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An engagement supervisor notes that an internal auditor usually documents and submits draft audit reports for review without giving the process owners the opportunity to state their position on the issues raised. How should the engagement supervisor respond?
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The same internal auditor has audited the regional purchasing department annually for the last three years. The audits have shown several significant control deficiencies that have not been corrected by management. New management is in charge of this regional purchasing department, and it is time to audit the department again. What concerns should be considered prior to assigning the audit to the same auditor?
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Question 331 - IIA-CIA-Part1 discussion

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A manufacturer of power tools is experiencing regular fluctuations in the price of electrical power which is having a serious impact on the bottom line. Which of the following would be the most effective risk strategy to reduce the impact of these fluctuations?

A.
Use an average cost for power to smooth the bottom line.
Answers
A.
Use an average cost for power to smooth the bottom line.
B.
Analyze the amount of power used to produce each power tool.
Answers
B.
Analyze the amount of power used to produce each power tool.
C.
Review the current process to identify opportunities to reduce power usage.
Answers
C.
Review the current process to identify opportunities to reduce power usage.
D.
Use a forward contract for bulk power purchases
Answers
D.
Use a forward contract for bulk power purchases
Suggested answer: D
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asked 18/09/2024
Venish Arumugam
35 questions
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