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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 13

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Question 121

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The organization's internal audit charter was last updated six years ago. To update the charter, which of the following actions is most appropriate for the chief audit executive to take?

Wait for the next external assessment and address all of the missing information in the charter based on the recommendations from the external assessment team.
Wait for the next external assessment and address all of the missing information in the charter based on the recommendations from the external assessment team.
Perform a review of IIA guidance to become acquainted with the latest mandatory elements prior to updating the charter
Perform a review of IIA guidance to become acquainted with the latest mandatory elements prior to updating the charter
Use an internal audit charter template from another organization that operates within the same industry.
Use an internal audit charter template from another organization that operates within the same industry.
Identify an individual within the internal audit activity who has in-depth knowledge of mandatory IIA guidance elements to address any gaps or areas of the current version of the charter that could be improved.
Identify an individual within the internal audit activity who has in-depth knowledge of mandatory IIA guidance elements to address any gaps or areas of the current version of the charter that could be improved.
Suggested answer: D
asked 18/09/2024
Tatiana Castillo
40 questions

Question 122

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Which of the following activities would an internal auditor perform as a consulting engagement for an organization?

Advising new internal auditors working for the organization on how to develop strategies on planning audits for the upcoming fiscal year
Advising new internal auditors working for the organization on how to develop strategies on planning audits for the upcoming fiscal year
Assessing whether the organization's corporate social responsibility program is meeting its yearly goals to reduce carbon emissions.
Assessing whether the organization's corporate social responsibility program is meeting its yearly goals to reduce carbon emissions.
Briefing the organization's department managers on how to implement risk management processes into their daily operations.
Briefing the organization's department managers on how to implement risk management processes into their daily operations.
Communicating with senior management to better understand how new purchasing controls will minimize payment processing time.
Communicating with senior management to better understand how new purchasing controls will minimize payment processing time.
Suggested answer: C
asked 18/09/2024
Assane SENE
46 questions

Question 123

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An automobile manufacturer will become one of the first in the industry to adopt a new inventory management software. Despite the system being new to the market, senior management believes that the benefits are great enough to offset the potential risks. Which of the following aspects of risk management does senior management's decision best illustrate?

Residual risk.
Residual risk.
Inherent risk.
Inherent risk.
Risk tolerance.
Risk tolerance.
Risk appetite.
Risk appetite.
Suggested answer: C
asked 18/09/2024
Lucas Kenji Mizuguchi Martins
58 questions

Question 124

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Which of the following actions would an internal auditor perform primarily during a consulting engagement of a debt collections process?

Reviewing journal entries for accuracy and completeness.
Reviewing journal entries for accuracy and completeness.
Comparing the policies and procedures to regulatory collections guidance.
Comparing the policies and procedures to regulatory collections guidance.
Advising management on streamlining the recording of accounts receivable.
Advising management on streamlining the recording of accounts receivable.
Performing a walk-through of the debt collections process to determine whether proper segregation of duties exists
Performing a walk-through of the debt collections process to determine whether proper segregation of duties exists
Suggested answer: C
asked 18/09/2024
Przemysław Doczkal
51 questions

Question 125

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Which of the following statements is true regarding corporate social responsibility (CSR)?

Many of the areas explored by CSR are normally included in an audit universe or annual audit plan,
Many of the areas explored by CSR are normally included in an audit universe or annual audit plan,
Despite significant corporate resources spent on CSR reporting, investors generally do not rely on CSR information.
Despite significant corporate resources spent on CSR reporting, investors generally do not rely on CSR information.
Unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary.
Unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary.
Typically, operating management does not have a major role to play based on the public nature of reporting
Typically, operating management does not have a major role to play based on the public nature of reporting
Suggested answer: A
asked 18/09/2024
Martijn Pollmann
42 questions

Question 126

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According to IIA guidance, which of the following threats to objectivity is described as familiarity'?

An internal auditor is a close friend or relative of the manager or an employee of the audit client
An internal auditor is a close friend or relative of the manager or an employee of the audit client
An internal auditor has a long-term business relationship with the audit client.
An internal auditor has a long-term business relationship with the audit client.
An internal auditor has an economic stake in the performance of the organization
An internal auditor has an economic stake in the performance of the organization
An internal auditor is exposed to or perceived to be exposed to pressures from external parties
An internal auditor is exposed to or perceived to be exposed to pressures from external parties
Suggested answer: A
asked 18/09/2024
Natalia Novikova
51 questions

Question 127

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Which of the following is an example of risk monitoring to ensure a system is performing as intended?

Checking the progress of risk treatment plans
Checking the progress of risk treatment plans
Considering the consequence and likelihood of risks
Considering the consequence and likelihood of risks
Documenting the risks and their areas of impact
Documenting the risks and their areas of impact
Communicating to management about risks
Communicating to management about risks
Suggested answer: A
asked 18/09/2024
Lipon Uddin
42 questions

Question 128

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Which of the following is a true statement regarding controls such as ethical values, tone at the top and operational style?

Transaction testing, mapping and flowcharting is applicable while testing such controls
Transaction testing, mapping and flowcharting is applicable while testing such controls
Breakdowns in the these types of controls have historically led to fraudulent financial reporting
Breakdowns in the these types of controls have historically led to fraudulent financial reporting
Such controls can be defined as inherently ob)ective and tangible elements of control
Such controls can be defined as inherently ob)ective and tangible elements of control
From an audit perspective it is significantly easier to assess ethical values than segregation of duties
From an audit perspective it is significantly easier to assess ethical values than segregation of duties
Suggested answer: B
asked 18/09/2024
Kurt Woodfin
50 questions

Question 129

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Which of the following represents an example of an ethical issue that the organization should address'?

An employee discovered that there is no personal protective equipment at a temporary construction site
An employee discovered that there is no personal protective equipment at a temporary construction site
An employee saw that a group of other employees were smoking in close proximity to petrol distribution tanks
An employee saw that a group of other employees were smoking in close proximity to petrol distribution tanks
A supervisor insists that an employee complete time sheets regularly
A supervisor insists that an employee complete time sheets regularly
An employee received concert tickets from a vendor and asked whether she could keep them
An employee received concert tickets from a vendor and asked whether she could keep them
Suggested answer: D
asked 18/09/2024
Darpan Sodhi
44 questions

Question 130

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Which of the following is an example of impairment to internal auditor independence or objectivity'?

Assurance engagements for functions over which the chief audit executive (CAE) has responsibility are overseen by a party outside the internal audit activity
Assurance engagements for functions over which the chief audit executive (CAE) has responsibility are overseen by a party outside the internal audit activity
Internal auditors provide consulting services relating to operations for which they had previous responsibilities
Internal auditors provide consulting services relating to operations for which they had previous responsibilities
Internal auditors provide consulting services relating to operations for which they have current responsibilities
Internal auditors provide consulting services relating to operations for which they have current responsibilities
Consulting engagements for functions over which the CAE has responsibility are overseen by a party outside the internal audit activity
Consulting engagements for functions over which the CAE has responsibility are overseen by a party outside the internal audit activity
Suggested answer: C
asked 18/09/2024
Gustavo Castro
44 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?