Internal control processes in an organization require that all investments exceeding $20, 000 receive authorization from both the president and treasurer. After conducting a sample of these transactions, an auditor determined that 10 of the 500 investments in the sample had not included both required authorizations. The sample has a five percent acceptable error rate. Based on this sample, which of the following actions should the auditor take?
Suspecting fraud, the chief financial officer (CFO) asked the internal audit activity to investigate a significant increase in travel related expenditures. Work was performed by a qualified internal auditor. Following the completion of the engagement, the chief audit executive (CAE) reported to the CFO that no violations were found and no fraud had occurred.
According to the Standards, which of the following principles did the CAE violate?
Which of the following are appropriate ways to obtain continuous professional education?
1. Instructing at a local IIA training event.
2. Attending internal audit conferences and seminars.
3. Practicing specialized audit and consulting work.
4. Participating in research projects in internal auditing.
Which of the following types of information would an internal auditor expect to find in the supporting documentation for a high-level accounts payable process flowchart?
An employee who recently transferred into the internal audit activity has been assigned to audit the accounts payable system. Which function, if previously performed by this employee, would represent a conflict of interest?
