An internal auditor interviews for a position within the organization’s IT department while simultaneously conducting an audit of the area’s ability to manage the organization’s user network accounts. This presents a conflict of which of the following principles?
Answer(s): B
Interviewing for a position within the audited IT department creates a personal interest that could impair impartial judgment. This situation threatens the auditor’s ability to remain unbiased and independent in evaluating the area, thereby compromising objectivity.
Which of the following will help the chief audit executive (CAE) of a large organization ensure that the independence of the internal audit function is maintained?
Answer(s): C
Board approval of the internal audit budget and resource plan helps safeguard independence by ensuring that internal audit has sufficient resources and is not subject to undue influence from management. Oversight by the board strengthens organizational independence and supports the function’s ability to perform its responsibilities objectively.
Which of the following statements is true regarding organizationwide risk management?
Organizationwide risk management and internal control systems are complementary. Risk management focuses on identifying, assessing, and responding to risks, while internal controls are mechanisms designed to mitigate those risks. Together, they support effective governance and achievement of organizational objectives.
An organization uses hedging to address foreign currency risk. Which of the following best describes this risk strategy?
Answer(s): D
Hedging transfers or shares the financial impact of foreign currency risk with another party, such as through derivatives or forward contracts. This approach does not eliminate the risk but reallocates its potential impact, which characterizes a risk-sharing strategy.
A financial institution intends to contract a data center management service provider to host and manage the data in its custody as a response to data security and protection risks. What technique is being adopted by this organization?
Contracting a data center management service provider transfers part of the responsibility and potential impact of data security risks to a third party. This represents risk sharing, as the organization allocates the risk to another entity through contractual arrangements rather than retaining it entirely.
During an internal audit of an organization’s fixed assets, an internal auditor finds that several assets are not recorded in the organization’s ledger but are physically present during the site review. The equipment is in poor condition, suggesting it has been used for a long time. Which of the following actions should the auditor take?
When unrecorded assets are identified, the auditor should first seek clarification from the responsible asset manager to understand the reason for the discrepancy. Gathering additional information is necessary before drawing conclusions or recommending corrective actions.
Which type of engagement would be the most appropriate to assess the maturity and rigor of the organizationwide risk management process of a target entity that management is considering acquiring?
Answer(s): A
When evaluating a target entity in a potential acquisition, a due diligence engagement is most appropriate. It involves assessing the maturity, effectiveness, and rigor of key processes such as organizationwide risk management to identify exposures and inform management’s decision-making before completing the transaction.
Which of the following roles related to the organization’s risk management is required of the internal audit function, according to IIA guidance?
According to IIA guidance, internal audit is required to provide independent assurance on the effectiveness of the organization’s risk management processes. Evaluating whether risk management is designed and operating effectively is a core assurance responsibility of the internal audit function.
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