Question: 1
Which of the following types of internal audit consulting engagements is an example of a facilitation service?
I . Conducting control self-assessment workshops.
II . Participating on standing committees.
III . Reviewing regulatory compliance.
IV . Benchmarking.
V . Estimating savings from outsourcing processes.
Question: 2
Which of the following activities would be performed during a benchmarking consulting engagement?
I . Collect data relevant to the benchmarking process.
II . Review all business processes.
III . Define critical success factors.
IV . Identify performance gaps.
Question: 3
Which of the following tests must an internal auditor perform in order to ensure that inbound electronic data interchange (EDI) transactions are received and translated accurately?
I . Computerized tests to assess transaction reasonableness and validity.
II . Review of log books to ensure that transactions are logged upon receipt.
III . Edit checks to identify unusual transactions.
IV . Verification of limitations on the authority of users to initiate specific EDI transactions.
Question: 4
In a review of an electronic data interchange application using a third-party service provider, the auditor should:
I . Ensure encryption keys meet International Organization for Standardization (ISO) standards.
II . Determine whether an independent review of the service provider's operation has been conducted.
III . Verify that only public-switched data networks are used by the service provider.
IV . Verify that the service provider's contracts include necessary clauses, such as the right to audit.
Question: 5
During the quarterly review of the internal audit activity's performance, the chief audit executive (CAE) notes that actual engagement hours consistently exceed the budget. Which of the following strategies would most likely help the CAE address this problem?
* The budget should consider time spent on similar engagements.
* The budget should consider the proficiency of the assigned auditors.
* The budget estimate should provide for unexpected delays.
* The budget should be specific as to time for each work assignment.
