June 2020 Internal Auditor Quiz

1. In Building a Great Team, author Nancy Haig says great internal audit teams:

Embrace diversity.

Have the right skills.

Are supportive of team members.

All of the above.

2. According to "Adding Value 2.0," where internal audit has fallen short of certain key performance indicators, it should understand the underlying value proposition.

True

False

3. According to "Data Protection in a GDPR World," what exposure factor should internal auditors consider when performing a data protection risk assessment?

The type of information being processed.

The sensitivity of the data.

The volume of data being processed.

All of the above.

Option 5

4. In Building a Great Team, author Nancy Haig says when mistakes happen, CAEs should be certain team members:

Acknowledge and communicate the error.

Offer to fix the mistake.

Go to the CAE for advice.

Investigate who is at fault.

5. The authors of "Data Protection in a GDPR World" say that, as part of its data protection efforts, the internal audit team can help form a review body tasked with evaluating new initiatives and IT systems.

True

False

6. According to an IBM survey cited in "Navigating the Crisis," what percentage of U.S. adults say they would like to continue working remotely, at least occasionally, post-COVID-19?

Fewer than 35%.

50%.

More than 75%.

85%.

7. In Building a Great Team, author Nancy Haig says having a QAIP in place sends the message to clients that:

The audit function is being audited.

The audit function knows what it’s doing.

The audit function cares about how its work is performed.

None of the above.

8. In Neil Hodge's "Working in Concert," Bethmara Kessler says that audit committees should ask for internal audit's opinion on the external auditor's work.

True

False

9. According to "Adding Value 2.0" by Nicodemus Tan, how should internal audit set its goal posts to provide and communicate its value?

Catalog the quantity of work completed.

Use a balanced scorecard to measure performance.

Use years of experience or academic qualifications to demonstrate the quality of internal auditors on staff.

Identify what key stakeholders such as the audit committee and management deem valuable.

10. What does consultant Alexander Larsen say is critical to organizational survival and an area in which internal audit has a key role to play?

Good risk management.

Effective governance.

Clear communication.

Cybersecurity.

11. As referenced in "Data Protection in a GDPR World," what proportion of nations does the United Nations Conference on Trade and Development say lack laws to protect their citizens' online data and privacy?

One-fourth.

One-third.

One-half.

Three-fourths.

12. In "Navigating the Crisis," what two key themes does CAE Moses Chavi say have emerged for internal auditors and management from the COVID-19 crisis?

Flexibility and resilience.

Working capital management and talent management.

Remote work and operational efficiency.

None of the above.

13.

According to "Adding Value 2.0," ____ is an example of an acknowledgement-based metric:

Level of audit function in the Internal Audit Maturity Model.

Number of processes audited.

Process improvement following an internal audit.

Quality assessment score of the internal audit function.

14. According to Bonnie Tse's "Transforming Corporate Card Audits," optical character recognition falls under which technology area?

Cloud storage.

Data visualization.

Automation.

All of the above.

15. In Bonnie Tse's "Transforming Corporate Card Audits," the cost of technologies such as artificial intelligence, robotic process automation, and machine learning is considered an opportunity.

True

False