How often Internal audit and other assurance functions is asked

Where it was asked

What costs marks here

The questions

1. May/Jun 2017, Q1.11.5 marks · multiple choice

   This is a multiple-choice question worth 18 marks in total. For each of the twelve subsections below, you must select the single alternative you regard as most correct, then write down the subsection number together with the letter preceding your chosen alternative (for example: 1.1 A, 1.2 B). Each subsection is worth one and a half (1½) marks and subsections must be answered in numerical order. Internal and external audit work should be coordinated so that audit coverage is adequate and unnecessary duplication of effort is eliminated. Which one of the following alternatives involves the coordination of audit effort?

2. May/Jun 2016, Q3.15 marks

   You are working as an internal auditor at Timeless Moments Ltd. In this role you interact regularly with related functions within the organisation, namely management, external audit and the audit committee. Discuss the responsibilities that both management and the internal audit function have with regard to risk management.

3. May/Jun 2016, Q3.211 marks

   You are working as an internal auditor at Timeless Moments Ltd. In this role you interact regularly with related functions within the organisation, namely management, external audit and the audit committee. Complete a table comparing internal auditing and external auditing by filling in the missing information indicated by the numbered blanks 3.2.1 to 3.2.8; the mark allocated to each blank is shown in brackets. Under the factor 'Certification', the internal audit column has a blank labelled 3.2.1 (1 mark), while the external audit column shows 'Chartered Accountant'. There is a blank labelled 3.2.2 (1 mark) for the factor name itself, where the internal audit column reads 'Institute of Internal Auditors' and the external audit column reads 'South African Institute of Chartered Accountants'. Under 'Audit timeframe', the internal audit column has blank 3.2.3 (1½ marks) and the external audit column has blank 3.2.4 (1½ marks). Under 'Audit coverage', the internal audit column has blank 3.2.5 (1½ marks), while the external audit column states that external audit works primarily with those financial systems that have a bearing on the final accounts. Under 'Organisational structure', the internal audit column has blank 3.2.6 (1½ marks), while the external audit column states that external audit is an external contractor and never an employee of the company. Under 'Legislation', the internal audit column has blank 3.2.7 (1½ marks) and the external audit column has blank 3.2.8 (1½ marks). Fill in all the numbered blanks accordingly.

4. May/Jun 2016, Q3.37 marks

   You are working as an internal auditor at Timeless Moments Ltd. In this role you interact regularly with related functions within the organisation, namely management, external audit and the audit committee. List seven (7) practices that would help to enhance good relationships between the audit committee and the internal audit activity.

5. May/Jun 2016, Q3.43 marks

   You are working as an internal auditor at Timeless Moments Ltd. In this role you interact regularly with related functions within the organisation, namely management, external audit and the audit committee. Describe the three (3) elements that make up an internal audit charter.

6. Oct/Nov 2012, Q1.71.5 marks · multiple choice

   For this question on internal auditing, choose the one alternative you consider most correct for each of the ten subsections listed below. Write down the subsection number together with the letter of your chosen alternative (for example 1.1 A, 1.2 B), answering the subsections in numerical order. Each subsection counts 1½ marks. (Questions adapted from Vallabhaneni: CIA Exam Review) Internal and external audit work should be coordinated to ensure adequate audit coverage and to eliminate unnecessary duplication of effort. Which one of the following alternatives involves the coordination of audit effort?