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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 12

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Question 111

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The board of directors of a global organization has found an increased number of reported cases of unethical practices since last year. To assist the board in gaining a better understanding of the degree of ethics awareness within the organization, which of the following actions should be undertaken?

Request the internal audit activity to perform an ethics-related assurance engagement.
Request the internal audit activity to perform an ethics-related assurance engagement.
Offer in-house ethics-related training seminars for employees to attend.
Offer in-house ethics-related training seminars for employees to attend.
Reaffirm the importance of the organization's code of ethics to all employees.
Reaffirm the importance of the organization's code of ethics to all employees.
Conduct an organizationwide employee survey on ethical practices
Conduct an organizationwide employee survey on ethical practices
Suggested answer: D
asked 18/09/2024
Sergio Guerra
48 questions

Question 112

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After the final audit report was issued, the engagement supervisor received an expensive gift from management recognizing her assistance in improving the business, if the gift is accepted, which of the following would be true?

The engagement supervisor violated The IIA's Code of Ethics principle of integrity.
The engagement supervisor violated The IIA's Code of Ethics principle of integrity.
The engagement supervisor violated The IIA's Code of Ethics principle of objectivity.
The engagement supervisor violated The IIA's Code of Ethics principle of objectivity.
The engagement supervisor violated The IIA's Code of Ethics principle of confidentiality.
The engagement supervisor violated The IIA's Code of Ethics principle of confidentiality.
The engagement supervisor did not violate any principles of The IIA's Code of Ethics.
The engagement supervisor did not violate any principles of The IIA's Code of Ethics.
Suggested answer: B
asked 18/09/2024
Alexandru Ouatu
51 questions

Question 113

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Which of the following is most likely to impair the organizational independence of the internal audit activity?

The chief audit executive (CAE) reports administratively to the chief financial officer.
The chief audit executive (CAE) reports administratively to the chief financial officer.
The CAE oversees the effectiveness of the organization's risk management function.
The CAE oversees the effectiveness of the organization's risk management function.
The CAE reports functionally to the CEO.
The CAE reports functionally to the CEO.
The CAE managed the finance department for the past five years.
The CAE managed the finance department for the past five years.
Suggested answer: C
asked 18/09/2024
Kamran Kamran
49 questions

Question 114

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According to NA guidance, which of the following actions by the chief audit executive would best ensure that internal auditors demonstrate due professional care?

Developing policies and procedures for the internal audit activity.
Developing policies and procedures for the internal audit activity.
Ensuring the internal audit activity is not found fallible during audit engagements.
Ensuring the internal audit activity is not found fallible during audit engagements.
Undertaking all engagements that management requests of the internal audit activity.
Undertaking all engagements that management requests of the internal audit activity.
Ensuring the internal audit activity reports functionally to the board of directors.
Ensuring the internal audit activity reports functionally to the board of directors.
Suggested answer: B
asked 18/09/2024
Marcel Engelbrecht
49 questions

Question 115

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An accounts payable clerk has recently transferred into the internal audit activity and has been assigned to an engagement related to accounts payable processes for which he was previously responsible. Which of the following is the best action for the new internal auditor to take?

If it is an assurance engagement, accept the assignment because direct knowledge of the existing accounts payable processes wifi provide depth and add more value.,
If it is an assurance engagement, accept the assignment because direct knowledge of the existing accounts payable processes wifi provide depth and add more value.,
If it is a consulting engagement, decline the assignment and ask to be reassigned, because in a consulting engagement the auditor must not assess operations for areas in which they were previously responsible.
If it is a consulting engagement, decline the assignment and ask to be reassigned, because in a consulting engagement the auditor must not assess operations for areas in which they were previously responsible.
If it is a consulting engagement, accept the assignment because direct knowledge of the existing accounts payable processes will provide depth and add more value.
If it is a consulting engagement, accept the assignment because direct knowledge of the existing accounts payable processes will provide depth and add more value.
If it is an assurance engagement, accept the assignment because the chief audit executive had knowledge of the internal auditor's previous role when this engagement was assigned.
If it is an assurance engagement, accept the assignment because the chief audit executive had knowledge of the internal auditor's previous role when this engagement was assigned.
Suggested answer: C
asked 18/09/2024
Ishan Rathnayaka
42 questions

Question 116

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Which of the following statements is true regarding management's use of judgement to design, implement, and conduct internal control?

The use of judgment enhances management's ability to make better decisions about internal control, but cannot guarantee perfect outcomes.
The use of judgment enhances management's ability to make better decisions about internal control, but cannot guarantee perfect outcomes.
Introducing judgment generally diminishes management's ability to make good decisions about internal control.
Introducing judgment generally diminishes management's ability to make good decisions about internal control.
It is inappropriate for management to exercise judgement in areas such as specifying and using suitable accounting principles.
It is inappropriate for management to exercise judgement in areas such as specifying and using suitable accounting principles.
It is inappropriate for management to exercise judgement in assessing whether components are present, functioning, and operating together
It is inappropriate for management to exercise judgement in assessing whether components are present, functioning, and operating together
Suggested answer: A
asked 18/09/2024
Hicham Kaoussi
34 questions

Question 117

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According to ISO 31000, which of the following statements is correct?

The board is responsible for setting the organizational attitude through tone at the top,
The board is responsible for setting the organizational attitude through tone at the top,
The internal audit activity will provide assurance over operating effectiveness but not over the design of risk management activities,
The internal audit activity will provide assurance over operating effectiveness but not over the design of risk management activities,
The internal audit activity can give objective assurance on any part of the risk management framework for which it is responsible.
The internal audit activity can give objective assurance on any part of the risk management framework for which it is responsible.
The framework is designed to be effective for organizations no matter how small.
The framework is designed to be effective for organizations no matter how small.
Suggested answer: D
asked 18/09/2024
Martin Ng
46 questions

Question 118

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In the COSO internal control framework, which of the following components serves as the foundation for the other components?

Control activities.
Control activities.
Control environment.
Control environment.
Risk assessment.
Risk assessment.
Monitoring
Monitoring
Suggested answer: B
asked 18/09/2024
Hicham Jellab
50 questions

Question 119

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An internal auditor is providing consulting services on an area he was responsible for three years ago.

Part of the consulting scope covers a review of a performance measuring system that the auditor helped to develop. What is the best course of action for the auditor to take concerning the consulting service?

Accept the consulting services only after receiving approval to do so from the board.
Accept the consulting services only after receiving approval to do so from the board.
Accept the consulting services. The objectivity won't be impaired if it has been more than a year since he last worked in the area under review.
Accept the consulting services. The objectivity won't be impaired if it has been more than a year since he last worked in the area under review.
Refrain from providing the consulting service because he was responsible for that area and his objectivity will be impaired,
Refrain from providing the consulting service because he was responsible for that area and his objectivity will be impaired,
Disclose the potential impairment to the customer before accepting the consulting engagement
Disclose the potential impairment to the customer before accepting the consulting engagement
Suggested answer: D
asked 18/09/2024
Inkisar Malik
44 questions

Question 120

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Which of the following preventative controls would be most effective for organizations facing business disruptions and respective financial losses?

Develop a business continuity plan for contingent situations,
Develop a business continuity plan for contingent situations,
Insure the organization against financial losses.
Insure the organization against financial losses.
Rely on third-party cloud solution providers for the organization's systems.
Rely on third-party cloud solution providers for the organization's systems.
Hedge company assets via purchasing derivatives.
Hedge company assets via purchasing derivatives.
Suggested answer: A
asked 18/09/2024
Koen Poos
47 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?