During the Planning Phase of an Audit of the Treasury

question 285

Multiple Choice

During the planning phase of an audit of the treasury function, an internal auditor conducted a risk assessment of the function in order to:

• A) Report any high-risk exposures of the treasury function to management and the board.
• B) Determine whether appropriate resources are present to carry out the treasury function.
• C) Comply with the internal audit charter and applicable regulatory requirements.
• D) Identify areas of the treasury function that should be considered for potential engagement objectives.

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Definitions:

Conflict of Interest

A situation where an individual's personal interests could interfere with their professional duties or responsibilities, possibly leading to biased decisions.

Ethical Challenges

Situations in which individuals or organizations must make decisions that involve conflicting moral principles or values.

Audit

Audit refers to the systematic examination and verification of a company's financial records, typically conducted by an independent party, to ensure accuracy and compliance with financial regulations and standards.

Customer's Right

The legal entitlements and protections afforded to customers when purchasing goods and services.