Question: 1
Which of the following conditions should a chief audit executive take into account when deciding if a follow-up audit engagement is necessary?
* The reported observations were significant and high risk.
* Internal audit resources and the time it will require for follow-up.
* Management may not have the resources to take action.
* Management has previously decided not to take any action.
Question: 2
According to the International Professional Practices Framework, the internal audit activity's decision to defer follow-up of recommendations and management's corrective actions until the next scheduled engagement for the area is justified when:
Question: 3
According to the Standards, which of the following best describes the responsibility of the chief audit executive (CAE) for approving the final engagement report?
* The CAE is responsible for obtaining management approval before issuing the final report.
* The CAE has overall responsibility for the report but can delegate the review and approval of the report.
* The CAE is responsible for obtaining senior management's approval before releasing the final report.
* The CAE is responsible for approving to whom and how the final report will be disseminated.
Question: 4
A report prepared by the internal audit activity contains several observations that disclose proprietary information regarding the organization's manufacturing process. According to the International Professional Practices Framework, which of the following is the appropriate treatment for this report?
Question: 5
Which of the following would most likely include recommendations for process improvements?
* Due diligence engagement.
* Forensic investigation.
* Internal audit engagement.
* Consulting engagement.
