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Question 44/47
What are the typical elements of a risk and control matrix used in the engagement planning process?
Correct Answer: C
Comprehensive and Detailed Step-by-Step Explanation:
* Risk and Control Matrix: A risk and control matrix links business objectives, the risks threatening those objectives, and the likelihood and impact of the risks. It is used to prioritize areas for review and identify necessary controls.
* Risk and Control Matrix: A risk and control matrix links business objectives, the risks threatening those objectives, and the likelihood and impact of the risks. It is used to prioritize areas for review and identify necessary controls.
- Question List (47q)
- Question 1: What is the primary objective for testing controls?...
- Question 2: Information collected and documented in audit workpapers sho...
- Question 3: The internal audit activity has been tasked with evaluating ...
- Question 4: Which of the following is an advantage of communicating audi...
- Question 5: As part of the annual training plan, the chief audit executi...
- Question 6: Which of the following activities would compromise the indep...
- Question 7: Which of the following internal auditor attributes benefits ...
- Question 8: Which of the following scenarios would be the strongest indi...
- Question 9: Which sampling technique uses a nonrandom selection process ...
- Question 10: Which of the following statements is true regarding engageme...
- Question 11: During which stage of an audit engagement would the engageme...
- Question 12: Which of the following is the most appropriate audit objecti...
- Question 13: An internal auditor is conducting a human resources audit en...
- Question 14: What is the purpose of establishing engagement objectives du...
- Question 15: Which of the following is the best audit procedure to determ...
- Question 16: According to The IIA's Code of Ethics, which of the followin...
- Question 17: Which of the following situations is most likely to require ...
- Question 18: A senior police officer was in charge of the cash fund used ...
- Question 19: A senior internal auditor is using a risk and control matrix...
- Question 20: Which of the following conditions would threaten an internal...
- Question 21: An internal auditor is planning a business continuity audit ...
- Question 22: Which of the following best describes the purpose of a detai...
- Question 23: Which of the following statements best describes quality aud...
- Question 24: Which of the following best explains why internal auditors s...
- Question 25: During a review of the payroll department, a payroll associa...
- Question 26: A senior internal auditor is planning a compliance audit of ...
- Question 27: An internal auditor was assigned to a payroll process audit ...
- Question 28: Which of the following best describes the difference between...
- Question 29: Which of the following is a purpose of an embedded audit mod...
- Question 30: A member of the internal audit team worked eight months ago ...
- Question 31: During an accounts payable audit engagement, the internal au...
- Question 32: Which of the following actions could the chief audit executi...
- Question 33: When determining the appropriate level of resources needed f...
- Question 34: Which of the following consulting engagements leverages an i...
- Question 35: The engagement supervisor is coordinating an audit of invest...
- Question 36: If an internal auditor needs to evaluate compliance with an ...
- Question 37: Which of the following is considered an organization-level c...
- Question 38: Which of the following is an example of a detective control?...
- Question 39: Which of the following is the most important initial action ...
- Question 40: Which of the following interview techniques would be most ef...
- Question 41: Which of the following is an element of a well-formed audit ...
- Question 42: During engagement planning, which of the following sources w...
- Question 43: An internal auditor is performing an internal control assess...
- Question 44: What are the typical elements of a risk and control matrix u...
- Question 45: Internal and external benchmarking by the internal audit act...
- Question 46: Which of the following would an internal auditor most likely...
- Question 47: According to IIA guidance, which of the following are common...
