Questions from presenters

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blessieghee
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85832
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Questions from presenters
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2011-05-14 20:38:40
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Internal Auditing
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  1. Which of the following is NOT one of the organizations which conducted the landmark survey on sustainability?










    A. CIMA

    B. CICA

    C. AAA

    D. AICPA


































































































    Which
    of the following is NOT one of the organizations which conducted the landmark
    survey on sustainability?

    C. AAA
  2. What is business sustainability?

    A. Implementing environmental, social and economic strategy for long- term success

    B. Implementing environmental, social and economic strategy for short-term success

    C. Implementing environmental and social strategy for long-term success.

    D. Implementing environmental and social strategy for short-term success.
    A. Implementing environmental, social and economic strategy for long- term success
  3. What of the following is NOT the role of accounting in Business sustainability

    A. Develop strategy

    B. Facilitate implementation

    C. Provide accurate measurements

    D. Leading the business sustainability of the company
    D. Leading the business sustainability of the company
  4. Which of the following is part of the 6 Cultural Pillars?

    A. Trust
    B. Shared learning
    C. All of these answers are correct.
    D. Emotional intelligence
    C. All of these answers are correct.
    (this multiple choice question has been scrambled)
  5. Which of the following is part of the five competencies related to emotional intelligence?

    A. Self-discipline
    B. Social skills
    C. Empathy
    D. b and c are correct
    D. b and c are correct
    (this multiple choice question has been scrambled)
  6. Courage must be communicated by example, especially by the CAE and the Internal Audit?
    a. TRUE
  7. Working paper should include a reference to the audit project.
    TRUE
  8. Who is respobsible for establish working paper policies and procedures?

    A. Senior mangers
    B. Internal Auditor
    C. CAE
    D. Audit Committee
    C. CAE
    (this multiple choice question has been scrambled)
  9. One purpose of working paper is to serve as a basis for evaluating the internal audit function’s quality assurance program
    TRUE
  10. Which of the following was a major control weakness that contributed to Grant’s ability to defraud Baird?

    A. Requisitions had to be approved by the department manager who needed the goods

    B. Lack of segregation of duties

    C. Purchases had to fit in budget constraints prepared by the department manager

    D. All of the above
    D. All of the above
  11. How could the Accounting department have verified the fake company setup by Grant and Bradshaw?

    A. asking Grant if he trusted the company

    B. checking if the entity has a legal federal identification pin or liability insurance

    C. check of the companies standing with the local secretary of state's office

    D. B & C
    D. B & C

    • B. checking if the entity has a legal federal identification pin or liability insurance
    • C. check of the companies standing with the local secretary of state's office
  12. Which of the following is a good control to detect fraud in a purchasing department?

    A.Set up a fraud hotline for employee’s and vendors

    B. threaten to break vendor's legs if they defraud you

    C. Hire a really expensive team of outside investigators to verify
    every single purchase every department requests

    D. Only let trusted employee’s authorize requisitions
    A.Set up a fraud hotline for employee’s and vendors
  13. Report testing is the process of assessing accuracy and completeness of key reports.
    TRUE
  14. All of the following are phases of the Report testing process, EXCEPT

    A. Recalculation
    B.Accuracy testing
    C.Completeness testing
    D.Overall testing.
    D.Overall testing.
    (this multiple choice question has been scrambled)
  15. The recalculation process of Report testing can be done using all but ONE of the tools below:

    A. Microsoft Excel
    B. ACL
    C. Microsoft Access
    D. Microsoft Word
    D. Microsoft Word
    (this multiple choice question has been scrambled)
  16. Benford’s Law is valuable to auditors because:

    A. It helps summarize and compress data by grouping it into classes and recording how many data points fall into each class.

    B. It can suggest irregularities through analysis of deviations of leading digits in a data population from an expected logarithmic pattern.

    C. It indicates the middle and commonly occurring points in a data set

    D.It allows auditors to obtain information about an entire population by only examining a part of it
    • B. It can suggest irregularities through analysis of deviations of
    • leading digits in a data population from an expected logarithmic
    • pattern.
  17. Most real-life data populations, whether they are financial transactions or even nonfinancial

    Measurements:

    A. Will have a symmetric distribution about its mean

    B.Will follow some sort of climb from small to large at a diminishing rate

    C. Will be symmetric, reflecting the even odds; as
    the probabilities shift from even odds, the distribution will get more skewed.

    D. Will follow a climb from small to large at an increasing rate
    B.Will follow some sort of climb from small to large at a diminishing rate
  18. Analyzing the leading first digit of each transaction was only a superficial test, because irregularities are hard to detect at this level. Analyzing the leading two digits is a minimum requirement:
    TRUE
  19. What stock exchange was Bernard Madoff the chairman of?

    A. NASDAQ
    B. FTSE
    C. NYSE
    D. Nikkei
    A. NASDAQ
    (this multiple choice question has been scrambled)
  20. Bernard Madoff's firm, Bernard L. Madoff Investment Securities LLC, helped develop the technology for what?

    A. Day traders
    B. NASDAQ
    C. SAP
    D. Online securities trading
    B. NASDAQ
    (this multiple choice question has been scrambled)
  21. Who operated the largest Ponzi scheme in history?

    A. Allen Stanford
    B. Bernard Madoff
    C. Charles Ponzi
    D. Ivar Kreuger
    B. Bernard Madoff
    (this multiple choice question has been scrambled)

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