April 2020 Internal Auditor Quiz

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Internal Auditor is helping you earn CPE credits to support your IIA certifications. Each bi-monthly quiz is worth one (1) CPE credit with a score of 80 percent or higher. Internal Auditor quizzes are NOT NASBA certified.

Questions and Answers

1.

According to “Audit With Acumen,” by Basil Orsini, developing business acumen can:
- A.
  
  Enable internal audit to help increase profitability through cost savings and revenue-generation.
- B.
  
  Enhance internal audit’s risk-based coverage of the organization’s main lines of business.
- C.
  
  Give internal audit a seat at the table with senior management and the board.
- D.
  
  Raise internal audit’s performance in a quality assurance review.
Correct Answer
B. Enhance internal audit’s risk-based coverage of the organization’s main lines of business.
2.

According to “Audit With Acumen,” internal audit may face a trade-off between demonstrating business acumen and conforming to the International Standards for the Professional Practice of Internal Auditing.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
3.

According to “Audit With Acumen,” basing multiyear, annual audit, and engagement plans on the organization’s corporate and business risk profiles is an example of which area of business acumen?
- A.
  
  Client.
- B.
  
  Governance.
- C.
  
  Innovation and learning.
- D.
  
  Internal processes.
Correct Answer
A. Client.
4.

According to “The Value in the Business Ecosystem,” by Brian Kostek, aiming scoping questions, walk-throughs, and outputs at the organization’s external partners shifts the emphasis from control gaps, issues, and items requiring resolution to:
- A.
  
  The partners’ risk management framework and internal controls
- B.
  
  Contractual and compliance requirements for third-party relationships.
- C.
  
  Interdependencies between the business and its partners.
- D.
  
  How the business protects its value-driving activities and profit-making ability.
Correct Answer
D. How the business protects its value-driving activities and profit-making ability.
5.

According to “The Value in the Business Ecosystem,” when conducting an integrated business ecosystem audit, internal audit should incorporate external parties’ documentation formats into its documentation standard.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
6.

According to “The Value in the Business Ecosystem,” within ecosystem audits, auditors should:
- A.
  
  Know every single party within the chain of external relationships.
- B.
  
  Identify the external entity that monitors the quality of delivery of key third-party activities.
- C.
  
  Help capture and challenge the business understanding of the end-to-end ecosystem.
- D.
  
  Use potential cyber events to test the strength of interconnections between the business and third parties.
Correct Answer
C. Help capture and challenge the business understanding of the end-to-end ecosystem.
7.

According to “An RPA Road Test,” how much time would the 1- to 2-hour audit step used in YRCW’s bot pilot take via automation if direct access to data could be obtained?
- A.
  
  10-15 minutes.
- B.
  
  7-10 minutes.
- C.
  
  3-5 minutes.
- D.
  
  2 minutes or less.
Correct Answer
D. 2 minutes or less.
8.

In “An RPA Road Test,” under what circumstances does author Rick Wright say internal audit functions are likely to have a better business case for robotic process automation (RPA)?
- A.
  
  When the audit plan includes substantial compliance assurance engagements, repeated frequently.
- B.
  
  When the audit plan comprises a large proportion of operational and consulting projects.
- C.
  
  When every member of the audit staff has some level of RPA expertise.
- D.
  
  None of the above.
Correct Answer
A. When the audit plan includes substantial compliance assurance engagements, repeated frequently.
9.

According to author Rick Wright in “An RPA Road Test,” anyone with an advanced foundation in the use of basic software tools like Microsoft Excel can develop rudimentary bots.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
10.

Which of the following aspects of an organization are affected by culture, according to “10 Questions on Culture”?
- A.
  
  Morale.
- B.
  
  Productivity.
- C.
  
  Achievement of goals.
- D.
  
  All of the above.
Correct Answer
D. All of the above.
11.

In “10 Questions on Culture,” what set of rules do the authors say recognize culture as a legitimate balance sheet item?
- A.
  
  The IIA’s International Standards for the Professional Practice of Internal Auditing.
- B.
  
  Generally accepted accounting principles.
- C.
  
  International accounting standards.
- D.
  
  International financial reporting standards.
Correct Answer
B. Generally accepted accounting principles.
12.

What do the authors of “10 Questions on Culture” say regarding management’s ability to review a cultural assessment survey before it’s implemented?
- A.
  
  Assessments should be a collaborate effort that involves management and staff throughout the engagement.
- B.
  
  Questions should be shown to managers before the assessment, but they should not be permitted to make changes.
- C.
  
  Management should not be permitted to see assessment questions before the survey.
- D.
  
  Managers should receive a high-level overview of areas to be examined in the survey, but they should not be permitted to see the actual questions.
Correct Answer
A. Assessments should be a collaborate effort that involves management and staff throughout the engagement.
13.

According to the "ESG Metrics" sidebar in Neil Hodge's "The Responsible Organization," gender diversity falls under which category?
- A.
  
  Environmental.
- B.
  
  Social.
- C.
  
  Corporate Governance.
- D.
  
  None of the above.
Correct Answer
B. Social.
14.

According to "The Responsible Organization" by Neil Hodge, how many U.S. CEOs signed the Business Roundtable's Statement on the Purpose of a Corporation last August to embrace sustainable practices across the business?
- A.
  
  300.
- B.
  
  40.
- C.
  
  181.
- D.
  
  2020.
Correct Answer
C. 181.
15.

According to Israel Sadu's "Auditing Knowledge Management," explicit knowledge accounts for about 80% to 90% of the knowledge held in a typical organization.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

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Current Version
Apr 06, 2020

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Apr 06, 2020

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April 2020 Internal Auditor Quiz

According to “Audit With Acumen,” by Basil Orsini, developing business acumen can:

According to “Audit With Acumen,” internal audit may face a trade-off between demonstrating business acumen and conforming to the International Standards for the Professional Practice of Internal Auditing.

According to “Audit With Acumen,” basing multiyear, annual audit, and engagement plans on the organization’s corporate and business risk profiles is an example of which area of business acumen?

According to “The Value in the Business Ecosystem,” by Brian Kostek, aiming scoping questions, walk-throughs, and outputs at the organization’s external partners shifts the emphasis from control gaps, issues, and items requiring resolution to:

According to “The Value in the Business Ecosystem,” when conducting an integrated business ecosystem audit, internal audit should incorporate external parties’ documentation formats into its documentation standard.

According to “The Value in the Business Ecosystem,” within ecosystem audits, auditors should:

According to “An RPA Road Test,” how much time would the 1- to 2-hour audit step used in YRCW’s bot pilot take via automation if direct access to data could be obtained?

In “An RPA Road Test,” under what circumstances does author Rick Wright say internal audit functions are likely to have a better business case for robotic process automation (RPA)?

According to author Rick Wright in “An RPA Road Test,” anyone with an advanced foundation in the use of basic software tools like Microsoft Excel can develop rudimentary bots.

Which of the following aspects of an organization are affected by culture, according to “10 Questions on Culture”?

In “10 Questions on Culture,” what set of rules do the authors say recognize culture as a legitimate balance sheet item?

What do the authors of “10 Questions on Culture” say regarding management’s ability to review a cultural assessment survey before it’s implemented?

According to the "ESG Metrics" sidebar in Neil Hodge's "The Responsible Organization," gender diversity falls under which category?

According to "The Responsible Organization" by Neil Hodge, how many U.S. CEOs signed the Business Roundtable's Statement on the Purpose of a Corporation last August to embrace sustainable practices across the business?

According to Israel Sadu's "Auditing Knowledge Management," explicit knowledge accounts for about 80% to 90% of the knowledge held in a typical organization.