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The emergence of _____________ as a key organizational process gives the internal auditing profession a unique opportunity to shift its focus to risk.

A.

Risk identification

B.

Risk management

C.

Risk analysis

D.

Risk mitigation

The technique that compares current information with similar information from prior periods is known as:

A.

Inclination

B.

Analytical evaluation

C.

Trend analysis

D.

Technological comparison

Operations control is related to the:

A.

Effective and efficiency use of the entity’s cost.

B.

Effective and efficiency use of the entity’s space.

C.

Effective and efficiency use of the entity’s time.

D.

Effective and efficiency use of the entity’s resources.

Competency refers to:

A.

External auditors apply the knowledge, skills and experience needed in the performance of internal auditing services.

B.

Internal auditors apply the knowledge, skills and experience needed in the performance of internal auditing services.

C.

Reduce or prevent manufacturing defects

D.

Provide information about the process capability and maturity with standards.

The level of control risk k cannot be modified during testing if test results indicate a change is warranted.

A.

True

B.

False

Failure to effectively correct inappropriate behavior could result in a breakdown in the group dynamic and the entire CSA process.

A.

True

B.

False

____________ refers the assessment of risks and opportunities affecting the achievement of the organization’s goals and objectives.

A.

Organizational risk management

B.

Operational risk assessment

C.

Business risk management

D.

Business risk assessment

Which factor is inherent in all business activities and as a result must be routinely addressed in internal and external audits?

A.

Change

B.

Risk

C.

Cost

D.

Resources

Which of the following is NOT the step in developing the strategic planning process?

A.

To determine the amount of change occurring in the organization.

B.

Develop one or more general statements in the form of mission and objective.

C.

Develop specific plans for achieving objectives.

D.

Communicate the plan to affected staff.

Which of the following is Correct?

A.

properly designed non-discretionary controls tend to be more reliable than discretionary controls and are tested differently.

B.

properly designed discretionary controls tend to be more reliable than nondiscretionary controls and are tested in a similar manner.

C.

properly designed non-discretionary controls tend to be less reliable than discretionary controls and are tested in a similar manner.

D.

properly designed discretionary controls tend to be less reliable than non-discretionary controls and are tested in a similar manner.