Question: 1
In addition to the internal auditor, which of the following parties should be present at an exit or closing conference?
1. Audit committee members.
2. The external auditor.
3. The management responsible for the areas covered by the engagement.
4. The chief executive officer.
Question: 2
An internal auditor was assigned to conduct an inventory control and stock room area engagement. During the audit, the auditor observed that there were some items that have a shelf life expiration date requirement based on a certificate of conformance received with the product. The certificates of conformance are kept on file in the inventory area office and the expiration date is verified at the time the item is taken from stock. The auditor reviewed the items in the stock room and also on the production floor for the expiration dates to see if there was any expired product. All items with a shelf life requirement were found to be within the expiration date requirement. Which of the following recommendations would be appropriate?
Question: 3
During an engagement the internal auditors reported that the organization was paying suppliers without receiving the merchandise. Management responded that it would immediately establish the use of receiving reports. As part of the follow-up activity, which of the following procedures would be the most appropriate in determining that management action was implemented?
Question: 4
According to the Standards, which of the following is an attribute when applied to the observations and recommendations contained in the audit report?
Question: 5
If the chief audit executive believes that senior management has accepted a level of residual risk that is unacceptable to the organization, they should:
