Wednesday, December 30, 2020

AAFM CTEP Dumps PDF - 100% Success with Valid Q&A | Real Exam Dumps


 Question: 1


Which two of the following are preventive controls in a check disbursement process?

1. Daily reconciliation of the bank account used for check disbursements and prompt follow-up of

unreconciled items.

2. Segregation of the following duties: establishing new vendors, approving checks, and reconciling the

bank account.

3. An activity report detailing who accesses the check disbursement system and the nature of any action

taken in the system.

4. Evidence of strong access controls ensuring that authorized individuals have access only to the

functions related to their responsibilities.


A. 1 and 3.

B. 1 and 4.

C. 2 and 3.

D. 2 and 4.


Answer: D


Question: 2


What is the additional advantage of facilitated workshops, in comparison with structured interviews,

used when testing the effectiveness of entity-level controls?


A. During facilitated workshops, people more openly say things to internal auditors than during private

interviews.

B. Internal auditors do not need other sources of information, as the data gathered during facilitated

workshops is sufficient.

C. Facilitated workshops create a synergy of discussion that can bring multiple perspectives to the same

issue.

D. The testimonial evidence obtained during facilitated workshops is generally considered more reliable.


Answer: C 


Question: 3


The chief audit executive (CAE) has assigned an internal auditor to an upcoming engagement. Which of

the following requirements would most likely indicate that the internal auditor was assigned to an

assurance engagement?


A. The assigned internal auditor must determine the objectives, scope, and techniques of the

B. The CAE must personally obtain the needed skills, knowledge, or other competencies if the internal

auditor does not have them.

C. The assigned internal auditor must not assume management responsibilities while performing the

engagement.

D. The assigned internal auditor must maintain objectivity while performing the engagement


Answer: A 


Question: 4


According to IIA guidance, which of the following statements is true regarding periodic internal

assessments of the internal audit activity?


A. Internal assessments are conducted to benchmark the internal audit activity's performance against

industry best practices.

B. Internal assessments must be performed at least once every five years by a qualified assessor.

C. An internal auditor may perform a peer review of a colleague's workpapers, as long as the auditor

wasn't involved in the audit under review.

D. Follow-up to ensure appropriate improvements are implemented is a recommended, but not

mandatory, element of internal assessments.


Answer: C


Question: 5


An organization has implemented a software system that requires a supervisor to approve transactions

that would cause treasury dealers to exceed their authorized limit. This is an example of which of the

following types of controls?


A. Preventive controls.

B. Detective controls.

C. Soft controls.

D. Directive controls.


Answer: A 


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