Question: 1
Which of the following statements describes a control failure that is not directly attributable to a customer billing application?
1. End users have raised a number of concerns regarding data integrity.
2. An untested program change is transferred from the test environment to production.
3. Purchase history does not reconcile with accounts receivable for some customers.
4. End user security is inadvertently granted to an unauthorized individual by management.
Question: 2
While reviewing first quarter sales transactions, an internal auditor discovered that 10 invoices for a new customer had not been posted into the accounts receivable subsidiary ledger. Those 10 invoices were listed in an error report automatically generated by the sales processing system. The system had rejected the invoices because the customer's account number was not found in the customer master file. In this scenario, which of the following controls was lacking?
Question: 3
Which of the following is the most effective strategy to manage the risk of foreign exchange losses due to sales to foreign customers?
Question: 4
Which of the following is not a role of the internal audit activity in facilitating risk identification and evaluation?
Question: 5
Which of the following is a second line of defense in effective risk management and control?
