According to IIA guidance, which of the following activities is most likely to enhance stakeholders' perception of the value the internal audit activity (IAA) adds to the organization?
1.The IAA uses computer-assisted audit techniques and IT applications.
2.The IAA uses a consistent risk-based approach in both its planning and engagement execution.
3.The IAA demonstrates the ability to build strong and constructive relationships with audit clients.
4.The IAA frequently is involved in various project teams and task forces in an advisory capacity.
A bank uses a risk analysis matrix to quantify the relative risk of auditable entities. The analysis involves rating auditable entities on risk factors using a scale of 1 to 10, with 10 representing the greatest risk. A partial list of risk factors and the ratings given to three of the bank's departments is provided below: Which of the following statements regarding risk in the department is true?
Which of the following is an advantage to using the questionnaire approach when conducting risk and control self assessments?
Inadequate risk assessment would have the strongest negative impact in which of the following phases of an audit engagement?
According to IIA guidance, which of the following is true about the supervising internal auditor's review notes?
* They are discussed with management prior to finalizing the audit.
* They may be discarded after working papers are amended as appropriate.
* They are created by the auditor to support her fieldwork in case of questions.
* They are not required to support observations issued in the audit report.
