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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 18

List of questions

Question 171

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According to IIA guidance, which of the following statements is true regarding internal auditors' knowledge, skills and other competencies?

The chief audit executive (CAE) must obtain competent advice and assistance if the internal audit activity lacks the knowledge, skills, or other competencies needed to complete the audit engagement
The chief audit executive (CAE) must obtain competent advice and assistance if the internal audit activity lacks the knowledge, skills, or other competencies needed to complete the audit engagement
Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization and should have the expertise of a fraud investigator
Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization and should have the expertise of a fraud investigator
Internal auditors need to have basic knowledge of key IT risks and controls and available technology-based audit techniques in order to perform their assigned work
Internal auditors need to have basic knowledge of key IT risks and controls and available technology-based audit techniques in order to perform their assigned work
The CAE must refuse a consulting engagement if the internal audit activity lacks the knowledge, skills, or other competencies needed to perform all or part of the engagement
The CAE must refuse a consulting engagement if the internal audit activity lacks the knowledge, skills, or other competencies needed to perform all or part of the engagement
Suggested answer: D
asked 18/09/2024
Mk Cheng
49 questions

Question 172

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Which of the following describes a primary responsibility for the internal audit activity in helping management maintain effective controls?

Promoting continuous evaluation
Promoting continuous evaluation
Promoting continuous monitoring
Promoting continuous monitoring
Promoting continuous improvement
Promoting continuous improvement
Promoting continuous reporting
Promoting continuous reporting
Suggested answer: A
asked 18/09/2024
Armands Vestmanis
50 questions

Question 173

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Which of the following best demonstrates conformance with the Standards regarding the internal audit activity's purpose authority, and responsibility?

Discussion and formal presentation of the internal audit charter to the board of directors
Discussion and formal presentation of the internal audit charter to the board of directors
Certification by external auditors on the purpose, authority and responsibility of the internal audit activity
Certification by external auditors on the purpose, authority and responsibility of the internal audit activity
Approval of senior management that the internal audit activity is functioning as originally designed
Approval of senior management that the internal audit activity is functioning as originally designed
Self-assessment of the internal audit activity completed by the chief audit executive
Self-assessment of the internal audit activity completed by the chief audit executive
Suggested answer: A
asked 18/09/2024
Roman Roman
39 questions

Question 174

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Which of the following threatens internal audit objectivity'?

Internal auditors are expected by senior management to identify a minimum of five major control weaknesses in each area audited
Internal auditors are expected by senior management to identify a minimum of five major control weaknesses in each area audited
Internal auditors are prevented from accessing information necessary to undertake their audit engagements
Internal auditors are prevented from accessing information necessary to undertake their audit engagements
The chief audit executive reports directly to the chief financial officer who previously led the internal audit activity
The chief audit executive reports directly to the chief financial officer who previously led the internal audit activity
The CEO requests the internal audit activity develop a charter that clearly delineates its purpose and responsibilities within the organization
The CEO requests the internal audit activity develop a charter that clearly delineates its purpose and responsibilities within the organization
Suggested answer: B
asked 18/09/2024
Arvind Prasad S
47 questions

Question 175

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The internal audit activity is undergoing a self-assessment as part of its quality assurance and improvement program Which of the following observations must be addressed in order for the internal audit activity to achieve conformance with the Standards?

The internal audit charter does not identify which audit services are outsourced
The internal audit charter does not identify which audit services are outsourced
The internal audit charter has not been reviewed by the legal department
The internal audit charter has not been reviewed by the legal department
The internal audit charter has not been approved by the board within the past year
The internal audit charter has not been approved by the board within the past year
The internal audit charter does not describe the authority of the internal audit activity
The internal audit charter does not describe the authority of the internal audit activity
Suggested answer: D
asked 18/09/2024
Pedro Miguel Garcia Valdes
45 questions

Question 176

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Which of the following is the best way for an internal auditor to demonstrate due professional care?

Conduct an audit to the same extent that another prudent auditor would under similar circumstances
Conduct an audit to the same extent that another prudent auditor would under similar circumstances
Seek feedback from the engagement supervisor during the engagement
Seek feedback from the engagement supervisor during the engagement
Execute internal audit work in such a manner as to provide absolute assurance of compliance
Execute internal audit work in such a manner as to provide absolute assurance of compliance
Request and receive client feedback surveys during the engagement
Request and receive client feedback surveys during the engagement
Suggested answer: A
asked 18/09/2024
Rui Carrapico
35 questions

Question 177

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An organization's senior management team is awarding substantial bonuses if employees meet financial targets. Which of the following motivators to potentially commit fraud would become most likely in this scenario?

Opportunity
Opportunity
Pressure
Pressure
Rationalization
Rationalization
Justification
Justification
Suggested answer: B
asked 18/09/2024
Byron Lawrence
40 questions

Question 178

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Which of the following is an example of an entity-level control pertaining to the finance area of an organization'?

Key account reconciliation such as bank reconciliation
Key account reconciliation such as bank reconciliation
Segregation of duties between posting and reviewing journal entnes
Segregation of duties between posting and reviewing journal entnes
A signing authority matrix for spending approvals
A signing authority matrix for spending approvals
The establishment of a finance and audit committee
The establishment of a finance and audit committee
Suggested answer: B
asked 18/09/2024
Phanel Xavier
49 questions

Question 179

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Which of the following disclosures must the chief audit executive (CAE) include when communicating the results of the quality assurance and improvement program to senior management and the board?

Authority and responsibility of the internal audit activity
Authority and responsibility of the internal audit activity
Hours and sources of continuing professional education
Hours and sources of continuing professional education
Scope and frequency of both the internal and external assessments
Scope and frequency of both the internal and external assessments
independence and objectivity impairments of the CAE
independence and objectivity impairments of the CAE
Suggested answer: D
asked 18/09/2024
AHOPkos Varga
30 questions

Question 180

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Which of the following statements is true regarding the quality assurance and improvement program (QAIP)?

Reporting on the QAIP to the board should occur at least once every five years
Reporting on the QAIP to the board should occur at least once every five years
The responsibility for the selection of an external assessor rests with the board
The responsibility for the selection of an external assessor rests with the board
The qualifications of the assessors must be communicated to the board
The qualifications of the assessors must be communicated to the board
The reporting of outcomes of the QAIP can be delegated to senior audit staff
The reporting of outcomes of the QAIP can be delegated to senior audit staff
Suggested answer: C
asked 18/09/2024
Brandon O'Driscoll
39 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?