Started on Sunday, 23 April 2023, 1:27 PM
State Finished
Completed on Monday, 24 April 2023, 3:18 PM
Time taken 1 day 1 hour
Marks 21.00/25.00
Grade 84.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Flag question
Question text
A lack of experienced employees in the revenue and receipts cycle at an audit client has
led you to expect an increase in the rate of deviation for the tests of controls you are
about to conduct on the cycle. Which one of the following represents the effect this
likely would have on the size of the sample you are about to extract?
a.
No change in the sample size as an increase deviation rate is not a risk.
b.
No change to the sample size as you have no evidence of the lack of experience of the
employees.
c.
A decrease in the sample size.
d.
An increase in the sample size.
Feedback
The correct answer is: An increase in the sample size.
Question 2
Correct
Mark 1.00 out of 1.00
Flag question
Question text
,Internal auditors are required to exercise due professional care by considering the extent
of work needed to achieve the engagement’s objectives. During which phase of the audit
engagement is the internal auditor required to identify audit engagement objectives?
a.
Preliminary survey
b.
Resource allocation
c.
Engagement work program
d.
Annual risk assessment
Feedback
The correct answer is: Preliminary survey
Question 3
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Select the incorrect option. Internal controls are one of the critical areas that internal
audit should focus on. Internal controls...
a.
Provides an absolute assurance in risk minimisation.
b.
Implementation are a management responsible.
c.
Are either a process or action taken.
d.
Are implemented to minimise risk.
Feedback
The correct answer is: Provides an absolute assurance in risk minimisation.
,Question 4
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Select the correct option. One of the purposes of the International Standards for the
Professional Practice of Internal Auditing (Standards) is to...
Question duplicated
a.
Reduce the risk of business failure caused ineffective processes and operations.
b.
Improve the organisational status of the internal auditing function.
c.
Establish the basis for the evaluation of internal audit performance.
d.
Reduce the level of fraud faced by the organisation.
Feedback
The correct answer is: Establish the basis for the evaluation of internal audit performance.
Question 5
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Select the correct option. Internal auditors respect the value and ownership of
information they receive and do not disclose information without appropriate authority
unless there is a legal or professional obligation to do so. Internal auditors shall...
a.
, Not use information for any personal gain or in any manner that would be contrary to
the law or detrimental to the legitimate and ethical objectives of the organisation.
b.
Continually improve their proficiency and the effectiveness and quality of their services.
c.
Observe the law and make disclosures expected by the law and the profession.
d.
Disclose all material facts known to them that, if not disclosed, may distort the reporting
of activities under review.
Feedback
The correct answer is: Not use information for any personal gain or in any manner that
would be contrary to the law or detrimental to the legitimate and ethical objectives of
the organisation.
Question 6
Incorrect
Mark 0.00 out of 1.00
Flag question
Question text
Select the incorrect option. The Professional Practice of Internal Auditing (Standards) are
a set of principles-based and mandatory requirements consisting of...
a.
Statements of core requirements for the professional practice of internal auditing.
b.
Industry specific supplementary guidelines on how to conduct an internal audit review.
c.
Evaluating the effectiveness of performance that are internationally applicable at
organisational and individual levels.
d.
Interpretations clarifying terms or concepts within the Standards.
Feedback
The correct answer is: Industry specific supplementary guidelines on how to conduct an
internal audit review.
State Finished
Completed on Monday, 24 April 2023, 3:18 PM
Time taken 1 day 1 hour
Marks 21.00/25.00
Grade 84.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Flag question
Question text
A lack of experienced employees in the revenue and receipts cycle at an audit client has
led you to expect an increase in the rate of deviation for the tests of controls you are
about to conduct on the cycle. Which one of the following represents the effect this
likely would have on the size of the sample you are about to extract?
a.
No change in the sample size as an increase deviation rate is not a risk.
b.
No change to the sample size as you have no evidence of the lack of experience of the
employees.
c.
A decrease in the sample size.
d.
An increase in the sample size.
Feedback
The correct answer is: An increase in the sample size.
Question 2
Correct
Mark 1.00 out of 1.00
Flag question
Question text
,Internal auditors are required to exercise due professional care by considering the extent
of work needed to achieve the engagement’s objectives. During which phase of the audit
engagement is the internal auditor required to identify audit engagement objectives?
a.
Preliminary survey
b.
Resource allocation
c.
Engagement work program
d.
Annual risk assessment
Feedback
The correct answer is: Preliminary survey
Question 3
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Select the incorrect option. Internal controls are one of the critical areas that internal
audit should focus on. Internal controls...
a.
Provides an absolute assurance in risk minimisation.
b.
Implementation are a management responsible.
c.
Are either a process or action taken.
d.
Are implemented to minimise risk.
Feedback
The correct answer is: Provides an absolute assurance in risk minimisation.
,Question 4
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Select the correct option. One of the purposes of the International Standards for the
Professional Practice of Internal Auditing (Standards) is to...
Question duplicated
a.
Reduce the risk of business failure caused ineffective processes and operations.
b.
Improve the organisational status of the internal auditing function.
c.
Establish the basis for the evaluation of internal audit performance.
d.
Reduce the level of fraud faced by the organisation.
Feedback
The correct answer is: Establish the basis for the evaluation of internal audit performance.
Question 5
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Select the correct option. Internal auditors respect the value and ownership of
information they receive and do not disclose information without appropriate authority
unless there is a legal or professional obligation to do so. Internal auditors shall...
a.
, Not use information for any personal gain or in any manner that would be contrary to
the law or detrimental to the legitimate and ethical objectives of the organisation.
b.
Continually improve their proficiency and the effectiveness and quality of their services.
c.
Observe the law and make disclosures expected by the law and the profession.
d.
Disclose all material facts known to them that, if not disclosed, may distort the reporting
of activities under review.
Feedback
The correct answer is: Not use information for any personal gain or in any manner that
would be contrary to the law or detrimental to the legitimate and ethical objectives of
the organisation.
Question 6
Incorrect
Mark 0.00 out of 1.00
Flag question
Question text
Select the incorrect option. The Professional Practice of Internal Auditing (Standards) are
a set of principles-based and mandatory requirements consisting of...
a.
Statements of core requirements for the professional practice of internal auditing.
b.
Industry specific supplementary guidelines on how to conduct an internal audit review.
c.
Evaluating the effectiveness of performance that are internationally applicable at
organisational and individual levels.
d.
Interpretations clarifying terms or concepts within the Standards.
Feedback
The correct answer is: Industry specific supplementary guidelines on how to conduct an
internal audit review.
