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| Section | Weight | Objectives |
|---|---|---|
| Risk Management Assurance | 55% | - Assurance mapping and coordination - Monitoring and reporting - Risk response and mitigation strategies - Emerging and strategic risks - Risk identification and assessment |
| Risk Management Governance | 25% | - Governance frameworks and structures - Risk culture and appetite - Roles of board, audit committee and management - COSO, ISO 31000 and other standards |
| Internal Audit Roles and Responsibilities | 20% | - Standards and Code of Ethics - Independence and objectivity - International Professional Practices Framework (IPPF) - Role in governance and risk management |
According to the COSO internal control framework, which of the following best describes the use of continuous auditing programs by the internal audit activity?
Correct Answer: A 🗳️
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.
Correct Answer: C 🗳️
Which of the following decisions made during the testing phase of a compliance audit requires the most judgment by an internal auditor?
Correct Answer: D 🗳️
A headquarters-based internal auditor has been sent to a major overseas subsidiary to conduct various engagements. Initially, the internal auditor spends time to become familiar with local customs and organization's practices while embarking on the first engagement. Which of the following competencies does the internal auditor exercise?
Correct Answer: B 🗳️
When an internal auditor applies due professional care to perform an assurance engagement, which of the following must she consider?
1. Findings of the last audit engagement performed.
2. Probability of significant errors, irregularities, or noncompliance.
3. Extent of work needed to achieve engagement objectives.
4. Cost of the engagement versus the potential benefits.
Correct Answer: A 🗳️
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