Enter answers below: Question # Answer 1 2 3 5 6 7 8 9 10 TRUE/FALSE 1) The work of internal auditors is primarily for the benefit of shareholders and potential investors. 2) Independence and Objectivity is one of the sections of attribute standards in the IIA's Standards of the Professional Practice of Internal Auditing. 3) In operational auditing, the preliminary survey serves as a guide for the development of the audit program. Multiple Choice 4) Which of the following is not one of the attribute standards of the IIA's Standards for the Professional Practice of Internal Auditing? A) Independence and objectivity. B) Integrity and skepticism. C) Proficiency and professional care. D) Purpose, authority, and responsibility. 5) The internal auditing department provides information about control and quality of perform to: A Management and the board of directors 4) Which of the following is not one of the attribute standards of the IIA's Standards for the Professional Practice of Internal Auditing? A) Independence and objectivity. B) Integrity and skepticism. C) Proficiency and professional care. D) Purpose, authority, and responsibility. 5) The internal auditing department provides information about control and quality of performance A) Management and the board of directors. B) A level in the organization sufficient to ensure acceptance of all recommendations. C) Outside agencies for regulatory and financial compliance. D) Any member of the organization upon request. to: 6) An operational audit report which deals with the accounts receivable department of a wholesaler is most likely to address: A) The efficiency and effectiveness of the customer collections and include any findings requiring corrective action. B) Whether accounts receivable is reported net of an allowance for uncollectible accounts. C) Whether the major customer accounts receivable have been confirmed. D) Whether the accounts receivable account includes any related party transactions. 7) Interviewing operating personnel, identifying the objectives of the auditee, identifying standards used to evaluate performance, and assessing the risk inherent in the auditee's operations are activities typically performed in which phase of an internal audit? A) The fieldwork phase. B) The preliminary survey phase. C) The audit programming phase 7:09 A) TIC CIRILICILY and ChicLUVCHICSS OLDIC CUSWILICI collections and include any findings requiring corrective action. B) Whether accounts receivable is reported net of an allowance for uncollectible accounts. C) Whether the major customer accounts receivable have been confirmed D) Whether the accounts receivable account includes any related party transactions. 7) Interviewing operating personnel, identifying the objectives of the auditee, identifying standards used to evaluate performance, and assessing the risk inherent in the auditee's operations are activities typically performed in which phase of an internal audit? A) The fieldwork phase. B) The preliminary survey phase. C) The audit programming phase. D) The reporting phase. 8) In planning an operational audit, an on-site (Preliminary) survey could assist with all of the following, except: A) Obtaining auditee comments and suggestions on control problems. B) Obtaining preliminary information on intemal control. C) Identifying areas for audit emphasis D) Evaluating the effectiveness of the internal control. 9) An operational audit is most likely to address an organization's: A) Effectiveness, efficiency and economy of operations. B) Financial reporting requirements. C) Laws and regulations. D) Management's objectives. 10) The organization that issues standards for the practice of internal auditing is the: A) American Accounting Association. B) American Institute of Certified Public Accountants. C) American Organization of Internal Auditing. D) Institute of Internal Auditors