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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 15

List of questions

Question 141

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According to IIA guidance, which of the following is true of the internal audit activity's quality assurance and improvement program?

1 Monitoring the internal audit activity's performance must be ongoing 2 All aspects of the internal audit activity should be evaluated 3 The requirement for external assessments can be satisfied through self-assessments that are validated by an independent external party 4 The review of assurance services should be the primary focus

1 and 2 only
1 and 2 only
2 and 3 only
2 and 3 only
2 and 3
2 and 3
1 3 and 4
1 3 and 4
Suggested answer: C
asked 18/09/2024
Mina Shaker
50 questions

Question 142

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An internal auditor was assigned to work in the procurement department for six months to gam mdepth knowledge about the procurement process Which of the following personnel development practices was applied in this situation?

Cosourcing
Cosourcing
Inbound rotation
Inbound rotation
Guest auditor
Guest auditor
Outbound rotation
Outbound rotation
Suggested answer: D
asked 18/09/2024
B M
34 questions

Question 143

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When a plant manager from within the organization is hired as a rotational internal auditor within the internal audit activity which area should he most likely be trained for immediately?

Industry knowledge
Industry knowledge
Project management
Project management
Leadership skills
Leadership skills
Risk assessments
Risk assessments
Suggested answer: D
asked 18/09/2024
Carol Mejía
36 questions

Question 144

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Which of the following is the best example of an ongoing independent monitoring activity'?

Management quality assurance activities
Management quality assurance activities
Internal audit fraud prevention and detection activities
Internal audit fraud prevention and detection activities
Management and supervisory activities
Management and supervisory activities
External audit quality assurance activities
External audit quality assurance activities
Suggested answer: D
asked 18/09/2024
Carolina Velayos
55 questions

Question 145

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Which of the following would be considered an impairment to an internal auditor's objectivity when performing a review of the organization's procurement function'?

The internal auditor worked on the implementation of the accounting system within the organization before joining the internal audit activity last year
The internal auditor worked on the implementation of the accounting system within the organization before joining the internal audit activity last year
The internal auditor is part of a multidisciplinary team tasked to assist with a new project implementation checklist within the organization
The internal auditor is part of a multidisciplinary team tasked to assist with a new project implementation checklist within the organization
The internal auditor worked as a sourcing specialist before joining the internal audit activity last year
The internal auditor worked as a sourcing specialist before joining the internal audit activity last year
The internal auditor participates in a cross-departmental team for information and data security within the organization
The internal auditor participates in a cross-departmental team for information and data security within the organization
Suggested answer: B
asked 18/09/2024
Fabio Todeschin
42 questions

Question 146

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Which of the following would be a red flag for potential issues in the control environment?

Segregation of duties during preparation of the financial statements
Segregation of duties during preparation of the financial statements
Compensation structures that are based on commissions
Compensation structures that are based on commissions
A low rate of turnover in key financial positions
A low rate of turnover in key financial positions
The presence of a whistleblower policy and fraud hotline
The presence of a whistleblower policy and fraud hotline
Suggested answer: B
asked 18/09/2024
Jeff Benson
45 questions

Question 147

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Which of the following characteristics is typical of the internal audit activity?

Serves third parties that need reliable financial information from audit engagements
Serves third parties that need reliable financial information from audit engagements
Responds to the needs and desires of senior management and the board, but remains independent of areas under review
Responds to the needs and desires of senior management and the board, but remains independent of areas under review
Ensures the organization complies with laws and regulations in the area under review
Ensures the organization complies with laws and regulations in the area under review
Is completely independent of senior management, the board and the area under review
Is completely independent of senior management, the board and the area under review
Suggested answer: C
asked 18/09/2024
Miguel Seron Blasco
33 questions

Question 148

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According to IIA guidance, which of the following is required of an internal audit activity?

The internal audit activity should refrain from conducting an assurance engagement for which it lacks the necessary competencies or skills
The internal audit activity should refrain from conducting an assurance engagement for which it lacks the necessary competencies or skills
The chief audit executive must decline a consulting engagement or obtain competent advice and assistance if internal auditors lack the necessary competencies or skills
The chief audit executive must decline a consulting engagement or obtain competent advice and assistance if internal auditors lack the necessary competencies or skills
The audit committee should ensure that the internal audit activity continuously improves its knowledge and skills in order to fulfill its responsibilities
The audit committee should ensure that the internal audit activity continuously improves its knowledge and skills in order to fulfill its responsibilities
In today's business climate which is dominated by technology and big data, it is imperative that each staff internal auditor has detailed knowledge about IT risks and technology-based audit techniques
In today's business climate which is dominated by technology and big data, it is imperative that each staff internal auditor has detailed knowledge about IT risks and technology-based audit techniques
Suggested answer: B
asked 18/09/2024
Maksim Alpatov
47 questions

Question 149

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Which of the following should be implemented to promote independence of the internal audit activity?

Internal auditors do not review an area where they previously worked
Internal auditors do not review an area where they previously worked
The internal audit charter is reviewed and updated annually
The internal audit charter is reviewed and updated annually
The chief audit executive reports functionally to the board
The chief audit executive reports functionally to the board
Management does not influence the consulting services provided by the internal audit activity
Management does not influence the consulting services provided by the internal audit activity
Suggested answer: C
asked 18/09/2024
Lascelles Johnson
45 questions

Question 150

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A new company's risk management function is developing its cybersecurity risk management program Which of the following actions should be the first priority when developing the program?

Start building a cybersecurity culture and set the desired behavior using a bottom-up approach
Start building a cybersecurity culture and set the desired behavior using a bottom-up approach
Determine the cybersecurity framework that will establish and report on the effectiveness of the program
Determine the cybersecurity framework that will establish and report on the effectiveness of the program
Define the cybersecurity risk appetite and perform a cost-benefit analysis of the program
Define the cybersecurity risk appetite and perform a cost-benefit analysis of the program
Raise cybersecurity awareness across various departments outside of the IT department
Raise cybersecurity awareness across various departments outside of the IT department
Suggested answer: C
asked 18/09/2024
BETTE SLETTER
42 questions
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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?
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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?