1.Which one of the following is a typical role of the internal audit function?

Serve as the investigative arm of the board

Serve as the operational arm of the board

Perform studies to assist in the more efficient operations

Assist the external audit to perform advisory tasks

2.Which one of the following best describes the role of internal audit activities? Ensure the effectiveness of organization operations

Safeguard resources of the organization

Assist organization in achieving goals

Relieve the burden of the board for establish effective control environment

3.Mary owns 30 share of Apple Inc. As a shareholder, how will she exercise her right to control? Through shareholder say-on-pay

Through Marys proxy representatives

By joining the selection process of potential management

Mary is a minority owner, therefore there is no control possible.

4. In internal audits, the stage that prepare and authorizes the audit charter happens in:

Before performance stage

Before planning stage

During performance stage

During planning stage

5. With regards to risk management, the internal audit activitys scope of responsibility should primarily focus on: Evaluating risk

Managing risk

Eliminating risk

Controlling risk