1 The chief audit executive s ( CAE ) appointment should be approved by the A Board of directors B Audit Committee C Shareholders D Chairman, provided he is an independent non executive director 2 Functionally, the chief audit executive should report to the A Financial director B Risk committee C External audit partner D Audit committee chairperson 3 The King IV report recommends that the chief audit executive should be appointed as a full member to A The nominations committee B The remunerations committee C The social and ethics committee D None of the above 4 In terms of King IV , the board should ensure that an external, independent, quality review of the internal audit function is conducted A Annually in conjunction with the external audit B At least once every five years C Within two years of the appointment of a new CAE D Annually but independent from the external audit 5 Corporate governance focuses mainly on A Management at all levels B Governing bodies and shareholders C The governing body and top management D Board of Directors 6 Which of the following statements are true with regards to King IV I It aims to get organisations to comply with the recommendation of the King Code or explain divergence II It aims to get organisations to apply and explain how they applied the principles of the Code in achieving specific governance outcomes III It is not legislation in South Africa but listed companies are required to report on adherence with King IV as part of their listing requirements A I only B I and III C III only D II and III E II only 7 Which of the following is NOT specifically regarded by King IV as one of the ethical values and principles on which effective governance is founded A Discipline B Transparency C Accountability D Efficiency E Responsibility 8 Which of the following is not a committee of the board A Audit committee B Nomination committee C Accountability committee D Remuneration committee 9 The following is true regarding combined assurance I It is a coordinated effort by internal assurance providers in providing assurance on the adequacy of organisations systems to internal stakeholders II The audit committee is responsible for monitoring the effectiveness combined assurance in mitigating significant risks faced the company III It is a coordinated effort by internal and external assurance providers in providing assurance on the adequacy of organisations governance, risk and control systems to various stakeholders IV The internal audit department is responsible for monitoring the effectiveness combined assurance in mitigating significant risks faced by the company A II III B I II C I IV D III only E III IV 1 0 Which of the following is an appropriate responsibility of an audit committee A Performing a review of the organisation s procurement function B Reviewing the Internal audit activity s annual plan submitted by the CAE C Reviewing the workings papers files of the external audit firm to determine the firm s competence D Recommending the assignment of specific internal auditing staff members to specific audit assignments 1 1 To enhance efficient combined assurance given to the board, internal auditors may rely upon the work of external auditors if it is A Performed after the internal auditing work B Primarily concerned with operational objectives and activities C Conducted in accordance with the code of ethics D Coordinated with internal auditing work 1 2 Which of the following is NOT a principle of leadership ethics and corporate citizenship A The board should lead ethically and effectively B The board should ensure the company is efficiently and effectively managed to maximize shareholder s wealth C The board should ensure that the company is , and is seen to be , a responsible corporate citizen D The board should govern the ethics of the company in a way that supports the establishment of an ethical culture 1 3 Companies should report in the triple context Which of the following is NOT part of this kind of reporting A Social performance B Comparative performance C Economic performance D Environmental performance 1 4 You are conducting an engagement to evaluate the organization s marketing effort You agreed to keep the marketing executive informed of your progress on a regular basis What method should be used for these progress reports A Written reports signed by the CAE B Oral or written interim reports C Copies of working paper summaries D Briefing by the appropriate marketing supervisor 1 5 Which of the following is false with respect to the use of interim engagement communications Interim engagement communications A Are used to communicate information that requires immediate attention B Are used to communicate a change in enga

Question

1   The chief audit executive s ( CAE ) appointment should be approved by the  A   Board of directors B   Audit Committee C   Shareholders D   Chairman, provided he is an independent non   executive director 2   Functionally, the chief audit executive should report to the  A   Financial director B   Risk committee C   External audit partner D   Audit committee chairperson 3   The King IV report recommends that the chief audit executive should be appointed as a full member to  A   The nominations committee B   The remunerations committee C   The social and ethics committee D   None of the above 4   In terms of King IV , the board should ensure that an external, independent, quality review of the internal audit function is conducted  A   Annually in conjunction with the external audit B   At least once every five years C   Within two years of the appointment of a new CAE D   Annually but independent from the external audit 5   Corporate governance focuses mainly on A   Management at all levels  B   Governing bodies and shareholders  C   The governing body and top management  D   Board of Directors  6   Which of the following statements are true with regards to King IV I  It aims to get organisations to comply with the recommendation of the King Code or explain divergence II   It aims to get organisations to apply and explain how they applied the principles of the Code in achieving specific governance outcomes  III  It is not legislation in South Africa but listed companies are required to report on adherence with King IV as part of their listing requirements  A   I only B   I and III C   III only D   II and III E   II only 7   Which of the following is NOT specifically regarded by King IV as one of the ethical values and principles on which effective governance is founded A   Discipline B   Transparency C   Accountability D   Efficiency E   Responsibility  8   Which of the following is not a committee of the board  A   Audit committee B   Nomination committee  C   Accountability committee D   Remuneration committee  9   The following is true regarding combined assurance  I  It is a coordinated effort by internal assurance providers in providing assurance on the adequacy of organisations systems to internal stakeholders  II   The audit committee is responsible for monitoring the effectiveness combined assurance in mitigating significant risks faced the company  III  It is a coordinated effort by internal and external assurance providers in providing assurance on the adequacy of organisations governance, risk and control systems to various stakeholders  IV   The internal audit department is responsible for monitoring the effectiveness combined assurance in mitigating significant risks faced by the company A   II   III B   I   II C   I   IV D   III only E   III   IV 1 0   Which of the following is an appropriate responsibility of an audit committee  A   Performing a review of the organisation s procurement function B   Reviewing the Internal audit activity s annual plan submitted by the CAE C   Reviewing the workings papers files of the external audit firm to determine the firm s competence  D   Recommending the assignment of specific internal auditing staff members to specific audit assignments 1 1   To enhance efficient combined assurance given to the board, internal auditors may rely upon the work of external auditors if it is       A   Performed after the internal auditing work B   Primarily concerned with operational objectives and activities C   Conducted in accordance with the code of ethics  D   Coordinated with internal auditing work 1 2   Which of the following is NOT a principle of leadership ethics and corporate citizenship A   The board should lead ethically and effectively B   The board should ensure the company is efficiently and effectively managed to maximize shareholder s wealth C   The board should ensure that the company is , and is seen to be , a responsible corporate citizen D   The board should govern the ethics of the company in a way that supports the establishment of an ethical culture 1 3   Companies should report in the triple context  Which of the following is NOT part of this kind of reporting  A   Social performance B   Comparative performance C   Economic performance D   Environmental performance 1 4   You are conducting an engagement to evaluate the organization s marketing effort  You agreed to keep the marketing executive informed of your progress on a regular basis  What method should be used for these progress reports  A   Written reports signed by the CAE B   Oral or written interim reports C   Copies of working paper summaries D   Briefing by the appropriate marketing supervisor 1 5   Which of the following is false with respect to the use of interim engagement communications  Interim engagement communications A   Are used to communicate information that requires immediate attention B   Are used to communicate a change in enga

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1 . The chief audit executive s ( CAE ) appointment should be approved by the: A . Board of directors B . Audit Committee

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