17.Which of the following should be identified as a deficiency by an engagementsupervisor who is reviewing working papers? Show
Get answer to your question and much more 18. In beginning an engagement, an internal auditor reviews written proceduresthat detail segregations of responsibility adopted by management to strengtheninternal controls. These written procedures should be viewed as which attributeof an observation? Get answer to your question and much more 19.The chief audit executive should ensure follow-up of prior engagementobservations and recommendationsTo determine if corrective action was taken and is achieving the desiredresults 20. While performing an operational engagement involving the firm’s productioncycle, an internal auditor discovers that, in the absence of specific guidelines,some engineers and buyers routinely accept vacation trips paid by certain of thefirm’s vendors. Other engineers and buyers will not accept even a working lunchpaid for by a vendor. Which of the following actions should the internal auditortake? Get answer to your question and much more 21. According to theStandards, when should a signed report be issued? Get answer to your question and much more 22.Successful communication between the internal auditor and the engagementclient partially depends on achieving appropriate emphasis so that both partiesare aware of the most important points in their discussion. Which of the followingapproaches provides the most emphasis in an engagement communication? Get answer to your question and much more 23.When conducting audit follow-up of a finding related to cash managementroutines, which of the following doesnotneed to be considered? Get answer to your question and much more 24. The manner in which data and evidence is gathered, evaluated, andsummarized for presentation should be done with care and precision. Whichquality of communications does this statement best describe? Get answer to your question and much more Test Prep This preview shows page 7 - 9 out of 14 pages. Q 30. When reviewing engagement working papers, the primary responsibility of an engagement supervisor is todetermine that;A.Each worksheet is properly identified with a descriptive heading.B.Working papers are properly referenced and kept in logical groupings.C.Standard internal audit activity procedures are adhered to with regard to working paper preparation andtechnique.D.Working papers adequately support the engagement observations, conclusions, and recommendations. Q 31. Which of the following should be identified as a deficiency by an engagement supervisor who is reviewing workingpapers? Get answer to your question and much more
Q 32. An internal auditing manager is reviewing the engagement working papers prepared by the staff. Which of thefollowing review comments is true? Get answer to your question and much more
Q 33. Which of the following actions constitutes a violation of the confidentiality concept regarding working papers? Aninternal auditor; Get answer to your question and much more Chapter 12: Documentation/Working PapersQ 34. The best description of the principal purpose for retaining working papers is to;A.Help perform the engagement in an orderly fashion.B.Maintain the engagement work program for reuse in the next engagement.C.Provide support for the final engagement communication.D.Provide a basis for supervisory review. Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 14 pages? Upload your study docs or become a Course Hero member to access this document Tags internal auditor, Working papers Who is responsible for reviewing and approving the final engagement communication before its issuance?The chief audit executive is responsible for reviewing and approving the final engagement communication before issuance and for deciding to whom and how it will be disseminated. When the chief audit executive delegates these duties, he or she retains overall responsibility. 2440.
Which of the following best describes what should determine the extent of supervision required for a particular internal auditing engagement?1, 2, and 3. Supervisory review of all engagement work. Which of the following best describes what determines the extent of supervision required for a particular internal audit engagement? The proficiency of the internal auditors and the complexity of the engagement.
Which of the following engagement procedures will provide the least relevant information for determining that payroll payments were made to bona fide employees?Audit committee of the board. Which of the following engagement procedures will provide the least relevant information for determining that payroll payments were made to bona fide employees? Test the payroll account bank reconciliation by tracing outstanding checks to the payroll register.
Which of the following is part of the follow up process to monitor and ensure that management actions have been implemented?The Chief Audit Executive (CAE) is required to establish a follow-up process (see Note 1) to monitor and ensure that management actions have been effectively implemented to address audit recommendations or that senior management has accepted the risk of not taking action.
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Which of the following should be identified as a deficiency by an engagement supervisor who is reviewing workpapers?
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