Question 41
An internal auditor is testing,on a sample basis,whether invoices paid between January 1 and December 31 are supported by appropriately approved purchase orders. Over 25,000 invoices were paid during the fiscal year,which runs from the first of April to the end of March. The auditor sets the acceptable risk of assessing control risk too low at 5% and the tolerable deviation rate at 5%. The internal auditor consults the previous audit and sets the expected population deviation rate at 1%. Sample size (77) is selected from a table and rounded up to 80. No sample deviations were found. The upper deviation limit was 3.7%.
Which of the following statements represents a valid conclusion regarding this information?
Which of the following statements represents a valid conclusion regarding this information?
Question 42
How should management obtain assurance that employees are complying with the organization's security policy?
Question 43
Which of the following describes a responsibility of operating management in an organization's corporate social responsibility (CSR) efforts?
Question 44
Auditors 1, 2, and 3 work out of various offices. Each must be assigned to one, and only one, of three audit locations (A, B, or C). The cost of sending each auditor to each location is listed below:
Audit Locations
Auditor 1 A B
Auditor 2 $200 $300 $400
Auditor 3 $400 $300 $600
Auditor 4 $200 $200 $500
The minimum cost with which this assignment can be accomplished is:
Audit Locations
Auditor 1 A B
Auditor 2 $200 $300 $400
Auditor 3 $400 $300 $600
Auditor 4 $200 $200 $500
The minimum cost with which this assignment can be accomplished is:
Question 45
Which of the following specifications in an internal audit charter is the most important factor in the internal audit activity's independence?