Which of the following is an example of internal auditors applying data mining techniques for exploratory purposes?
A. Internal auditors perform reconciliation procedures to support an external audit of financial reporting.
B. Internal auditors perform a systems-focused analysis to review relevant controls.
C. Internal auditors perform a risk assessment to identify potential audit subjects as input for the annual internal audit plan.
D. Internal auditors test IT general controls with regard to operating effectiveness versus design.
An internal auditor reviewed Finance Department records to obtain a list of current vendor addresses. The auditor then compared the vendor addresses to a record of employee addresses maintained by the Payroll Department.
Which of the following types of data analysis did the auditor perform?
A. Duplicate testing.
B. Joining data sources.
C. Gap analysis.
D. Classification.
During which of the following phases of contracting does the organization analyze whether the market is aligned with organizational objectives?
A. Initiation phase.
B. Bidding phase.
C. Development phase.
D. Negotiation phase.
A clothing company sells shirts for $8 per shirt. In order to break even, the company must sell 25,000 shirts. Actual sales total $300,000.
What is margin of safety sales for the company?
A. $100,000
B. $200,000
C. $275,000
D. $500,000
According to IIA guidance, which of the following is a broad collection of integrated policies, standards, and procedures used to guide the planning and execution of a project?
A. Project portfolio.
B. Project development.
C. Project governance.
D. Project management methodologies.
Which of the following statements is true regarding user-developed applications (UDAs)?
A. UDAs are less flexible and more difficult to configure than traditional IT applications.
B. Updating UDAs may lead to various errors resulting from changes or corrections.
C. UDAs typically are subjected to application development and change management controls.
D. Using UDAs typically enhances the organization's ability to comply with regulatory factors.
The chief audit executive (CAE) has embraced a total quality management approach to improving the internal audit activity's (IAA's) processes. He would like to reduce the time to complete audits and improve client ratings of the IAA.
Which of the following staffing approaches is the CAE most likely to select?
A. Assign a team with a trained audit manager to plan each audit and distribute field work tasks to various staff auditors.
B. Assign a team of personnel who have different specialties to each audit and empower team members to participate fully in key decisions.
C. Assign a team to each audit, designate a single person to be responsible for each phase of the audit, and limit decision making outside of their area of responsibility.
D. Assign a team of personnel who have similar specialties to specific engagements that would benefit from those specialties and limit key decisions to the senior person.
Which of the following security controls would be the most effective in preventing security breaches?
A. Approval of identity request.
B. Access logging.
C. Monitoring privileged accounts.
D. Audit of access rights.
A bond that matures after one year has a face value of $250,000 and a coupon of $30,000. If the market price of the bond is $265,000, which of the following would be the market interest rate?
A. Less than 12 percent.
B. 12 percent.
C. Between 12.01 percent and 12.50 percent.
D. More than 12.50 percent.
Which of the following is a likely result of outsourcing?
A. Increased dependence on suppliers.
B. Increased importance of market strategy.
C. Decreased sensitivity to government regulation.
D. Decreased focus on costs.
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