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business
auditing 12th

Questions and Answers of Auditing 12th

List three reasons management may ask for an operational audit to be performed, and explain how the audit program would be impacted by each of them.
Explain the importance of identifying risk factors and using them during the planning phase.
Explain how an auditor would perform each of the following procedures:a. Traceb. Vouchc. Reconciled. Foote. Cross-foot
What is testimonial evidence and how is it gathered?
Give two examples where observation is a useful technique to examine operational risks and related controls.
Give two examples where document inspection is a useful technique to examine operational risks and related controls.
Explain professional skepticism and why it is important for all auditors.
Provide three benefits of drawing process maps (flowcharts or value stream maps, as some would rather call them).
What is an internal controls questionnaire and how can auditors use it during the planning and fieldwork phases of audits?
Explain the acronym CCCER.
What are the benefits of the internal audit function establishing a risk-based plan when identifying the priorities of the internal audit activity?
Describe three ways that internal auditors can better identify the risks related to the area under review.
What are three internal and three external factors affecting a typical organization? How do these factors affect the future prospects of the organization?
Describe an event that has transformed or disrupted an industry and include: (1) An example of an organization that benefited from that opportunity and (2) an example of another organization that
List three organizations that provide lists of common vulnerabilities useful during a risk assessment.
List three of the benefits of CSA programs.
Describe three risks that are unique to each of the following two manufacturing approaches:made to order (MTO) and made to stock (MTS).
Explain why internal auditors should consider bottlenecks, long cycle times, redundancies, and reprocessing as operational risks.
What are the risk implications of outsourcing? Explain why management must remain vigilant even if a process and related activities have been outsourced to another organization.
What are some of the practices expected of organizations to fight corruption and support efforts to decrease institutional corruption?
List the 8 Es and explain how they impact organizational success.
How does the concept of effectiveness affect an organization’s strategic and operating plans?
List three examples of how efficiency can be used as a competitive advantage.
Link the concept of excellence to the work of internal auditors and how it can be incorporated in audit programs.
How can failure in ethics affect organizational success? Is it something that can be audited?
Equity is often examined in the context of compliance with government employment and termination laws. Give three examples of how equity manifests itself in operations and the costs to the
Describe ways to monetize the concept of ecology, so we don’t only rely on altruistic and emotional motivators, but also economic ones to encourage environmental stewardship.
Explain how an internal audit department can set goals and metrics, and incorporate the 8 Es in its annual performance report highlighting improvements within the organization.
How does the concept of excellence compare to criteria in the CCCER/5C Model used by internal auditors?
Give an example of how the 8 Es can be used when performing a site visit review.
What are the five components of the COSO IC-IF Model?
Describe each of the components of the COSO IC-IF Model.
Explain the benefits of the COBIT Model in the IT and the general business context.
Describe the implications of Principle 11 of the COSO 2013 IC-IF Framework.
Explain the relevance of IT GCCs for business auditors.
List five ISO standards and explain their relevance to internal auditors.
Explain how ISO 9000—Quality Management and related standards can help internal auditors improve business practices and strengthen the Three Lines of Defense framework.
Explain how ISO 31000—Risk Management and related standards can help internal auditors improve business practices and better identify and assess organizational risks.
What is ITIL and how can it help improve the practice of integrated auditing?
What are the five maturity levels in the CMMI Model?
How can internal auditors use histograms during internal audits?
How can management use control charts as part of their ongoing monitoring activities?
How can internal auditors use takt time during internal audits?
How can the 5S model be used during an operational audit?
How can management use RACI charts to improve accountability in operating units?
Describe the benefits of a communications plan and a communications matrix.
What are the elements of an SIPOC map and how can using it improve the understanding of a unit under review?
Explain how using the principles of Poka Yoke/mistake proofing can help further the goal of preventing errors, accidents, and operational breakdowns.
Describe how the 5 Whys can be used to identify the root cause of an operational issue.
What are the benefits of RCA?
How can overproduction be minimized?
Describe three reasons why waiting is damaging to organizations?
How is transporting a waste? Provide an example to support your answer.
How can organizations avoid, or at least minimize, unnecessary paperwork and processing?
If inventory is an asset, why is it considered a waste?
Explain how you can identify excess motion during an operational audit.
Describe the impact of defects on organizational success from an internal and external (e.g., competitive) perspective.
Provide three recommendations to minimize the presence of underutilized employees.
How can the Eight Areas of Waste be used to build an operational audit work program?
Show how a process can have more than one of the Eight Areas of Waste present simultaneously.
Use operational events as examples to show how internal auditors can use financial statement assertions in their operational audits.
Use operational events as examples to show how internal auditors can use the 8 Es to assess and improve operational success.
Explain the importance of focusing operational audits on management’s business objectives.What should be done if business objectives have not been identified or are inadequate (e.g., unclear,
Prepare “an elevator pitch” to explain to someone that internal controls are not obstacles to business success, but rather enablers.
How are Lean and Six Sigma methodologies related to the work of internal auditors?
What is the error rate (DPMO) for a process operating at the Six Sigma level?
Should all processes operate at the Six Sigma level? Why or why not?
Give two examples to show how Six Sigma can be applied in a service organization.
What are the elements of the acronym DMAIC?
What are the seven quality management principles of ISO 9001?
Explain the elements of the CCCER/5C model.
What constitutes criteria and how can operational auditors identify it?
What constitutes the condition and how can operational auditors define it?
What constitutes the cause and how can operational auditors find it?
What constitutes the effect and how can operational auditors calculate it?
What constitutes the recommendation and how can operational auditors formulate it?
Explain three methodologies that can help operational auditors find the root cause of operational deficiencies.
List three actions that can help to make findings and recommendations more persuasive.
Explain the use of logic, character of the presenter, and emotion as tools for persuasion.
Explain three tactics used to persuade, distract, and divert the attention of others. How should operational auditors use this knowledge to prevent being manipulated themselves?
What are some of the limitations of periodic, manual, and sample-based audits?
Explain why auditing every transaction may be a requirement in today’s risk environment.
Is auditing all transactions feasible? Why or why not?
Explain how auditing all transactions may in fact enable risk-based auditing and sample-based auditing perpetuate control-based auditing. Support your answer with examples.
Describe five continuous analysis routines and how they support the efforts of internal auditors.
Explain the concept and use of KPIs and KRIs for management review and operational auditors.
List five continuous monitoring/auditing routines you would recommend to a client for a payment processing operation. Specify what data would be collected, how it would be analyzed, the reporting
List five continuous monitoring/auditing routines you would recommend to a client for a customer call center facility. Specify what data would be collected, how it would be analyzed, the reporting
List five continuous monitoring/auditing routines you would recommend to a client for an IT service enter. Specify what data would be collected, how it would be analyzed, the reporting mechanism, and
List five continuous monitoring/auditing routines you would recommend to an environmental health and safety manager. Specify what data would be collected, how it would be analyzed, the reporting
Describe Kotter’s 8-Step Process for Leading Change and the implications for operational auditors.
How does Kotter’s Step 5—Empower Others to Act on the Vision impact internal controls in organizations?
Provide three examples that demonstrate the organization has implemented Step 8—Institutionalize New Approaches.
Describe Kurt Lewin’s three-step change model.
What are the implications of Kurt Lewin’s Step 3: Refreeze for operational auditors and how can they verify that management has effectively implemented this step?
Describe W. Edwards Deming’s PDCA model.
How does W. Edwards Deming’s Plan step relate to project management and how can operational auditors verify that management has effectively implemented this step?
List three reasons project planning should include a risk assessment.
Describe five key steps that an operational auditor should perform when auditing an organization’s PMO.
Describe three reasons individuals resist change and indicate what should be done to correct them.

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