of the following best describes the scope of internal auditing as it has developed to date? Group of answer choices Internal auditing involves evaluating compliance with policies, plans, procedures, laws, and

of the following best describes the scope of internal auditing as it has developed to date? Group of answer choices Internal auditing involves evaluating compliance with policies, plans, procedures, laws, and

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 3CYBK

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Question

37.

Which of the following best describes the scope of internal auditing as it has developed to date?

Group of answer choices

Internal auditing involves evaluating compliance with policies, plans, procedures, laws, and regulations

Internal auditing has evolved to verifying the existence of assets and reviewing the means of safeguarding assets

Internal auditing involves appraising the economy and efficiency with which resources are employed

Internal auditing has evolved to more of an operational orientation from a financial orientation

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23. Which of the following best describes the scope of internal auditing as it has developed to date? Group of answer choices Internal auditing involves appraising the economy and efficiency with which resources are employed Internal auditing involves evaluating compliance with policies, plans, procedures, laws, and regulations Internal auditing has evolved to verifying the existence of assets and reviewing the means of safeguarding assets Internal auditing has evolved to more of an operational orientation from a financial orientation
32. The internal audit activity must evaluate risk exposures relating to the organization’s governance, operations, and information systems regarding the Group of answer choices Effectiveness and efficiency of operations and programs Achievement of the organization’s strategic objectives Safeguarding of net assets Reliability and integrity of financial and operational information
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23. Which of the following types of audits is designed to determine that an organization has complied with the specific requirements of major financial assistance programs? Group of answer choices An audit in accordance with Government Auditing Standards. A single audit. An audit in accordance with generally accepted auditing standards. An operational audit.
20. An assurance engagement of risk management processes by the internal audit activity should start by doing all of the following, except a. Identifying inherent risks and residual risks b. Gaining knowledge of the risk appetite, risk capacity, and risk tolerance c. Understanding the internal and external environment d. Proposing revision of the entity's mission, strategy, and objectives 21. Which of the following is not one of the formal components of COSO ERM Framework? a. Consider how objectives can be achieved by assessing the likelihood and probability of events that may affect the achievement of objectives b. An entity's tone at the top, ethical values, and operating style will help management establish a risk management philosophy and risk appetite c. Management must consider internal and external events that create threats and opportunities d. Risk appetite is defined and communicated as part of the entity's mission statement 24. Review or audit of…
Which of the following is the major purpose of performing analytical procedures in internal audits? a. To perform additional audit procedures. b. To plan the audit engagement. c. To obtain audit evidence. d. To study relationships among elements of information.
Which of the following expressions best describes a situation under which the issuance of a report that concludes on the condition of the internal controls of an organization that provides technological services to one of our audit clients (SOC report) is required? It is that situation in which a CPA has been hired to evaluate a. the projected financial statements prepared by the client, to see if the expected results comply with hypothetical assumptions or not. b. the information systems and technologies subcontracted by the client, specifically in what corresponds to criteria of security, availability, integrity, confidentiality and privacy. c. any assertion or area that the client has asked to intervene (subject matter), and do so in accordance with compliance or not, with criteria or principles (against criteria). d. services that help the client maintain their financial independence.
8. Which of the following best describes the internal audit activity's role in supporting the board in enterprise-wide risk assessment? Group of answer choices Examine evaluate, report on, and recommend improvements on the adequacy and effectiveness of risk processes Oversee risk management processes to determine whether they are adequate and effective None of the choices Ensure that sound risk management processes are in place and functioning Implement risk management methodologies and controls to address risks identified
5. In this stage of the operations audit process, assess conformity with the program, schedule, and objectives, and then assess the performance of the audit team. * a. Reviewing and improving the audit program b. Monitoring the audit program c. Establishing the audit program d. Implementing the audit program 6. In the management activity of " commitment and tone from the top," which of the following will not be used by an operations auditor to assess whether or not the entity meets the audit objectives? * a. Clear expectations b. Efficiency as a priority c. Established base lines d. Risk assessment 7. These performance measures highlight potential opportunities to convert given resources to the end product with less waste. * a. Economy performance measures b. Efficiency performance measures c. Equity performance measures d. Effectiveness…
Which of the following statements is incorrect? Select one : a. Internal auditors provide assurance on the organization's governance , risk management and internal control processes . b. Communicating engagement outcomes is a critical component of all internal assurance and consulting engagements . c. Obtaining an a detailed understanding of the auditee is an important performing step. d. Independence refers to the organizational status of the Internal Audit function , whereas objectivity refers to the attitude of individual internal auditors .
Which of the following is NOT a task performed in the audit planning phase? a. reviewing an organization’s policies and practicesb. determining the degree of reliance on controls c. reviewing general controls d. planning substantive testing procedures