The internal audit activity most directly contributes to an organization’s governance process byA.Identifying significant exposures to risk.B.Evaluating the effectiveness of internal control over financial reporting.C.Promoting continuous improvement of controls.D.Evaluating the design of ethics-related activities. Which of the following is nota role of the internal audit activity in best practice governance activities? A.Support the board in enterprise-wide risk assessment.B.Ensure the timely implementation of audit recommendations.C.Monitor compliance with the corporate code of conduct.D.Discuss areas of significant risks.According to COSO, culture is A.The behavior expected within the organization.B.The attitude and actions of the board and management regarding the importance of control within the organization.C.The combination of processes and structures within the organization.D.A reflection of the organization’s mission and vision and consists of the attitudes, behaviors, and understanding about risk.

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11th Edition

ISBN:9781337619455

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

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

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 48CYBK

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The internal audit activity most directly contributes to an organization’s governance process by

A.	Identifying significant exposures to risk.
B.	Evaluating the effectiveness of internal control over financial reporting.
C.	Promoting continuous improvement of controls.
D.	Evaluating the design of ethics-related activities.

Which of the following is nota role of the internal audit activity in best practice governance activities?

A.	Support the board in enterprise-wide risk assessment.
B.	Ensure the timely implementation of audit recommendations.
C.	Monitor compliance with the corporate code of conduct.
D.	Discuss areas of significant risks.

A.	The behavior expected within the organization.
B.	The attitude and actions of the board and management regarding the importance of control within the organization.
C.	The combination of processes and structures within the organization.
D.	A reflection of the organization’s mission and vision and consists of the attitudes, behaviors, and understanding about risk.