Which of the following enhances the independence of the internal audit activity?

• A.The audit committee approves the CAE's annual salary increase.
• B.The chief audit executive (CAE) approves the annual internal audit plan.
• C.The CAE administratively reports to the board.
• D.The chief executive officer approves the internal audit charter.

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Which of the following is not a standard technique that the chief audit executive (CAE) would use to provide evidence of supervisory review of working papers?

• A.The CAE initials and dates every working paper after it has been reviewed.
• B.The CAE completes an engagement working paper checklist.
• C.The CAE prepares a memorandum discussing the results of the working paper review.
• D.The CAE utilizes an external third party to make an objective recommendation after each working paper review.

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What is the primary benefit to the internal audit activity for undertaking an internal quality assessment?

• A.To identify key risks and areas of concern within the organization.
• B.To help the internal audit activity complete its annual assurance plan.
• C.To help improve the overall quality of the internal audit activity's work.
• D.To identify inefficiencies within the internal audit team.

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Which of the following best demonstrates the authority of the internal audit activity?

• A.Determining the scope of internal audit services.
• B.Achieving engagement objectives.
• C.Suggesting alternatives to decision makers.
• D.Improving the integrity of information.

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Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?

• A.Identify key stakeholders and their expectations.
• B.Delegate authority to members of senior management.
• C.Determine the organization's overall risk appetite.
• D.Establish a governance committee.

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