QUESTION: 21

While attending a conference, an internal auditor won an all-expense paid trip sponsored by a vendor of the internal auditor's organization.
Which of the following actions are most appropriate for the auditor to take?

Consult with an immediate supervisor and notify the organization's audit committee.
Consult with an immediate supervisor and review the organization's ethics policy.
Give the prize to a friend or family member and notitfy the organization's audit committee.
Give the prize to a friend or family member and review the organization's ethics policy.

Answer(s): B

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QUESTION: 22

A chief audit executive (CAE) of an international charity reports functionally to the audit committee of the board of directors and administratively to the charity's chief financial officer (CFO).
Which of the following would impair the internal audit function's independence?

The CFO determines the scope of internal audit work in the accounting department.
The CFO manages the accounting of the budget for the internal audit function.
The CFO administers the annual evaluation process for the internal auditors.
The CFO provides feedback on the CAE's audit reports.

Answer(s): A

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QUESTION: 23

An internal audit activity (IAA) provided assurance services for an activity it was responsible for during the preceding year.
As a result, which IIA Code of Ethics principle is presumed to be impaired?

Competence.
Flexibility.
Objectivity.
Independence.

Answer(s): C

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QUESTION: 24

According to the Standards, for how long should internal auditors who have previously performed or had management responsibility for an operation wait to become involved in future internal audit activity with that same operation?

Three months.
Six months.
One year.
Two years.

Answer(s): C

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