Reviewing prior audit reports and supporting workpapers before an engagement starts enables an internal auditor to do which of the following?
To understand better the activity and processes that will be audited.
To identify the audit procedures that will be used during the engagement.
To ensure that matters of greatest vulnerability will be addressed.
To use the information obtained as evidence in the current engagement.

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

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Which of the following procedures would be most effective in detecting fraud in electronically-submitted claims to insurance companies?

• A.Creating a monitoring program that detects unusual claims to be investigated by the claims department.
• B.Using generalized audit software to match the claimant identification number with a master list of valid policyholders.
• C.Testing the accuracy of processing by using integrated test facilities.
• D.Creating batch controls over all claims arriving from a particular organization and process those claims separately.

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In order to provide the most useful information for an organization's risk management decisions, which of the following should be assessed?

• A.Risk levels of current and future events, their effect on the achievement of the organization's objectives, and their underlying causes.
• B.Risk levels for future events based on the degree of uncertainty of those events and their cost of mitigation.
• C.Risk levels of current and future events, their impact on the organization's mission, and the potential for the elimination of existing risk factors.
• D.Inherent and control risks and their impact on the extent of financial misstatements.

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An internal audit activity is taking steps to promote professional development among the staff, and is in the process of implementing a mentorship program. According to HA guidance, which of the following is important for a successful mentorship program?

• A.Meetings with mentors should be formal and scheduled.
• B.Mentor meeting documentation should be retained in personnel files.
• C.It is best if the mentor is the chief audit executive.
• D.It should target both new hires and highly experienced staff.

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In order to provide the most useful information for an organization's risk management decisions, which of the following should be assessed?

• A.Risk levels for future events based on the degree of uncertainty of those events and their cost of mitigation.
• B.Inherent and control risks and their impact on the extent of financial misstatements.
• C.Risk levels of current and future events, their impact on the organization's mission, and the potential for the elimination of existing risk factors.
• D.Risk levels of current and future events, their effect on the achievement of the organization's objectives, and their underlying causes.

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