International Standards for the Professional Practice of Internal Auditing include implementation standards specific to both assurance and consulting activities. A major difference between assurance and consulting activities is that:
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1 .An analyst is reviewing a start up company with no net earnings. If the analyst wants to use a price multiples approach to valuation rather than a discounted cash flow method, the analyst would most likely select:
A PEG ratio projections B P/E ratio projections C Return on residual P/E ratio D Price-sales ratio projection
2 .A financial manager believes that his actions will cause earnings to increase and market prices to stay in proportion to increased earnings. The manager’s behavior illustrates:
A Illusion of control. B Overconfidence. C Excessive optimism. D Confirmation bias.
3 .Which of the following formulas should be used to calculate the economic rate of return on common stock?
A (Net income ? preferred dividend) divided by common shares outstanding. B Market price per share divided by earnings per share. C (Dividends + change in price) divided by beginning price. D Dividends per share divided by market price per share.
4 .The Institute of Internal Auditors defines internal auditing in their International Standards for the Professional Practice of Internal Auditing as an:
A Integrated program evaluation function. B Institutional improvement system. C Independent objective assurance and consulting activity. D Interdependent attestation service.
5 .The former controller for National Manufacturing Corporation's Scranton manufacturing plant was promoted to National Manufacturing Corporation's internal audit division within the last six months. According to Independence and Objectivity standards included in the International Standards for the Professional Practice of Internal Auditing, the auditor:
A Should not be involved in either assurance or consulting activities for the Scranton Plant. B May be involved in assurance and consulting activities for the Scranton Plant without limitations. C Must not be involved with consulting activities for the Scranton Plan. D Must not be involved with assu...
7 .The International Professional Practices Framework (IIPF) organizes the authoritative guidance published by the II Authoritative guidance is divided into two categories, mandatory and endorsed/strongly recommended. Which of the following IIPF authoritative guidance is not considered mandatory guidance?
A Definition of internal auditing. B International Standards for the Professional Practice of Internal Auditing. C Code of Ethics. D Position papers.
8 .Which of the following statements is true regarding the International Professional Practices Framework Code of Ethics?
A The Code of Ethics includes a comprehensive and detailed Standards of Conduct document. B The Code of Ethics applies to both individual internal auditors and entities that conduct internal audits. C The Code of Ethics is divided into three sections covering independence, objectivity, and competenc...
9 .According to the Independence and Objectivity standards included in the International Standards for the Professional Practice of Internal Auditing, the chief internal audit officer should confirm his independence to the board of directors:
A Every three years. B Quarterly. C Annually. D Biannually.
10 .According to the Quality Assurance and Improvement standards included in the International Standards for the Professional Practice of Internal Auditing, all are true of a quality assurance program, except:
A Results of quality assurance reports should be reported to the board of directors and senior management. B External reviewers must be CPAs. C External assessments must occur at least every five years. D Quality assurance must include both ongoing and periodic internal assessments and periodic exte...
