During the planning stage of an assurance engagement, the engagement supervisor initially reviews the control environment to identify and examine possible fraud risks. Which finding should be considered a potential red flag?
Answer(s): B
Setting unattainable business targets creates significant pressure on employees and management to achieve unrealistic results, which increases the risk of fraudulent financial reporting or other unethical behavior. Excessive performance pressure is a well-recognized fraud risk indicator in the control environment.
An organization is considering the acquisition of a target organization. Senior management asks the internal audit function to advise on the target organization’s information security practices. What type of internal audit service is this?
Answer(s): C
Providing advice on the target organization’s information security practices in the context of a potential acquisition is a due diligence activity. It involves assessing risks, controls, and exposures before completing a transaction to support informed decision-making.
What should the internal audit function promote to most effectively deter fraud?
Answer(s): D
Promoting a strong ethical culture establishes clear expectations of integrity and accountability throughout the organization. When leadership consistently models ethical behavior and reinforces shared values, it reduces the likelihood of misconduct and serves as the most effective long-term deterrent to fraud.
Which control is meant to prevent fraud?
Regular presentations that strengthen fraud resilience culture reinforce ethical expectations, raise awareness of fraud risks, and encourage compliant behavior before misconduct occurs. By shaping attitudes and behaviors proactively, this control is designed to prevent fraud rather than detect or correct it after the fact.
Which of the following options would include the policies and procedures that help ensure management’s risk responses are accomplished?
Control activities consist of the policies and procedures established to ensure that management’s risk responses are effectively carried out. These activities translate risk mitigation decisions into specific actions embedded within business processes.
Which of the following is the appropriate next step after management identifies and implements risk responses?
After management identifies and implements risk responses, the next appropriate step is to develop a portfolio view of risks. This enables management to evaluate the overall risk profile of the organization collectively, ensuring that risks are aligned with risk appetite and that responses are balanced across the enterprise.
Which responsibility is most appropriate for the internal audit function, according to the Global Internal Audit Standards?
The Global Internal Audit Standards establish that internal audit’s core role is to provide independent, objective assurance and risk-based advice to stakeholders. This includes evaluating governance, risk management, and control processes and offering advisory services that enhance organizational value while maintaining independence and objectivity.
Which of the following statements is true regarding assurance and advisory services provided by an internal audit function?
The nature and extent of information gathered by internal audit depend on the engagement type. Assurance engagements require sufficient and appropriate evidence to support an independent conclusion, whereas advisory engagements focus on providing advice and insight tailored to the engagement objectives, which may require different types and levels of information.
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