An internal auditor uses a predefined macro provided in a popular spreadsheet application to verify the present value of the organization's investments. Which of the following is the most appropriate course of action regarding the auditor's use of this functionality?

• A. The auditor should review the programming of the macro before its use to ensure that it is appropriate for the required calculations.
• B. The auditor should perform a manual recalculation of several results to validate and document the results.
• C. The auditor should accept the calculations generated by the function, as any further work or documentation would be inefficient.
• D. The auditor should tabulate the results in the spreadsheet to ensure the macro has generated the correct results for all calculations.

According to the IIA guidance, who is responsible for periodically assessing the internal audit activity?

• A. The board.
• B. The external auditors.
• C. Senior management.
• D. The chief audit executive.

Which of the following actions should an internal auditor take to exercise due professional care?
1. Consider the probability of significant noncompliance in each audit engagement.
2. Weigh the cost of assurance against the benefits.
3. Perform assurance procedures with sufficient care to ensure that all risks are identified.

• A. 1 and 2 only
• B. 1 and 3 only
• C. 1, 2, and 3
• D. 2 and 3 only

What is the additional advantage of facilitated workshops, in comparison with structured interviews, used when testing the effectiveness of entity-level controls?

• A. Facilitated workshops create a synergy of discussion that can bring multiple perspectives to the same issue.
• B. Internal auditors do not need other sources of information, as the data gathered during facilitated workshops is sufficient.
• C. The testimonial evidence obtained during facilitated workshops is generally considered more reliable.
• D. During facilitated workshops, people more openly say things to internal auditors than during private interviews.

The director of purchasing, a certified internal auditor (CIA), signs a contract to procure a large order from a supplier whose products provide the best price, quality, and performance. A few days after signing the contract, the supplier presents the CIA with $1, 000 as a gift. Which statement regarding acceptance of the money is correct?

• A. Accepting the money would violate the IIA Code of Ethics.
• B. Accepting the money would be prohibited only if it were non-customary.
• C. Because the CIA is not acting as an internal auditor, accepting the money would be governed only by the organization's code of conduct.
• D. Because the contract was signed before the money was offered, accepting the money would not violate the IIA Code of Ethics.