According to the Standards, which of the following best describes the responsibility of the chief audit executive (CAE) for approving the final engagement report?
* The CAE is responsible for obtaining management approval before issuing the final report.
* The CAE has overall responsibility for the report but can delegate the review and approval of the report.
* The CAE is responsible for obtaining senior management's approval before releasing the final report.
* The CAE is responsible for approving to whom and how the final report will be disseminated.

According to IIA guidance, which of the following procedures would be least effective in managing the risk of payroll fraud?

A code of business conduct provides:

A draft internal audit report that cites deficient conditions generally should be reviewed with which of the following groups?
1.The client manager and her superior.
2.Anyone who may object to the report's validity.
3.Anyone required to take action.
4.The same individuals who receive the final report.

An organization buys crude oil on the open market and refines it into a high-quality gasoline. The price of crude oil is extremely volatile. Which of the following is the most appropriate risk management technique to protect the organization against these price fluctuations?