The internal auditing - The internal auditing's role in the...

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The internal auditing's role in the risk management process of an organization can change over time and may be found at some point along a continuum. Appropriate roles include I, II, III, IV only Which of the following are business processes? I and III only. Whether a deviation is an error or irregularity is determined by Answer the intent of the individual(s) involved. Flowcharting would most likely be used in the evaluation of controls in: Answer A simple but well documented system. An internal audit department with limited experience in the evaluation of internal control systems. According to the COSO study, how many components comprise the internal control system? Answer 5. Of the techniques available to an auditor, which is the most valuable in providing a summary outline and overall description of the process of transactions in an information system? Transaction Retrievals. Requiring two signatures on all checks written for more than $10,000 is an example of a: Preventive control. An adequeate system of internal control is most likely to detect an irregularity perpetrated by a: Answer Single employee.
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Which component is the foundation of all other components in the internal control structure? Control environment. According to the COSO study, a precondition to risk assessment is: Answer Establishing an internal audit department. Control Devices may be Quantitative Qualitative Answer Yes Yes Internal control cannot be designed to provide reasonable assurance regarding the achievement of objectives concerning Answer Elimination of all fraud. Which of the following are organizational responses to a risk? Answer Avoidance, Reduction, Sharing, Acceptance. Which of the following is true regarding business process outsourcing? Answer The internal audit function should review the contract to make sure it will meet management's objectives before being signed. Which of the following is true regarding business process outsourcing? Answer
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This note was uploaded on 03/24/2011 for the course ACC 413 taught by Professor Cannon during the Spring '11 term at Grand Valley State University.

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The internal auditing - The internal auditing's role in the...

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