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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 14

List of questions

Question 131

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In which of the following audits would the internal auditors most likely contribute to the assessment of organizational governance?

An assessment of compliance of individual data protection procedures with data protection regulations
An assessment of compliance of individual data protection procedures with data protection regulations
An assessment of profit and loss generated by financial assets and instruments in the past quarter
An assessment of profit and loss generated by financial assets and instruments in the past quarter
An assessment of the effectiveness of back-up procedures and execution of business recovery plans
An assessment of the effectiveness of back-up procedures and execution of business recovery plans
An assessment of performance management practices and establishment of key performance indicators
An assessment of performance management practices and establishment of key performance indicators
Suggested answer: D
asked 18/09/2024
Muhammad Imran Khan
38 questions

Question 132

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A chief audit executive (CAE) is considering hiring a candidate who most recently worked for a large public accounting firm What would be the CAE's most likely concern regarding this candidate*?

Low-level audit expertise
Low-level audit expertise
Narrow industry experience
Narrow industry experience
MPotential conflict of interest
MPotential conflict of interest
Weak interpersonal skills
Weak interpersonal skills
Suggested answer: C
asked 18/09/2024
Miguel Medina Parra
33 questions

Question 133

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An internal audit activity uses a rotational program to recruit high-performing staff members from other parts of the organization One of these individuals is nearing the end of her four-year internal audit rotation The chief audit executive assigned her to an assurance engagement in the business area she will be going into when she leaves the internal audit activity Which of the following statements is true regarding this scenario?

Accepting the assignment is a violation of internal audit independence
Accepting the assignment is a violation of internal audit independence
Accepting the assignment will improve competencies and develop relationships that will be needed in her next assignment
Accepting the assignment will improve competencies and develop relationships that will be needed in her next assignment
Accepting the assignment creates the appearance of an impairment to her professional judgment and detectivity
Accepting the assignment creates the appearance of an impairment to her professional judgment and detectivity
Accepting the assignment on the assurance engagement would be a breach of due professional care
Accepting the assignment on the assurance engagement would be a breach of due professional care
Suggested answer: C
asked 18/09/2024
Thomas Schmitt
49 questions

Question 134

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

Outsourcing the payroll function
Outsourcing the payroll function
Installing cameras in the mailroom
Installing cameras in the mailroom
Exiting a product line
Exiting a product line
Insuring all fixed assets
Insuring all fixed assets
Suggested answer: C
asked 18/09/2024
brandon landaal
42 questions

Question 135

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A global organization established a new internal audit activity and the recently hired chief audit executive needs to develop an internal audit manual for internal auditors Among the following policies in the manual, which would facilitate internal auditors in upholding their objectivity?

Internal auditors shall attend professional workshops to refresh internal audit norms and concepts
Internal auditors shall attend professional workshops to refresh internal audit norms and concepts
Internal auditors' performance is synchronized with satisfaction ratings given by audit clients
Internal auditors' performance is synchronized with satisfaction ratings given by audit clients
Internal auditors take prior audit results into account when conducting current audit engagements
Internal auditors take prior audit results into account when conducting current audit engagements
Internal auditors observe the audit client's expectations when scoping audit engagements
Internal auditors observe the audit client's expectations when scoping audit engagements
Suggested answer: A
asked 18/09/2024
Felipe Santos Cardoso
35 questions

Question 136

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According to IIA guidance, which of the following actions is a chief audit executive required to take with regard to reporting the results of the quality assurance and improvement program?

Report external assessments upon completion of such assessments
Report external assessments upon completion of such assessments
Report external assessments at least annually
Report external assessments at least annually
Report ongoing monitoring quarterly
Report ongoing monitoring quarterly
Report post-engagement reviews at least once every five years
Report post-engagement reviews at least once every five years
Suggested answer: A
asked 18/09/2024
Malik Rubio
44 questions

Question 137

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Which of the following best describes the board's role in establishing effective organizational governance?

The board is involved in approving operational policy
The board is involved in approving operational policy
The board monitors key processes and procedures
The board monitors key processes and procedures
The board has oversight responsibility for organizational resources
The board has oversight responsibility for organizational resources
The board approves management's detailed plans and objectives
The board approves management's detailed plans and objectives
Suggested answer: C
asked 18/09/2024
Matthew Wunder
43 questions

Question 138

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In a small organization, management is unable to achieve adequate segregation of duties for its cashhandling procedures Therefore hidden surveillance cameras were installed to monitor cash-handling activities Which of the following best describes this type of control?

Corrective control
Corrective control
Process-level control
Process-level control
Compensating control
Compensating control
Preventive control
Preventive control
Suggested answer: C
asked 18/09/2024
Tim Dekker
47 questions

Question 139

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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
Hassene SAADI
44 questions

Question 140

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An internal auditor assigned to a supplier management process engagement reviews the risk assessment with the process owner The auditor inquires about the risk response for potentially engaging unqualified third-party service providers The process owner responds that due diligence checks are undertaken to make sure that third parties possess requisite competencies before they are engaged Which of the following risk management techniques is the process owner using?

Risk avoidance
Risk avoidance
Risk reduction
Risk reduction
Risk sharing
Risk sharing
Risk acceptance
Risk acceptance
Suggested answer: B
asked 18/09/2024
Martin Stoyanov
54 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?