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Which of the following actions by the internal audit activity requires disclosure to the board of nonconformance with the Standards?

A.
The internal audit activity did not complete an external assessment within the last seven years
A.
The internal audit activity did not complete an external assessment within the last seven years
Answers
B.
The internal audit activity performed an engagement with limited scope due to lack of knowledge
B.
The internal audit activity performed an engagement with limited scope due to lack of knowledge
Answers
C.
The internal audit activity failed to consider risk when conducting a review of a department
C.
The internal audit activity failed to consider risk when conducting a review of a department
Answers
D.
An internal auditor was assigned to an engagement m an area where she previously worked more than 10 years ago
D.
An internal auditor was assigned to an engagement m an area where she previously worked more than 10 years ago
Answers
Suggested answer: A

At the beginning of an IT development project key risks were identified and assessed and risk owners were appointed Six months later the IT development team reported that the project Is significantly over budget, it will not be completed on time and key personnel had left the organization. Which of the following risk management practices should be improved for future projects?

A.
Risk response.
A.
Risk response.
Answers
B.
Risk assessment
B.
Risk assessment
Answers
C.
Risk monitoring.
C.
Risk monitoring.
Answers
D.
Risk avoidance.
D.
Risk avoidance.
Answers
Suggested answer: B

Which of the following factors are commonly assessed to determine the magnitude of risk events?

A.
Tolerance and appetite
A.
Tolerance and appetite
Answers
B.
Inherent and residual risk
B.
Inherent and residual risk
Answers
C.
Cost and benefit
C.
Cost and benefit
Answers
D.
Impact and likelihood
D.
Impact and likelihood
Answers
Suggested answer: D

Which of the following risk management techniques best describes the strategy of obtaining insurance to protect against losses due to bad weather conditions?

A.
Risk avoidance
A.
Risk avoidance
Answers
B.
Risk reduction
B.
Risk reduction
Answers
C.
Risk acceptance
C.
Risk acceptance
Answers
D.
Risk sharing
D.
Risk sharing
Answers
Suggested answer: D

An internal auditor is assessing the effectiveness of the organization's risk management practices She checks to see whether risk management is an intégrai part of decision making and whether risk management is transparent, responsive to change and addresses uncertainty. According to HA guidance on risk management frameworks, which of the following approaches is the auditor most likely using?

A.
Maturity model approach
A.
Maturity model approach
Answers
B.
Process element approach
B.
Process element approach
Answers
C.
Key principles approach
C.
Key principles approach
Answers
D.
Key performance indicators approach.
D.
Key performance indicators approach.
Answers
Suggested answer: A

An internal auditor believes that a weakness exists in the control environment relating to the delegation of authority and responsibility within the management structure. Which of the following actions should the internal auditor first consider in this matter?

A.
Recommend a control change and obtain management support
A.
Recommend a control change and obtain management support
Answers
B.
Evaluate the potential impact on related controls
B.
Evaluate the potential impact on related controls
Answers
C.
Address the risk with senior management and the board
C.
Address the risk with senior management and the board
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D.
Develop and communicate the scope and evaluation criteria to be used by management
D.
Develop and communicate the scope and evaluation criteria to be used by management
Answers
Suggested answer: B

During an audit of a foreign subsidiary an internal audit team discovered that products were sold to a prohibited country due to sanctions. What is the best course of action for the internal audit team?

A.
Include the facts m the engagement communications
A.
Include the facts m the engagement communications
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B.
Inform me external auditors of the violation.
B.
Inform me external auditors of the violation.
Answers
C.
Report the violation to the government regulators
C.
Report the violation to the government regulators
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D.
Consult with the legal department
D.
Consult with the legal department
Answers
Suggested answer: D

Which of the following is the primary benefit of an effective professional development program for internal auditors?

A.
An effective program may enhance internal auditors' business acumen
A.
An effective program may enhance internal auditors' business acumen
Answers
B.
An effective program may ensure that HA Standards requirements are adhered to during audit engagements
B.
An effective program may ensure that HA Standards requirements are adhered to during audit engagements
Answers
C.
An effective program may ensure internal auditors' effectiveness in setting the organization's nsk management process
C.
An effective program may ensure internal auditors' effectiveness in setting the organization's nsk management process
Answers
D.
An effective program may clarify management's expectations of the auditors and their responsibilities to the organization
D.
An effective program may clarify management's expectations of the auditors and their responsibilities to the organization
Answers
Suggested answer: B

The board requested the chief audit executive (CAE) to provide consulting services for a new systems implementation project Which of the following statements is true regarding this scenario?

A.
The CAE should avoid making decisions on risk responses within risk management processes.
A.
The CAE should avoid making decisions on risk responses within risk management processes.
Answers
B.
The CAE may only provide consulting and not assurance services in risk management processes
B.
The CAE may only provide consulting and not assurance services in risk management processes
Answers
C.
The CAE may manage the project risks on behalf of management in this particular situation
C.
The CAE may manage the project risks on behalf of management in this particular situation
Answers
D.
The CAE should avoid giving assurance on risk management processes in this particular situation
D.
The CAE should avoid giving assurance on risk management processes in this particular situation
Answers
Suggested answer: D

The principle that "no action should be taken that may harm in some way the least fortunate people" is an expression of which of the following more general ethical principles?

A.
Utilitarian benefits.
A.
Utilitarian benefits.
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B.
Personal virtues.
B.
Personal virtues.
Answers
C.
Religious injunctions.
C.
Religious injunctions.
Answers
D.
Distributive justice.
D.
Distributive justice.
Answers
Suggested answer: A
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