Docsity
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Docsity AI
Docsity AI
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search for your university

Find the specific documents for your university's exams

Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

Introduction to Internal Auditing, Exams of Nursing

Liberty University (LU)Nursing

An overview of the key concepts and principles of internal auditing. It defines internal auditing as an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. The four main objectives of internal auditing: strategic, operations, reporting, and compliance. It also discusses the relationship between internal auditing and accounting, the role of the institute of internal auditors (iia), and the competencies needed to excel as an internal auditor. Topics such as governance, risk management, control, independence and objectivity, the internal audit process, and critical thinking skills. This comprehensive introduction to internal auditing would be valuable for university students studying accounting, finance, or business management, as well as professionals interested in understanding the role and responsibilities of internal auditors within an organization.

Typology: Exams

2024/2025

Available from 10/28/2024

EXAMDOC
EXAMDOC 🇺🇸

4.4

(9)

22K documents

1 / 12

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
CH 1 - Introduction to Internal Auditing
questions with correct answers
Definition of Internal Auditing:
Internal Auditing is an _____, _____ assurance and consulting activity designed to
______ and ______ an organization's operations. It helps an organization
accomplish its ______ by bringing a systematic, disciplined approach to evaluate
and improve the effectiveness of _____ , _____, and _____ processes. Correct
Answer-independent, objective
add value and improve
objectives
risk management, control, and governance.
Objectives of Internal Auditing:
1. _____
2. ____
3. _____
4. _____ Correct Answer-1. Strategic
2. Operations
3. Reporting
4. Compliance
Objectives of Internal Auditing:
pf3
pf4
pf5
pf8
pf9
pfa

Partial preview of the text

Download Introduction to Internal Auditing and more Exams Nursing in PDF only on Docsity!

CH 1 - Introduction to Internal Auditing

questions with correct answers

Definition of Internal Auditing: Internal Auditing is an _____, _____ assurance and consulting activity designed to ______ and ______ an organization's operations. It helps an organization accomplish its ______ by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of _____ , _____, and _____ processes. Correct Answer-independent, objective add value and improve objectives risk management, control, and governance. Objectives of Internal Auditing:

  4. _____ Correct Answer-1. Strategic
  5. Operations
  6. Reporting
  7. Compliance Objectives of Internal Auditing:
  1. _______ Objectives - those goals that management sets specifically related to stakeholder interests. Correct Answer-Strategic Objectives of Internal Auditing:
  2. Operations Objectives - the ______ and _____ of the organization's operations, including operational and financial performance goals, and safeguarding resources against loss. Correct Answer-effectiveness and efficiency Objectives of Internal Auditing
  3. Reporting objectives - internal and external _____ and ______ reporting and may encompass reliability, timeliness, transparency, or other terms as set forth by regulators, standard setters, or the entity's policies. Correct Answer-financial and nonfinancial Objective of Internal Auditing
  4. Compliance Objective Adherence to applicable ___ and ______ to which the entity is subject. Correct Answer-laws and regulations Grow the organizations's market share by acquiring complementary businesses. What type of business objective? Correct Answer-Strategic Objective Ship all orders no later than 48 hours after receiving the orders. What type of business objective? Correct Answer-Operations Objective

Risk Management - the process conducted by ___________ to understand and deal with uncertainties (risks and opportunities) that could affect the organization's ability to achieve its objectives. Correct Answer-management _______ - the possibility that an event will occur and negatively affect the achievement of objectives (for example, employee fraud) Correct Answer-Risk _______ - the possibility that an event will occur and positively affect the achievement of objectives (for example, introducing a new product). Correct Answer-Opportunity Control - which is imbedded in Risk Management - is the process conducted by ______ to mitigate _____ to acceptable levels. Correct Answer-Management to mitigate risk "Conducting" - means _______ or leading the process as opposed to unilaterally performing or completing the steps in the process Correct Answer-Guiding Assurance and Consulting Activity: Assurance and consulting activity is designed to _____________ and _________________________. Correct Answer-Add value and Improve Operations Assurance and Consulting Activity: Assurance and consulting activity is designed to add value and improve operations.

They differ in 3 respects:

  3. Correct Answer-1) Primary purpose of the engagement
  4. Who determines the nature and scope of the engagement
  5. Parties Involved The primary purpose of Internal Assurance Services is to assess ________ relevant to subject matter of interest to someone and __________ _________ regarding the subject matter. The ________ _______ _______ determines the nature and scope of assurance engagements, which generally involve 3 parties: the _________, ________ and ________. Correct Answer-evidence provide conclusions Internal Audit function Auditee, Internal Auditor, and User. The primary purpose of Internal Consulting Services is to provide ________, and other assistance, generally at the specific request of engagement customers. The ____ and the _____ mutually agree on the nature and scope of consulting engagements, which generally involves 2 parties: the ____ and ___________. Correct Answer-advice customer and Internal Audit function Customer and Internal Auditor

The 3 phases of the Internal Audit Process are

  1. ______ the engagement
  2. ______ the engagement
  3. Communicating engagement _______. Correct Answer-Planning the engagement, Performing the engagement, Communicating engagement outcomes.
  4. Planning the engagement involves: a) Obtaining an _______ of the Auditee or customer, including its objectives and risks. b) Setting the engagement ________. c) Determining the required evidence. d) Deciding the _____, _____, and _____ of the Audit tests. Correct Answer- understanding objectives nature, timing, and extent
  5. _______ the engagement involves: The application of specific Audit procedures. Evaluating the evidence involves reaching logical conclusions based on the evidence. Correct Answer-Performing
  1. Communications of engagement ______ must be accurate, objective, clear, concise, constructive, complete, and timely. Correct Answer-outcomes Relationship between Auditing and Accounting: Auditing is not a _____ of Accounting. Correct Answer-subset Financial Reporting Assurance Services: External vs Internal: ______ _______ companies in many countries are required by law or by the requirements of the _____ ______ on which they trade to have their annual financial statements audited by an independent outside auditor. Correct Answer- Publicly traded stock exchange The U.S. ____-______ ____ ___ ______ requires a U.S. public company's independent outside auditor (external auditor) to also attest to the effectiveness of the company's internal control over financial reporting as of the balance sheet date
  • based on a recognized framework such as the Internal Control - Integrated Framework issued by the (COSO) ______ __ ______ ______ __ ____ _______ _______. Correct Answer-Sarbanes-Oxley Act of 2002 Committee of Sponsoring Organizations of the Treadway Commission (COSO) The primary difference between internal and external financial reporting assurance services is the _________.

Certified Internal Auditor; globally. The CIA Exam has 3 parts:

  1. Internal Audit ______
  2. Internal Audit _______
  3. Internal Audit ________ _________ Correct Answer-Basics Practice Knowledge elements. CIA candidates must pass the CIA Exam as well as have a minimum of ____ years of Internal Audit experience or its equivalent to become a CIA. Correct Answer- Competencies Needed to Excel as an Internal Auditor: The 5 C's - character traits required for success in the Internal Audit Profession:

  3. Correct Answer-1. Competence

  4. Creditbility

  5. Connectivety

  6. Communcation

  7. Courage. Inherent personal qualities common among successful internal Auditors.

  14. Correct Answer-1. Integrity

  15. Passion

  16. Work ethics

  17. Curiosity

  18. Creativity

  19. Initiative

  20. Flexibility 8 Parts of the "Critical Thinking Model" - Elements of Thought: