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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 11

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List of questions

Question 101

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Which of the following activities best demonstrates an internal auditor's commitment to developing professional competencies?

Requesting to be part of all engagements on the annual audit plan.
Requesting to be part of all engagements on the annual audit plan.
Attending a series of locally offered training courses.
Attending a series of locally offered training courses.
Completing a skills assessment and development plan for targeted training needs,
Completing a skills assessment and development plan for targeted training needs,
Attending a webinar on how to use data analytics
Attending a webinar on how to use data analytics
Suggested answer: C
asked 18/09/2024
J. Cuylits
37 questions

Question 102

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Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?

An independent third party has assessed the organization's system of internal controls to be adequate and effective,
An independent third party has assessed the organization's system of internal controls to be adequate and effective,
The chief audit executive reports both functionally and administratively to the CEO.
The chief audit executive reports both functionally and administratively to the CEO.
The internal audit charter is drafted properly and approved by the appropriate parties.
The internal audit charter is drafted properly and approved by the appropriate parties.
The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.
The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.
Suggested answer: C
asked 18/09/2024
Jackes Matos
46 questions

Question 103

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The chief audit executive (CAE) has assigned an internal auditor to an upcoming engagement. Which of the following requirements would most likely indicate that the internal auditor was assigned to an assurance engagement?

The assigned internal auditor must determine the objectives, scope, and techniques of the engagement.
The assigned internal auditor must determine the objectives, scope, and techniques of the engagement.
The CAE must personally obtain the needed skills, knowledge, or other competencies if the internal auditor does not have them.
The CAE must personally obtain the needed skills, knowledge, or other competencies if the internal auditor does not have them.
The assigned internal auditor must not assume management responsibilities while performing the engagement
The assigned internal auditor must not assume management responsibilities while performing the engagement
The assigned internal auditor must maintain objectivity while performing the engagement.
The assigned internal auditor must maintain objectivity while performing the engagement.
Suggested answer: A
asked 18/09/2024
Ramakrishnan Subramanian
39 questions

Question 104

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When would on-the-job training be more effective?

When participants already have a certain degree of experience and knowledge.
When participants already have a certain degree of experience and knowledge.
When it makes up the largest part of the training budget.
When it makes up the largest part of the training budget.
When it includes ongoing feedback and coaching from experienced team members.
When it includes ongoing feedback and coaching from experienced team members.
When it is standardized for the whole entire staff.
When it is standardized for the whole entire staff.
Suggested answer: C
asked 18/09/2024
José Santos
38 questions

Question 105

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Which of the following strategies would be the most effective to share an organization's risk of losses through foreign currency transactions related to the accounts payable process?

Using a hedging strategy.
Using a hedging strategy.
Implementing controls to follow up on deviations.
Implementing controls to follow up on deviations.
Purchasing liability insurance.
Purchasing liability insurance.
Purchasing foreign currency reserves.
Purchasing foreign currency reserves.
Suggested answer: A
asked 18/09/2024
Vahit Erciyas
47 questions

Question 106

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Which of the following is the most appropriate reason for a chief audit executive to conduct an external assessment more frequently than five years?

Significant changes in the organization's accounting policies or procedures would warrant timely analysis and feedback.
Significant changes in the organization's accounting policies or procedures would warrant timely analysis and feedback.
More frequent external assessments can serve as an equivalent substitute for internal assessments.
More frequent external assessments can serve as an equivalent substitute for internal assessments.
The parent organization's internal audit activity agreed to perform biennial reciprocal external assessments to provide greater assurance at a reduced cost.
The parent organization's internal audit activity agreed to perform biennial reciprocal external assessments to provide greater assurance at a reduced cost.
A change in senior management or internal audit leadership may change expectations and commitment to conformance.
A change in senior management or internal audit leadership may change expectations and commitment to conformance.
Suggested answer: D
asked 18/09/2024
Bruno Soriano
38 questions

Question 107

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The internal audit activity is responsible for which of the following actions related to an organization's internal controls?

Mitigating risks affecting achievement of organizational objectives.
Mitigating risks affecting achievement of organizational objectives.
Enabling opportunities affecting achievement of organizational objectives.
Enabling opportunities affecting achievement of organizational objectives.
Analyzing and advising regarding costs versus benefits of control activities,
Analyzing and advising regarding costs versus benefits of control activities,
Attesting to fairness of financial statements.
Attesting to fairness of financial statements.
Suggested answer: D
asked 18/09/2024
Daniel Martos
46 questions

Question 108

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According to IIA guidance, which of the following most appropriately justifies the CEO's decision that the internal audit activity shall be responsible for risk management and investigation at a multinational organization?

The recommendation of the parent office external auditors.
The recommendation of the parent office external auditors.
The provisions of the internal audit charter
The provisions of the internal audit charter
The authority of the CEO.
The authority of the CEO.
The level of proficiency of the chief audit executive
The level of proficiency of the chief audit executive
Suggested answer: B
asked 18/09/2024
Carlo Hearne
48 questions

Question 109

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Which of the following is an example of a risk reduction strategy?

Outsourcing the payroll function.
Outsourcing the payroll function.
Absorbing the cost of losses.
Absorbing the cost of losses.
Insuring fixed assets.
Insuring fixed assets.
Installing cameras around the plant
Installing cameras around the plant
Suggested answer: D
asked 18/09/2024
Erik de Bont
44 questions

Question 110

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Which of the following would be included in quality assurance and improvement program (QAIP) reporting?

Descriptions of standardized work practices.
Descriptions of standardized work practices.
Outcomes of internal audit key performance indicators.
Outcomes of internal audit key performance indicators.
Conformance of individual engagements with the Standards,
Conformance of individual engagements with the Standards,
Annual summaries of consulting and audit engagements.
Annual summaries of consulting and audit engagements.
Suggested answer: C
asked 18/09/2024
Nikki Matheson
38 questions
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Related questions

A new chief audit executive wants to develop a formal internal control framework for her organization. She uses globally accepted frameworks as a guide. Which of the following would she likely find critical in creating the new framework for her organization?
A global manufacturing company has three regional offices. The chief audit executive (CAE) is concerned about the cost of an upcoming external quality assessment of the internal audit activity. The last external assessment was performed six years ago. Recently, the internal audit staff at one of the regional offices performed an internal assessment. To ensure conformance with the Standards, what is the most appropriate action for the CAE to take?
Which of the following statements is true regarding risk management frameworks?
To meet the resource requirements of this year's internal audit plan, the chief audit executive (CAE) has recruited additional staff auditors, including an employee who resigned as a senior supervisor from the accounts payable department two months ago. There is a scheduled accounts payable review that the CAE wants to start within the next five months. Which approach should the CAE take, knowing the expertise of his new recruit in the area intended to be audited?
An engagement supervisor notes that an internal auditor usually documents and submits draft audit reports for review without giving the process owners the opportunity to state their position on the issues raised. How should the engagement supervisor respond?
Which of the following requests, if accepted by the internal audit activity, would impair its independence?
Regarding the chief audit executive (CAE). which ot the following is considered an impairment to the independence of the internal audit activity?
An Internal auditor accepted a role as an engagement supervisor on a highly specialized and technical engagement for which she did not have the expertise. Which of the following fundamental principles of The IIA's Code of Ethics did she violate?
Which of the following would best preserve the organizational independence of the internal audit activity?
Which should the internal auditor first consider when assessing fraud risks during an engagement?