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Question 1

One standard deviation corresponds to what approximate percentage of the area under a bell curve?

Options :

A : D.95.5%

B : A.34%

C : B.68%

D : C.90%

Answer: C

Question 2

Analytical procedures in which current financial statements are compared with budgets or previous statements are primarily intended to determine the

Options :

A : Overall reasonableness of statement contents.

B : Existence of specific errors or omissions.

C : Adequacy of financial statement disclosure.

D : Use of an erroneous cutoff date.

Answer: A

Question 3

A charter is being drafted for a newly formed internal audit activity. Which of the following best describes an appropriate organizational position to be incorporated into the charter?

Options :

A : The chief audit executive is a staff officer reporting to the chief financial officer.

B : The chief audit executive reports to the chief executive officer but has access to the board.

C : The chief audit executive is a member of the board.

D : The chief audit executive reports to an administrative vice president.

Answer: B

Question 4

To determine the sufficiency of information regarding interpretation of a contract, an internal auditor uses

Options :

A : Logical relationships between information and issues.

B : The best obtainable information.

C : Objective evaluations.

D : Subjective judgments.

Answer: C

Question 5

Which of the following risk factors is most subjective?

Options :

A : Prior audit findings.

B : Competency of operating management.

C : Size of the unit being audited.

D : Changes in staff, systems, or the environment.

Answer: B