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Which of the following has responsibility for a control self-assessment (CSA)?
All employees
Executives and management only
Internal auditors only
Employees with control responsibilities only

A control likely to prevent purchasing agents from favoring specific suppliers is
requiring management’s review of a monthly report of the totals spent by each buyer.
rotating buyer assignments periodically.
monitoring the number of orders placed by each buyer.
requiring buyers to adhere to detailed material specifications.

Which of the following is true of internal auditors?I.Internal auditors have responsibility for internal control.II.Internal auditors have responsibility for monitoring internal controls.III.Internal auditors are obligated to express an overall opinion as to the adequacy of controls.IV.Internal auditor opinions should note the evaluation criteria and scope of the opinion.
II and IV only
I, II, and III only
II, III, and IV only
I, II, III, and IV

A system vulnerability allows computer hackers to gain administrative access to secure servers. Unauthenticated computers connect to the organization's network. Customer data is compromised. Which of the following best describes the nature of this issue for the internal audit activity?I.Risk managementII.Internal controlIII.Governance
I only
II only
II and III only
I, II, and III

The Turnbull guidance
recommends development of risk reporting systems separate from other information systems.
is an acceptable framework for compliance with Section 404 of the U.S. Sarbanes-Oxley Act of 2002.
maintains that all employees have a part to play regardless of whether they have the necessary knowledge or authority.
recommends management identify all risks and maintain a broad focus.

According to the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management (ERM) - Integrated Framework, the chief executive officer (CEO) is usually responsible for all of the following except
meeting with sales, marketing, finance, and other managers to understand operational risks and responses.
providing leadership and direction to senior managers.
monitoring activities and risks in relation to the organization's risk appetite.
establishing a common risk language.

An organization uses a risk map with impact and likelihood values to classify fraud. The classification for petty fraud is low likelihood and low impact. Based on this classification, the organization should
contain and control the risk.
pay little attention to the risk.
mitigate the risk with insurance or a backup plan.
prevent the risk.

A payroll clerk creates a fictitious employee and files a false timecard each week, sending payment automatically to an account in the clerk's spouse's name. What type of fraud is this an example of?
Misuse of assets
Cash theft
Financial statement fraud
Fraudulent disbursement

Which of the following is the least likely fraud red flag?
Inability to produce evidence about changes in testing procedures
Unusual delays in providing requested information
Differences of opinion among focus group participants
Denial of access to vendor records

When planning internal audits that involve the possibility of fraud, what skills are internal auditors required to have according to The IIA's Standards?
Expertise in the detection of fraud
Professional licenses and certifications
Sufficient knowledge and skill to be able to recognize the indications of potential fraud
Sufficient technical expertise, such as with documentation forgery

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Authored by:

For Arab Accountants, CPA CMA CIA CISA DipIFR ACCA

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