Question: 1
An internal audit activity's work schedule should always provide sufficient information to the audit committee to enable it to determine whether the proposed engagements:
Question: 2
The chief audit executive for an organization has just completed a risk assessment process, identified the areas with the highest risk, and assigned an audit priority to each. Which of the following statements is true and consistent with the International Professional Practices Framework?
I . Items should be ranked in the order of quantifiable dollar exposure to the organization.
II . The audit priorities should be in order of major control deficiencies.
III . The risk assessment, though quantified, is the result of professional judgments about both exposures and probability of occurrences.
Question: 3
What role, if any, should the internal audit activity have in the process of following up on observations and recommendations made by the external auditors?
Question: 4
A company has entered into a $20, 000, 000 fixed-price contract with a general contractor for the construction of a new retail outlet. For this contract, which of the following would represent the greatest risk?
Question: 5
In selecting an instructional strategy for developing internal audit staff, a chief audit executive should first review the:
