Internal Audits

Question 1

What is an internal Audit?

Answer 1

Independent Function to assess risk.

Question 2

What is a CAE?

Answer 2

Chief Audit Executive.

Question 3

Is it possible for Internal Audit teams to contract out to third parties?

Answer 3

Practice Exercise – Certifications Yes, they may contract with specific expertise or business resources to assist with individual audits.

Question 4

How is SOX different from internal audit?

Answer 4

Internal Audit Scope is broader than Internal controls over financial reporting (ICFR).

Question 5

Is the nature of SOX to be a (Compliance Function ) or the (Eyes and ears of the board?)

Answer 5

The Compliance function

Question 6

Is the nature of Internal Audit a (Compliance Function ) or the (Eyes and ears of the board?)

Answer 6

The eyes and ears of the board.

Question 7

Is the approach of SOX control based testing, or risk based testing?

Answer 7

Control Based Testing.

Question 8

Is the approach of Internal Audit control based testing, or risk based testing

Answer 8

Risk-Based testing approach.

Question 9

Is there a requirement for companies to have internal Audits?

Answer 9

No Some have to, dependent if they are on the NYSE or another large group like that.

Question 10

Does internal Audit test Sox?

Answer 10

Yes

Question 11

What are the 5 objectives by phase for Internal Audits?

Answer 11

Planning, collection, testing, reporting, monitoring.

Question 12

The first phase of internal Audit is “Audit planning and scoping” what does that entail?

Answer 12

Conduct interviews with project stakeholders. Develop project plan, timeline, staffing, and model.

Question 13

The second phase of internal Audit is “Data Requests and collection” what does that entail?

Answer 13

Design audit program guide and test, Submit documentation requests, and sign off on audit program guide test plans.

Question 14

The third phase of internal Audit is “Fieldwork and testing” what does that entail?

Answer 14

Perform audit based on program guide, draft final audit report.

Question 15

The fourth phase of internal Audit is “Conclusion and reporting” what does that entail?

Answer 15

Finalize audit report, Conduct closing meeting with audit stakeholders

Question 16

The fifth phase of internal Audit is “Follow up and monitoring” what does that entail?

Answer 16

Manage status reporting and project planning, follow-up on open audit findings through upon remediation procedures.

Question 17

What is the institute of internal auditors?

Answer 17

Brings guidelines and standards to internal auditors.

Question 18

What is the biggest challenge to internal audits

Answer 18

How much value they can give back to the organization.

Question 19

What are work papers?

Answer 19

Documents that are created by the internal audit department. They vary based on the type of audit being performed. They can very from company to company.

Question 20

What are the differences between Internal Audit and SOX?

Answer 20

Sox is just one type of audit on the audit plan, and the Wdesk solution works on different types of audits.

Question 21

What is an audit manual?

Answer 21

Templates consolidated into one project.

Question 22

What are the 3 unique stages of the audit solution?

Answer 22

Planning, Testing, and reporting.

Question 23

Where would data and results show in Workiva?

Answer 23

In your reports tab.

Question 24

Can audit information be linked to documents and presentations?

Answer 24

Yes.

Question 25

Where can you enter time tracking for the audit?

Answer 25

In both the audit form, and the procedure form.

Question 26

Where can you find your audit report document?

Answer 26

In the files tab in home.

Question 27

How can you identify a destination link?

Answer 27

A Green triangle or green underline.

Question 28

What types of Wdesk documents can be used to report audit findings?

Answer 28

Documents, Presentations, and database reports.