Which of the following best describes the approach the internal audit activity should take to assess and make appropriate recommendations to improve the organization?
An internal auditor is performing analytical reviews as part of an audit of a supermarket's merchandising department. Because the economy has declined since midyear, the auditor can expect to encounter which of the following?
Which of the following are appropriate responsibilities of the audit committee in relation to the chief audit executive (CAE)?1. Approving the internal audit charter.2. Approving decisions regarding the appointment and removal of the CAE.3. Approving the risk management strategy for the organization.4. Making appropriate inquiries of management and the CAE to determine whether there are inappropriate scope and resource limitations.
Which two of the following are preventive controls in a check disbursement process?1. Daily reconciliation of the bank account used for check disbursements and prompt follow-up of un-reconciled items.2. Segregation of the following duties: establishing new vendors, approving checks, and reconciling the bank account.3. An activity report detailing who accesses the check disbursement system and the nature of any action taken in the system.4. Evidence of strong access controls ensuring that authorized individuals have access only to the functions related to their responsibilities.
Which of the following is a second line of defense in effective risk management and control?
The first stage in the development of a crisis management program is to:
