1.Which one of the following is not a value provided by the internal audit function?

Increase efficiency of operation and reduce errors.

Ensures proper standard or regulations are being followed

Provide investigative and ensures punitive actions are performed

Provide independent evaluation of operation

2.How do principals delegate decision power in ownership, management, and control?

Delegate to the external auditors to ensure controls on financial statements are properly implemented

Delegate to the proxy to provide guidance and monitor performance

Delegates to the internal audit function to ensure proper function

Delegate to the management to report performance

3. In the study of ownership, management, and control, ownership does not immediately imply control; how do owners exert control firms course of actions?

Through the CEO

Through the internal control function

Through selecting proxy representations

Through management entrusted with fiduciary duty

4.In the study of ownership, management, and control, management are in the position of control, however, management cannot dictate the certainty of success and the course of the business. Therefore, how do management ensures control over firms operations?

Through the internal control function

Through the CEO

Through management entrusted with fiduciary duty

Through selecting proxy representations

5.John Yu is an internal auditor currently assigned to a new internal audit assignment at the HR department. However, he is noticing that HR department audit subjects are not cooperative in assisting his requests. On multiple occasions, he noticed that people are avoiding him. John talked to his audit partner, Michelle, and she informed that HR has always been "unfriendly." Which of the following action should John take?

Report the the audit committee directly and communicate the risks of scope limitation due to uncooperative auditee.

Raise the issue to the HR manager and reiterate the authority and objective from the audit charter

Participate in HR department functions and get to know the audit subjects in order to build better rapport.

Do nothing, it is important that audit subjects and the auditor maintains an arms-length relationship.