CPE Quiz: October - continuing professional education

Internal Auditor, Dec, 2003

The CPE Quiz is convenient and cost-effective way to learn three continuing professional education (CPE) hours by reading Internal Auditor articles and answering questions about issues or procedures included in them.

To answer the following questions, please refer to the articles in the OCTOBER 2003 issue of Internal Auditor. This quiz expires Oct. 31, 2005. Current quizzes--including the one for this issue--and an answer sheet can be found by visiting The IIA's Web site at www.theiia.org and clicking "Publications," "Bookstore," and "CPE Quiz."

1. In "Savvy Solutions for Small Audit Shops," we learn that one advantage to being a small audit shop is:

A. A narrower learning experience.

B. Interaction with one level of the organization.

C. Reduced bureaucracy.

D. Being overlooked.

2. According to David Salierno's article, when resources are scarce, -- becomes essential for ensuring efficiency.

A. Creating your own networking group.

B. Prioritizing.

C. Testing and examining details at the granular level.

D. Negotiating for additional staff.

3. In Michael Barrier's interview, Peter Dey says most institutional investors expect that boards of directors will:

A. Not want law reform to be drastic.

B. Want law reform to be drastic.

C. Not want to take governance seriously.

D. Take governance seriously.

4. In "A New Dey in Canada," Peter Dey says that the challenge for us is to recognize the importance of --, while at the same time ensuring that the rights of minority shareholders are respected.

A. Corporate control.

B. The definition of independent director.

C. A majority of independent directors.

D. The definition of governance.

5. "Getting What They Deserve?" points out that many people on the corporate side believe the sentences and penalties issued thus far for corporate malfeasance are somewhat:

A. Lenient.

B. Weak.

C. Harsh.

D. Out of Fine.

6. As mentioned in Russell A. Jackson's article, the average person would likely be -- by the civil penalties administered by the U.S. Securities and Exchange Commission against errant officers and accountants.

A. Overwhelmed.

B. Confused.

C. Underwhelmed.

D. Frustrated.

7. "A Fresh Look at Cosourcing" discusses the study, "Cosourcing: Impact, Trends, and Outlook." Findings from this study reveal that most chief audit executives:

A. Expect to decrease their level of cosourcing.

B. Do not feel that the internal audit profession has benefited from the use of outsourced service providers (OSP) in cosourcing relationships.

C. Rank industry knowledge as one of the top three factors influencing their cosourcing decision.

D. Expect to maintain or increase their current level of cosourcing.

8. According to "A Fresh Look at Cosourcing," what percentage of chief audit executives expect a decline in their OSP use?

A. 13 percent.

B. 6 percent.

C. 10 percent.

D. 60 percent.

9. Paul McDonald states that, for many companies, the need to evaluate additional risks and compliance areas will translate to:

A. An increased workload.

B. A larger staff.

C. A decrease in the quality of the work produced.

D. Frequently jeopardized deadlines.

10. According to "Staffing Today's Internal Audit Function," the biggest and most obvious sign that the audit department may be understaffed is:

A. Increase in travel

B. Not being able to meet Sarbanes-Oxley and regulatory reporting requirements.

C. Burnout, including increases in overtime and sick days.

D. Frequently missed deadlines.

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OCTOBER 2003 Quiz
Expires October 2005

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