QUESTION: 29

The results of an internal audit activity's (IAA) quality assurance and improvement program are favorable and an external assessment was completed within the last five years. Which of the following statements may the IAA use to describe its work?

"Completed with the advance certification of the External Assessors Association for Auditing Review."
"Conforms with the International Standards for the Professional Practice of Internal Auditing."
"Certified 100% accuracy, per the International Standards of External Assessment."
"Compliant with all domestic and international legal statutes, and certified quality assured for ten years."

Answer(s): B

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QUESTION: 30

Why are preventative controls generally preferred to detective controls?

Because preventive controls promote doing the right thing in the first place, and lessen the need for corrective action.
Because preventive controls are more sensitive and identify more exceptions than detective controls.
Because preventive controls include output procedures, which cover the full range of possible reviews, reconciliations and analysis.
Because preventive controls identify exceptions after-the-fact, allowing them to be used after the entire review is complete and therefore finding exceptions that detective controls may have missed.

Answer(s): A

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QUESTION: 31

Which of the following would be considered a preventive control?

A library control log.
A review of exception reports.
A password lock on a server.
A software scan of financial records for irregularities.

Answer(s): C

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QUESTION: 32

Which of the following are components of the COSO enterprise risk management framework?

1. Objective setting.
2. External environment.
3. Data collection.
4. Control activities.

1and3only
1and4only
2and3only
2and4only

Answer(s): B

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QUESTION: 32