To enhance the independence of both the internal and external audit functions, audit committees should be composed of:
Which segregation of duties would best reduce the risk of payroll fraud?
An organization is beginning to implement an enterprise risk management program. One of the first steps is to develop a common risk language. Which of the following statements about a common risk language is true?
An organization's chief audit executive (CAE) determines that the internal audit staff does not have the requisite skills to conduct an audit of the financial derivatives area. Which of the following would be the best course of action for the CAE to follow?
What is the primary purpose of a fishbone diagram?
An employee is more likely to commit fraud if which of the following red flags are present?1. The employee believes that he is being underpaid and deserves a higher salary.2. The employee is close to retirement and has expressed a desire to take an expensive trip around the world.3. The employee has personal financial problems and seems very unhappy.4. The employee is spending much more time at the office than usual and has been asking about opportunities for professional advancement.
