform a gap analysis of the IAA's existing knowledge, skills and competencies.
Engage a consultant to benchmark the IAA's training program against its peers.
Assign one experienced manager to better coordinate staff training and development activities.

Answer(s): B

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QUESTION: 28

According to IIA guidance, which of the following individuals would best be considered independent for the purpose of participating in an external assessment of the quality assurance and improvement program for an internal audit activity (IAA)?

A former employee knowledgeable of the IAA who resigned three years earlier from the organization.
Acompetentemployeeofanindependentexternalorganizationthatprovidesco-sourcingservices to the IAA.
An employee in an affiliated organization who has never worked directly with the IAA.
An employee in the parent organization who has not had any previous contact with the IAA.

Answer(s): A

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QUESTION: 28