April 2020 Internal Auditor Quiz

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  • 1/15 Questions

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

    • Morale.
    • Productivity.
    • Achievement of goals.
    • All of the above.
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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.

April 2020 Internal Auditor Quiz - Quiz

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  • 2. 

    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.

    • True

    • False

    Correct Answer
    A. True
  • 3. 

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

    • Assessments should be a collaborate effort that involves management and staff throughout the engagement.

    • Questions should be shown to managers before the assessment, but they should not be permitted to make changes.

    • Management should not be permitted to see assessment questions before the survey.

    • 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.
  • 4. 

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

    • Environmental.

    • Social.

    • Corporate Governance.

    • None of the above.

    Correct Answer
    A. Social.
  • 5. 

    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?

    • 300.

    • 40.

    • 181.

    • 2020.

    Correct Answer
    A. 181.
  • 6. 

    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?

    • 10-15 minutes.

    • 7-10 minutes.

    • 3-5 minutes.

    • 2 minutes or less.

    Correct Answer
    A. 2 minutes or less.
  • 7. 

    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.

    • True

    • False

    Correct Answer
    A. False
  • 8. 

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

    • Enable internal audit to help increase profitability through cost savings and revenue-generation.

    • Enhance internal audit’s risk-based coverage of the organization’s main lines of business.

    • Give internal audit a seat at the table with senior management and the board.

    • Raise internal audit’s performance in a quality assurance review.

    Correct Answer
    A. Enhance internal audit’s risk-based coverage of the organization’s main lines of business.
  • 9. 

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

    • The IIA’s International Standards for the Professional Practice of Internal Auditing.

    • Generally accepted accounting principles.

    • International accounting standards.

    • International financial reporting standards.

    Correct Answer
    A. Generally accepted accounting principles.
  • 10. 

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

    • True

    • False

    Correct Answer
    A. False
  • 11. 

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

    • Know every single party within the chain of external relationships.

    • Identify the external entity that monitors the quality of delivery of key third-party activities.

    • Help capture and challenge the business understanding of the end-to-end ecosystem.

    • Use potential cyber events to test the strength of interconnections between the business and third parties.

    Correct Answer
    A. Help capture and challenge the business understanding of the end-to-end ecosystem.
  • 12. 

    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)?

    • When the audit plan includes substantial compliance assurance engagements, repeated frequently.

    • When the audit plan comprises a large proportion of operational and consulting projects.

    • When every member of the audit staff has some level of RPA expertise.

    • None of the above.

    Correct Answer
    A. When the audit plan includes substantial compliance assurance engagements, repeated frequently.
  • 13. 

    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?

    • Client.

    • Governance.

    • Innovation and learning.

    • Internal processes.

    Correct Answer
    A. Client.
  • 14. 

    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:

    • The partners’ risk management framework and internal controls

    • Contractual and compliance requirements for third-party relationships.

    • Interdependencies between the business and its partners.

    • How the business protects its value-driving activities and profit-making ability.

    Correct Answer
    A. How the business protects its value-driving activities and profit-making ability.
  • 15. 

    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.

    • True

    • False

    Correct Answer
    A. False

Quiz Review Timeline (Updated): +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Apr 06, 2020
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 06, 2020
    Quiz Created by
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