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Question 1

Which of the following is a requirement for an assurance engagement that may not be for a consulting engagement?

Options :

A : The internal audit activity has to ensure team members' objectivity is not impaired.

B : Auditors cannot participate in an assurance engagement of a function for which they previously performed a consulting engagement.

C : The scope and objective of the engagement is agreed upon based on the engagement client-s needs.

D : The internal audit activity must ensure management actions have been implemented effectively or risk accepted.

Answer: B

Question 2

A capital investment project will have a higher net present value, everything else being equal, if it has:

Options :

A : A higher initial investment level.

B : A higher discount rate.

C : Cash inflows that are larger in the later years of the life of the project.

D : Cash inflows that are larger in the earlier years of the life of the project.

Answer: D

Question 3

The critical path for any project is the path that exhibits which of the following characteristics?

Options :

A : Has the longest duration in time.

B : Costs the most money.

C : Requires the largest amount of labor

D : Is deemed most important to the project.

Answer: A

Question 4

Which of the following is most likely to function as a directive control?

Options :

A : Security dogs.

B : Alert employees.

C : Insurance claims.

D : Cycle counts.

Answer: B

Question 5

Which of the following is an example of a risk management avoidance response?

Options :

A : Exiting a marketplace.

B : Recalling a product.

C : Obtaining product insurance.

D : Outsourcing production.

Answer: A