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Q 2 According to The IIA Global Internal Audit Standards, 2024, the internal audit team must evaluate the potential for the occurrence of fraud.
Explanation:
Option A is correct.
According to The IIA GAS, 2024, the internal audit activity must evaluate the potential for the occurrence of fraud and how the organization manages fraud risk.
Q 4 Which of the following are considered as strategies to control corporate criminal behavior?
Explanation:
Option A is Correct.
Enforcement strategies include two main theories: compliance and deterrence. Compliance is designed to achieve conformity to the law and deterrence is designed to detect law violations, determine who is responsible, and penalize offenders in order to deter future violations. Deterrence systems try to control the immediate behavior of individuals, not the long-term behaviors targeted by compliance systems.
Q 6 According to the differential reinforcement theory, behavior is weakened by negative stimuli.
Explanation:
Option A is correct.
According to the differential reinforcement theory, behavior is reinforced when positive rewards are gained or punishment is avoided and weakened by negative stimuli and loss of reward.
Q 7 The Public Interest Oversight Board (PIOB) is responsible for?
Explanation:
Option B is correct.
The PIOB's objective is to increase the confidence of investors and others that the public interest activities of IFAC—including the setting of standards by independent boards operating under the auspices of IFAC.
Q 8 As per COSO, Which of the following is one of the interrelated components of a company's internal control system?
Explanation:
Option D is correct.
As per COSO's Internal Control—Integrated Framework identified five interrelated components of internal control: control environment, risk assessment, control activities, information and communication, and monitoring.