Basic Info
What are the main GPIC products that PIC is responsible for marketing it?
Internal auditors have which following four principles to uphold and apply.
A. Integrity, Objectivity, Control and Confidentiality
B. Integrity, Objectivity, Confidentiality and Competency
C. Reliability, Objectivity, Timeliness and Competency
D. Integrity, Objectivity, Discretion and Expertise
B. Integrity, Objectivity, Confidentiality and Competency
Operations control is related to the:
A. Effective and efficiency use of the entity’s cost.
B. Effective and efficiency use of the entity’s space.
C. Effective and efficiency use of the entity’s time.
D. Effective and efficiency use of the entity’s resources.
D. Effective and efficiency use of the entity’s resources.
An auditor who observes the law and makes disclosures expected by the law is following The IIA’s Code of Ethics principle of:
A. Responsibility.
B. Integrity.
C. Competency.
D. Objectivity.
B. Integrity.
Internal Audit plan is a ------------ plan that depends mainly on assessing the risk of all enterprise’ ------------------.
List 3 of Local Presence of PIC?
When internal auditors establish trust and thus provides the basis for reliance on their judgment, this refers to:
A. Veracity
B. Authenticity
C. Integrity
D. Accuracy
C. Integrity
are preferred if the culture in the organization may hinder open, candid discussions in workshop settings or of management desires to minimize the time spent and cost incurred in gathering the information.
A. Interviews
B. Surveys
C. Dialogues
D. Conferences
B. Surveys
When a supplier does not deliver a product needed for the final manufacturing of a consumer good, the manufacturer is responsible for nonconformance to the delivery timeline. The mitigating activity should be on the exposure to what type of risk?
A. Emerging.
B. Financial.
C. Third party.
D. Inventory.
C. Third party.
What are the five factors for assessing the residual risk related to audit entities in Teammate?
what are PIC shares at Equate and what are Equate main products?
The engagement work program must be approved by whom?
A. The audit committee.
B. Internal audit management.
C. Executive management.
D. Management of the area under review
B. Internal audit management.
Considering the differences between statistical and judgmental sampling, which of the following statements about statistical sampling is true?
A. No judgment is required, because everything is computed according to a formula.
B. A smaller sample can be used.
C. More accurate results are obtained.
D. Population estimates can be made with measurable reliability.
D. Population estimates can be made with measurable reliability.
For a board, a member’s independent status can be a disadvantage because his or her knowledge of staff operations and daily governance is limited to what is revealed at board meetings and other timely information. When thinking about documentation to the board, which of the following is false?
A. It contributes to openness and transparency.
B. It provides information that can support the decision-making, planning, and analysis of strategic initiatives.
C. It tilts the balance of power so that the board has more information than the CEO does about risk management.
D. It allows stakeholders to have timely and relevant information to make decisions.
C. It tilts the balance of power so that the board has more information than the CEO does about risk management.
Which of the following is not role of internal audit in ERM?
A. Evaluating risk management processes
B. Giving assurance that risks are correctly evaluated.
C. Imposing risk management processes
D. Reviewing the management of key risks.
C. Imposing risk management processes
How may Very High Risks do PIC defined based on KPC severity scale (2022/2023 Risk Register)?
A. 3 Risks.
B. 4 Risks.
C. 2 Risks.
D. 5 Risks.
B. 4 Risks.
what are the 5C’s of internal audit table of findings?
Criteria, Condition, Cause, Consequences and corrective actions
Which of the following is the best strategy for limiting production delays caused by equipment breakdown and repair?
A. Schedule production based on capacity planning.
B. Plan maintenance activity based on an analysis of equipment repair work orders.
C. Preauthorize equipment maintenance and overtime pay.
D. Establish a preventive maintenance program for all production equipment.
D. Establish a preventive maintenance program for all production equipment.
When selecting the audit team for an engagement, which of the principles is the most relevant?
A. Integrity.
B. Competency.
C. Confidentiality.
D. Objectivity.
B. Competency.
Objectives of the risk management process include all of the following except:
A. To link growth, risk, and return.
B. To act as a reasonable “brake” on strategic growth.
C. To look for ways to take advantage of opportunities.
D. To comply with laws and regulations.
B. To act as a reasonable “brake” on strategic growth.
List 3 of KPC and K's Companies, Code of Conducts?
- Staff Appreciation
- Commitment to Health, Safety, Security and Environment (HSSE) System
- Citizenship and Social Responsibility
-Ethical Business Conduct
- Confidentiality
- Reporting
According to IIA guidance, independence of the internal audit activity is achieved through which of the following?
A. Staffing and supervision.
B. Continuing professional development and due professional care.
C. Human relations and communications.
D. Organizational status and objectivity.
D. Organizational status and objectivity.
what is the word that summarized KPCIA vision?
A. ASSURE.
B. MEASURE.
C. ENSURE.
D. SATISFY.
A. ASSURE.
Which sample sequence of events should the chief audit executive follow regarding communication of the annual audit plan?
A. Identify risk-based priorities; determine needed resources; gain board approval; communicate the plan.
B. Identify risk-based priorities; determine needed resources; communicate the plan; gain board approval.
C. Identify risk-based priorities; communicate the plan; gain board approval; determine needed resources.
D. Determine needed resources; identify risk-based priorities; communicate the plan; gain board approval.
B. Identify risk-based priorities; determine needed resources; communicate the plan; gain board approval.
Literature and guidance recognize primary stakeholders and three lines of defense for operational and effective risk management as follows: (CRMA)
I. Internal auditors’ assurance.
II. Operational management.
III. Senior management and governance body.
IV. Risk management and compliance functions.
Which is the correct hierarchy of the above four elements?
A. I, II, III, and IV.
B. III, II, IV, and I.
C. IV, III, II, and I.
D. IV, I, III, and II.
B. III, II, IV, and I.