According to IIA guidance, which of the following is required of an internal audit activity?

• A.In today's business climate which is dominated by technology and big data, it is imperative that each staff internal auditor has detailed knowledge about IT risks and technology-based audit techniques
• B.The chief audit executive must decline a consulting engagement or obtain competent advice and assistance if internal auditors lack the necessary competencies or skills
• C.The audit committee should ensure that the internal audit activity continuously improves its knowledge and skills in order to fulfill its responsibilities
• D.The internal audit activity should refrain from conducting an assurance engagement for which it lacks the necessary competencies or skills

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Which of the following statements is true about visual observation during an audit engagement?
1. Visual observations should not be documented as the facts have not been substantiated.
2. Complex conditions observed should be verified prior to communicating observations to management.
3. Visual observations can be used to detect ineffective controls, idle resources, and safety hazards.
4. Visual observation can be used during both preliminary survey and fieldwork stages of the audit engagement.

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

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According to the Standards, which of the following is not a responsibility of the audit committee?

• A.Appointment and performance of the chief audit executive.
• B.Reviewing internal audit staffing promotions and salary increases.
• C.Review, assessment and approval of the annual audit plan.
• D.Resolving any disagreements between management and internal audit.

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Which of the following is a benefit from reduced testing during a particular phase of an audit engagement?

• A.The level of planned audit risk is lowered.
• B.Additional audit hours are available for pursuing other engagement objectives.
• C.There is less concern about assessing inherent risk.
• D.The size of the internal audit activity can be reduced.

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According to IIA guidance, which of the following must the internal auditor consider to meet the requirements for due professional care?

• A.The appropriateness of assurance procedures necessary to ensure all significant risks will be identified.
• B.The extent of work needed to achieve the engagement's objectives.
• C.The use of innovative technology and data analysis techniques.
• D.The training courses necessary to enhance the internal auditor's knowledge, skills, and other competencies.

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