Audit Fundamentals
What is the term for the written summary that communicates the results of an audit engagement to management?
Final (audit) Report
During the planning phase, what formal communication is sent to management outlining the scope and timing of the engagement?
Engagement Memo
Is this control Preventative, Detective or Corrective?
Before employees can access the payroll system, they must log in using multi-factor authentication (MFA).
Preventative
What annual requirement must all Internal Audit team members complete to confirm their understanding of the IA Manual and Charter?
Internal Audit Annual Attestation
What is Signet's growth strategy?
Grow Brand Love
In audit sampling, what is the risk called that the auditor’s conclusion based on a sample may differ from the conclusion if the entire population were tested?
Sampling Risk
What process is used to visually depict key steps, risks and controls in a transaction or process?
Flowchart
Is this control Preventative, Detective or Corrective?
A daily automated report flags any purchase orders over $10,000 for review by the finance team.
Detective
Name two principles from the manual that all internal auditors must demonstrate in their work.
Integrity, Objectivity, Competency, Due Professional Care, Confidentiality
How many different brands does Signet own?
11
What is the primary international organization that sets standards for the internal audit profession?
Institute of Internal Auditors (IIA)
In the audit methodology what are the 4 main phases of an internal audit engagement?
Planning, Fieldwork, Reporting and Wrap.
Is this control Preventative, Detective or Corrective?
After discovering an incorrect vendor payment, the accounting team issues a reversal and updates the vendor master file.
Corrective
What framework soes Signet use as the structure for its internal control environment?
COSO Framework (ask Hayley about her agent)
Which 2 brands are Signet's biggest revenue drivers?
Kay and Zales
What is the term for the documentation that supports audit findings, conclusions, and recommendations?
Workpapers (or audit documentation)
What process in the methodology is used to define the scope of an audit engagement using a risk-based approach?
Entity Level Risk Assessment (ELRA)
Is this control Preventative, Detective or Corrective?
Inventory counts are performed monthly and discrepancies between physical stock and system records are investigated.
Detective
Name two types of services provided by Internal Audit, as described in the manual.
Assurance services and advisory/consulting services
Approximately how many total stores does Signet operate globally (per FY25 reporting)
*rounding to the nearest hundred*
2600
2642 to be exact
What is the principle that requires auditors to maintain an impartial and unbiased attitude in all audit work?
Objectivity
What type of testing must be performed before control effectiveness testing can begin?
Design Assessment (including a walkthrough or “test of one”)
Is this control Preventative, Detective or Corrective?
A system automatically blocks transactions that exceed a customer’s credit limit and requires manager override to proceed.
Preventive
What are the 5 components of the COSO internal framework referenced in the manual?
Control Environment, Risk Assessment, Control Activities, Information & Communication and Monitoring
In January 2026, Signet announced a new Chief Digital and Technology Officer to help drive Grow Brand Love. Name the leader.
Raghu Sagi