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NEW QUESTION: 1
According to the Standards, the organizational status of the internal audit activity:
A. Must be sufficient to permit the accomplishment of its audit responsibilities.
B. Requires the board's annual approval of the audit schedules, plans, and budgets.
C. Is best when the reporting relationship is direct to the board of directors.
D. Is guaranteed when the charter specifically defines its independence.
Answer: A

NEW QUESTION: 2



A. Option B
B. Option C
C. Option D
D. Option A
Answer: B

NEW QUESTION: 3
Which at the following is the most accurate statement about fraud response plans?
A. A fraud response plan should be complex and extremely detailed to most effectively protect against fraud
B. A fraud response plan should specify how every fraud examination should be conducted regardless of the type of fraud
C. A fraud response plan outlines the actions an organization will take when suspicions of fraud have arisen
D. A fraud response plan should create an environment to maximize risk and minimize the potential for success
Answer: B