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Hotel Fragnance Essay

4412 words - 18 pages


SU 1: Strategic and Operational Roles of Internal Audit

1.1 Change Management
1. An organization's management perceives the
need to make significant changes. Which of the
following factors is management least likely to be
able to change?

A. The organization's members.
B. The organization's structure.
C. The organization's environment.
D. The organization's technology.

Answer (C) is correct.
REQUIRED: The factor management is least likely to be
able to change.
DISCUSSION: The environment of an organization consists
of external forces outside its direct control that may affect its
performance. These forces include competitors, suppliers,
customers, regulators, climate, ...view middle of the document...

Social adjustments also may be required that violate the
behavioral norms of informal groups or disrupt the social status
quo within groups. Economic adjustments may involve potential
economic loss or insecurity based on perceived threats to jobs.
In general, any perceived deterioration in the work situation that
is seen as a threat to economic, social, and/or psychological
needs will produce resistance. The various adjustments required
are most likely to be resisted when imposed unilaterally by higher
authority. However, employees who share in finding solutions to
the problems requiring change are less likely to resist because
they will have some responsibility for the change.


SU 1: Strategic and Operational Roles of Internal Audit

1.2 Stakeholder Relationships
4. Audit committees have been identified as a major
factor in promoting the independence of both internal
and external auditors. Which of the following is the
most important limitation on the effectiveness of audit
A. Audit committees may be composed of
independent directors. However, those
directors may have close personal and
professional friendships with management.
B. Audit committee members are compensated
by the organization and thus favor an owner's

C. Audit committees devote most of their efforts to
external audit concerns and do not pay much
attention to the internal audit activity and the
overall control environment.

Answer (A) is correct.
REQUIRED: The most important limitation on the
effectiveness of audit committees.
DISCUSSION: The audit committee is a subcommittee
made up of outside directors who are independent of
management. Its purpose is to help keep external and internal
auditors independent of management and to ensure that the
directors are exercising due care. However, if independence is
impaired by personal and professional
ps, the
effectiveness of the audit committee
Answer (8) is incorrect. The
members receive is usually
independenf and therefore
Answer (C) is incorrect.
concerned with external audi
internal audit activity.
members do not need
understand engage

D. Audit committee members do not normally
have degrees in the accounting or auditing

5... The audit committee strengthens the control
processes of an organization by
A. Assigning the internal audit activity
respo~sibility for interaction with governrn~~;

B. Using the chief audit executive as a major
resource in selecting the external a

C. Following up on recommendations
the chief audit executive.

6. An audit committee
enhance the inAo.,onrior
external auditing
functions from
this criterion, a
C. Mem
from a
specifically inclu
banking, labor, re
tory agencies,
shareholders, and officers.
D. Only external members of the board of
directors or its equivalent.

nswer (D) is correct.
REQUIRED: The most effective composition of an audit
DISCUSSION: The audit committee of the board of directors
should be composed entirely of...

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