Revision Internal Audit

1. The IIA’s definition of internal auditing emphasizes the effectiveness of which of the following?

• Value, cost, and benefit propositions.

• Inherent risk, residual risk, and total risk.

• Risk management, control, and governance processes.

• Purpose, nature, and scope of work.

2. Which of the following adds value to the others?

• Governance processe

• Risk management processes

• Internal audit activities

• Control processes

All of the following are examples of assurance services except

• Financial engagement

• Compliance engagement

• Due diligence engagement

• Training engagement

All of the following are examples of consulting services except

• Legal counsel engagement

• System security engagement

• Advice engagement

• Facilitation engagement

8. Which of the following differs between assurance ser-vices and consulting services when exercising due pro-fessional care?

• Costs and benefits

• Complexity of work

• Extent of work

• Materiality

Risk registers describe direct links between which of the following?

• Risk acceptance and risk avoidance

• Risk categories and risk aspects

• Risk assignment and risk sharing

• Risk limitation and risk spreading

The chief audit executive establishes a method for pri-oritizing all of the following except

• Business units with low risk levels

• Branch or field office with low risk levels

• Branch or field office with low risk levels

• Low inherent risk areas

All of the following

provide effective relationships in the organization’s governance framework except:

• Organizational processes

• Governance

• Risk management

• Internal controls

Which of the following internal audit assessments belong to specific governance processes?

• Whistleblower process

• Risk management audit process

• Internal control over financial reporting

• Fraud risks

Ensuring internal audit teams have the right competencies with right level of work experience and designing effective internal audit procedures can reduce the risk of which of the following?

• Business risk

• Audit failures

• Audit false assurance

• Audit reputation risk