When would a contract be closed out?

• A.When all contractual obligations have been discharged.
• B.When there's a dispute between the contracting parties.
• C.When there is a force majeure.
• D.When the termination clause is enacted.

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A holding company set up a centralized group technology department, using a local area network with a mainframe computer to process accounting information for all companies within the group. An internal auditor would expect to find all of the following controls within the technology department except:

• A.Documented procedures for remote job entry and for local data file retention.
• B.Adequate segregation of duties between data processing controls and file security controls.
• C.Emergency and disaster recovery procedures and maintenance agreements in place to ensure continuity of operations.
• D.Established procedures to prevent and detect unauthorized changes to data files.

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Which of the following is a characteristic of an emerging industry?

• A.High unit costs.
• B.Low number of new firms.
• C.Technical expertise.
• D.Established strategy of players.

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Which of the following can be classified as debt investments?

• A.Contents of an investment portfolio.
• B.Acquisition of common of a stock corporation.
• C.Investments in the capital stock of a corporation.
• D.Acquisition of government bonds.

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An internal auditor is reviewing the organization's performance appraisal process. Which of the following methods would be most effective to identify stereotyping?

• A.Compare the ratings of selective employees with their previous appraisals.
• B.Analyze the number and percentages of employee appraisals that fall into each rating category
• C.Use a behaviorally anchored rating scale to Break down jobs into their components.
• D.Analyze and compare the ratings for different classes or groupings of employees.

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