Question

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1.A periodic review by internal auditors that stresses the evaluation of the efficiency and effectiveness of a department's procedures is called a (an):

Select one:

a. operational audit

b. financial audit

c. management-by-exception audit

d. audit by exception

e. audit trail

2. In discussing personnel policies and procedures, we talked about Rita Crundwell - a past comptroller of Dixon. The purpose is to emphasize which aspect of the following personnel policies and procedures?

Select one:

a. training programs that prepare employees to perform their organizational functions effectively and efficiently

b. regular performance reviews of employees

c. vacation requirement

d. insurance coverage

e. good supervision of the employees as they are working at their jobs on a daily basis

3.Which of these is not a component of an IP address?

Select one:

a. a geographic region

b. an organization number

c. a computer group

d. a specific user number

e. a specific computer number

4.An approach used by many companies to reduce the risk of loss caused by the theft of assets by employees is to:

Select one:

a. utilize polygraphs

b. acquire arbitrage loss protection

c. acquire fidelity bond coverage

d. institute punitive management

e. None of the answer is correct

5.REA is effective for E-R modeling when designing a database. This is because:

Select one:

a. REA is one type of E-R; however, REA does not require modeling entities.

b. REA is not a type of E-R, which requires modeling entities first.

c. REA is effective in deciding which entites need to be modeled.

d. REA is event-driven.

e. REA identifies relationships among entities.

6.All of the following are true about XBRL tags except:

Select one:

a. Tags are "extensible"

b. Tags describe the data

c. Tags tell how to display data

d. Tags are now permanently standardized across industries

e. All of the answers are true about XBRL tags

Answer 1

Question 1.

A. This option is correct. Periodic review by an internal auditor with an emphasis on evaluating the efficiency and effectiveness of the department's procedures is called operational audit. Operational audit is a method of examining the way a business is conducted, with a view to focusing on performance-enhancing improvements.

B. This option is incorrect. Reason, Financial auditing is an independent objective assessment of business financial statements and financial reporting processes. The primary purpose of such a financial audit is to guarantee the investor managers that the financial statements appear to be accurate and complete.

C. This option is incorrect. This is because, to run the management from the exception is to evaluate the financial and operational results of the business and only if the results show a difference with the estimated or expected amount, the attention of the management is drawn.

D. This option is incorrect. This is because, audit exception means only deviation from the result drawn from the expectation of examining one or more control activities. The auditor examines each control in the description of the service-oriented organization to see if the controls are properly designed to achieve the control objectives or criteria and whether they work effectively. The auditor has the right to use any number of tests while evaluating each control.