Which of the following internal control weaknesses would an internal auditor most likely detect while reviewing a flowchart that depicts the purchasing function of an organization?

• A.Purchasing policies have not been updated.
• B.The organization is not taking advantage of quantity discounts available from its suppliers.
• C.Payments for goods received have not been authorized at the appropriate level.
• D.Payments to suppliers are made before goods are received.

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Which of the following is an example of sharing risk?

• A.An organization outsourced a portion of its services to a third-party service provider.
• B.An organization sold an unprofitable business unit to its competitor.
• C.In order to spread total risk, an organization used multiple vendors for critical materials.
• D.An organization redesigned a business process to change the risk pattern.

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Which of the following is an example of a preventive control activity for risk related to pollution caused by waste disposal?

• A.Taking periodic samples of the area at risk and logging the results.
• B.Offering an education program delivered by environmental experts.
• C.Maintaining strict security around environmental department files.
• D.Seeking legal consultation from a firm with experience in environmental law.

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According to IIA guidance, which of the following best describes processes and tools typically used in ongoing internal assessments?

• A.Benchmarking of the internal audit activity's practices and performance.
• B.Report of internal assessment results, response plans, and outcomes.
• C.Analysis of performance metrics such as cycle times.
• D.Self-assessments and surveys of stakeholder groups.

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According to IIA guidance, which of the following are considerations of due professional care when an internal auditor conducts a formal consulting engagement?
1. The complexity of the work required.
2. The needs and expectations of the client.
3. The potential value of the engagement compared to the effort.
4. Information regarding assumptions and procedures to be employed.

• A.1 and 4 only
• B.2 and 3 only
• C.1, 2, and 3 only
• D.1, 2, 3, and 4

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