1

Question 0

Sauce 1

Answer 0

Read outloud

Question 1

Which sections

Answer 1

Far
Reg
Bec
Aud

Question 2

Flash Cards

Answer 2

Do them

Question 3

Sauce 2

Answer 3

Min one set 30 MCQ day up to that lesson

Question 4

first hour

Answer 4

Do new lessons

Question 5

Second Hour

Answer 5

as many sets 30 MCQ day up to that lesson and time your self

Question 6

SIM

Answer 6

Do them if the lesson has them

Question 7

SIM

Answer 7

Write the MJE and lear as to why

Question 8

when in the SIM section

Answer 8

Do the Research question first and then look at the all the SIMs and do the easiest first

Question 9

External Assesments 1312

Answer 9

sb every 5 years

Question 10

Standard 1300, “Quality Assurance and Improvement Program,”

Answer 10

Such a program must include both internal and external assessments.

Question 11

What term is used in the IIA’s International Standards to identify the person responsible for managing an organization’s internal audit activity?

Answer 11

Attribute Standard 1000 makes the first of numerous references in the Attribute Standards to the “chief audit executive.”

Question 12

The Attribute Standards focus on four primary themes around which the remaining Attribute Standards are organized. Each of the following key words or phrases is associated with those four primary themes except

Answer 12

The primary themes associated with the Attribute Standards are: (1) Purpose, Authority, and Responsibility; (2) Independence and Objectivity; (3) Proficiency and Due Professional Care; and (4) Quality Assurance and Improvement Program. “Managing the Internal Audit Activity” is associated with the Performance Standards, not the Attribute Standards.

Question 13

The Performance Standards focus on seven primary themes around which the remaining Performance Standards are organized. Each of the following key words or phrases is associated with these seven primary themes except

Answer 13

D. Proficiency and Due Professional Care.

Question 14

The Performance Standards focus on seven primary themes around which the remaining Performance Standards are organized. Each of the following key words or phrases is associated with these seven primary themes except

Answer 14

Purpose, authority, and responsibility.

Question 15

What term identifies the guidance in the International Standards for the Professional Practice of Internal Auditing that distinguishes between requirements for “assurance” services and “consulting” services?

Answer 15

Implementation standards.

Question 16

The original COSO model has _____ control components, while the COSO ERM model has _____ control components.

Answer 16

5, 8

Question 17

Which of the following items is one of the eight components of COSO’s enterprise risk management framework?

Answer 17

Monitoring.

Question 18

Strategic, operations, reporting, and compliance objectives are a part of which of the following models of internal control?

Answer 18

COSO ERM.

Question 19

Which component of the COSO ERM framework is concerned with management’s decision to avoid, accept, reduce, or share risk and to develop a set of actions to align risk with the entity’s risk preferences?

Answer 19

Risk response.

Question 20

Which of the following are reasons that internal controls need to be monitored?

Answer 20

People forget, quit jobs, get lazy, or come to work hung over.

B 	 Machines fail.

C. 	 Advances in technology.

D. 	 All of the above.

Question 21

Within the COSO Internal Control—Integrated Framework, which of the following components is designed to ensure that internal controls continue to operate effectively?

Answer 21

Monitoring is the core, underlying control component in the COSO ERM model. Its position at the foundation is not accidental and reflects the importance of monitoring to achieving strong internal control and effective risk management. Ensuring that internal controls continue to operate effectively is the primary purpose of monitoring.

Question 22

Which of the following is the best definition of a compensating control?

Answer 22

A control that accomplishes the same objective as another control

Question 23

According to COSO, an effective approach to monitoring internal control involves each of the following steps, except

Answer 23

Increasing the reliability of financial reporting and compliance with applicable laws and regulations.

Question 24

In a large public corporation, evaluating internal control procedures should be the responsibility of

Answer 24

Internal audit staff who report to the board of directors.

Question 25

The system of internal control begins with

Answer 25

setting organizational objectives.

Question 26

Which of the following is not a major step in the COSO model of control monitoring?

Answer 26

Establish a baseline of an internal control known to be effective.

Establishing a baseline of known control effectiveness is part of the process of establishing a foundation for monitoring. Hence, it is a sub-activity, rather than a major step, in the COSO model of control monitoring.

Question 27

According to COSO, the use of ongoing and separate evaluations to identify and address changes in internal control effectiveness can best be accomplished in which of the following stages of the monitoring-for-change continuum?

Answer 27

Change Identification is the monitoring for change process that would include ongoing and separate evaluations intended to identify and address changes in internal control effectiveness.

Question 28

The goals of risk management include:

Answer 28

aligning risk appetite with strategy.
B. seizing opportunities through better identification and management.
C. reducing operational surprises and losses.
D. all of the above.

Question 29

Activities that can be useful in monitoring control system effectiveness include all of the following except

Answer 29

This answer is correct because segregation of duties is NOT part of monitoring control effectiveness.

Question 30

ABC, Inc. assessed overall risks of MIS systems projects on two standard criteria: technology used and design structure. The following systems projects have been assessed on these risk criteria. Which of the following projects holds the highest risk to ABC?

Answer 30

The requirement is to identify the project with the highest risk. This answer is correct because the project involves both new (more risky than current) technology and sketchy (more risky than well-defined) structure.

Question 31

Which of the following control activities should be taken to reduce the risk of incorrect processing in a newly installed computerized accounting system?

Answer 31

The independent verification of transactions reduces the risk of bad data entering an accounting system. Hence, this control would be effective in reducing the risk of incorrect processing that would result from bad data entering a system. Stated more succinctly, independently verifying transactions reduces the risk of GIGO (garbage in, garbage out).

Question 32

Which of the following is most useful when risk is being prioritized?

Answer 32

An expected value calculates (and integrates) the likelihood of losses with the amount of losses. Hence, an expected value combines the information in low and high probability exposures and low and high-degree loss exposures into a decision-relevant, single, valuable (for decision analysis) number.

Question 33

In which of the following organizations might segregation of duties be easiest to achieve?

Answer 33

A large organization that has implemented SoD software.

Question 34

A manufacturing firm noted that it would have difficulty sourcing raw materials locally, so it decided to relocate its production facilities. According to COSO, this decision represents which of the following responses to the risk?

Answer 34

Risk reduction.

Question 35

Each of the following is a limitation of enterprise risk management (ERM) except

Answer 35

While it is accurate to say that ERM can provide reasonable levels of assurance, it cannot provide absolute assurance with respect to risk management objectives. Consequently, this is the correct answer to the question, because this statement is false.

Question 36

According to COSO, which of the following is the most effective method to transmit a message of ethical behavior throughout an organization?

Answer 36

Demonstrating appropriate behavior by example.

Question 37

A senior executive of an international organization who wishes to demonstrate the importance of the security of company information to all team members should

Answer 37

Visibly participate in a global information security campaign

Question 38

Recognizing potential impediments to communication between system user and system designer can be useful in

Answer 38

managing change in the system of internal control.

Correct!

This is the best answer because user and design communication issues are more important to managing changes in the system of internal control than to the processes mentioned in any of the other answers.