Question: 1
Which of the following topics must the internal audit staff discuss with management during the exit conference?
1. Issues identified during the audit.
2. Evaluation criteria used to select controls for testing.
3. Staff who were interviewed during the audit.
4. The reporting process for the draft and final report.
Question: 2
A manufacturing organization is considering a merger with a similar firm, and requests that the chief audit executive (CAE) perform a due diligence audit. During the preliminary survey, the CAE notes that inventory management is a high risk are
a. In consultation with the external auditors and legal advisors, the CAE learns that they share those concerns. Which of the following is the CAE's best course of action?
Question: 3
Which of the following is an advantage to using the questionnaire approach when conducting risk and control self assessments?
Question: 4
Which of the following documents should the chief audit executive review and approve?
1. Workpaper retention policy.
2. Audit committee meeting minutes.
3. Internal audit handbook.
4. Quarterly financial statements.
Question: 5
Reviewing internal audit report drafts with clients is:
1. Required according to the Standards.
2. A form of courtesy.
3. Ethically mandated.
4. A form of validation.
