According to IIA guidance, which of the following is an area in which the internal auditor should be proficient?

• A.Fundamentals of accounting, economics, and finance.
• B.Internal audit standards, procedures, and techniques.
• C.Computerized information systems.
• D.Management principles.

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According to IIA guidance, which of the following scenarios demonstrates an internal auditor exercising due professional care?
When auditing investments, the auditor identified instruments with which he was unfamiliar.
He decided not to select that type of investment in his sample, as he did not have the knowledge needed to A. perform a proper assessment.

• A.An auditor was reviewing inventory counts conducted by the warehouse staff. One truck containing an immaterial amount of inventory was off-site and wasn't verified by the auditor.
• B.An auditor in charge needed to have testing completed by the end of the month, but was behind schedule.
• C.An auditor visited a plant that produces a significant portion of the organization's inventory. The day he arrived, the plant manager was out sick, so the auditor issued the report without interviewing the manager.
• D.He identified a junior auditor to conduct the work for him on a complex area of the organization.

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Organizations use matrix management to accomplish which of the following?

• A.To improve the chain of command.
• B.To strengthen corporate headquarters.
• C.To focus better on a single market.
• D.To increase lateral communication.

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An internal auditor is trying to assess control risk and the effectiveness of an organization's internal controls.
Which of the following audit procedures would not provide assurance to the auditor on this matter?

• A.Interviewing the organization's employees.
• B.Inspecting manuals and documents.
• C.Reading the board's minutes.
• D.Observing the organization's operations.

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The final internal audit report should be distributed to which of the following individuals?

• A.Audit client management, executive management, and others approved by the chief audit executive.
• B.Audit client management, executive management, and any those who request a copy.
• C.Executive management only
• D.Audit client management only

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