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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 23

List of questions

Question 221

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An internal audit activity maintains a quality assurance and improvement program that includes annual self-assessments The internal audit activity includes in each engagement report a clause that the engagement is conducted in conformance with the International Standards for the Professional Practice of Internal Auditing ( Standards) Which of the following justifies inclusion of this clause in the reports?

Internal audit activity policies and engagement records provide relevant, sufficient, and competent evidence that the statement is correct
Internal audit activity policies and engagement records provide relevant, sufficient, and competent evidence that the statement is correct
The audit committee has reviewed the annual self-assessment results and approved the use of the clause
The audit committee has reviewed the annual self-assessment results and approved the use of the clause
The self-assessment results were validated by a qualified external review team three years prior
The self-assessment results were validated by a qualified external review team three years prior
The internal audit charter, approved by the audit committee requires conformance with the Standards
The internal audit charter, approved by the audit committee requires conformance with the Standards
Suggested answer: C
asked 18/09/2024
ME BOX
33 questions

Question 222

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Which of the following is an example of corruption?

Recognizing revenue up front rather than over a contract's life to inflate revenue for the current period
Recognizing revenue up front rather than over a contract's life to inflate revenue for the current period
Requesting reimbursement for overstated travel and entertainment expense amount
Requesting reimbursement for overstated travel and entertainment expense amount
Misstating realized foreign currency transaction gains or losses
Misstating realized foreign currency transaction gains or losses
Demanding payment from a vendor for decisions made in the vendor's favor
Demanding payment from a vendor for decisions made in the vendor's favor
Suggested answer: D
asked 18/09/2024
Nuno Silva
41 questions

Question 223

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The chief audit executive of a large national retailer is reviewing the purpose and objectives of the organization's internal audit activity Which of the following objectives is best aligned with The IIA's Mission of Internal Audit?

To implement a quality assurance and improvement program
To implement a quality assurance and improvement program
To assess the effectiveness of internal controls over organizational assets
To assess the effectiveness of internal controls over organizational assets
To ensure internal auditors possess the competencies needed to perform their responsibilities
To ensure internal auditors possess the competencies needed to perform their responsibilities
To operate within the budget established by the board of directors
To operate within the budget established by the board of directors
Suggested answer: D
asked 18/09/2024
Franklin Adama
51 questions

Question 224

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Which of the following describes the internal audit activity's most appropriate role in an organization's risk management process?

Reporting to the board on management's assessment of current risks
Reporting to the board on management's assessment of current risks
Establishing a risk management policy and framework for the organization
Establishing a risk management policy and framework for the organization
Assigning responsibility for identifying and managing significant risks
Assigning responsibility for identifying and managing significant risks
Developing key controls to mitigate risks across the organization
Developing key controls to mitigate risks across the organization
Suggested answer: A
asked 18/09/2024
Kunle Fodeke
51 questions

Question 225

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During an assurance engagement internal auditors interview operational management to gather and evaluate information. Which approach is most important for internal auditors to be able to listen effectively to interviewees in the given situation?

Make an audio recording of the interview
Make an audio recording of the interview
Interrupt with questions during unclear statements
Interrupt with questions during unclear statements
Express interest by asking follow-up questions
Express interest by asking follow-up questions
Avoid periods of silence
Avoid periods of silence
Suggested answer: C
asked 18/09/2024
Pang Guo Ming
35 questions

Question 226

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Which of the following situations undermines the independence of the internal audit activity?

The internal audit activity is responsible for the company's risk management function and its head manager reports to the chief audit executive
The internal audit activity is responsible for the company's risk management function and its head manager reports to the chief audit executive
A senior member of the internal audit activity once worked in the corporate finance department
A senior member of the internal audit activity once worked in the corporate finance department
The organization's CEO reviews the internal audit activity's annual budget per the organization's policies and procedures
The organization's CEO reviews the internal audit activity's annual budget per the organization's policies and procedures
The internal audit activity often uses management's risk profile to build its own nsk profile for annual planning
The internal audit activity often uses management's risk profile to build its own nsk profile for annual planning
Suggested answer: A
asked 18/09/2024
Kong Yew Kuen
41 questions

Question 227

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According to IIA guidance, which of the following statements is true regarding the internal audit activity's responsibilities in providing consulting services?

The chief audit executive is responsible for deciding the priority of consulting services in the internal audit plan
The chief audit executive is responsible for deciding the priority of consulting services in the internal audit plan
The scope of consulting services is determined primarily by the internal auditor with input from management of the area under review
The scope of consulting services is determined primarily by the internal auditor with input from management of the area under review
The board defines the internal audit activity's responsibilities over consulting activities
The board defines the internal audit activity's responsibilities over consulting activities
Adding value to an organization requires the internal audit activity to initiate a consulting engagement
Adding value to an organization requires the internal audit activity to initiate a consulting engagement
Suggested answer: D
asked 18/09/2024
James DePhillip
47 questions

Question 228

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An engagement supervisor noticed that a newly hired internal auditor struggles with large data samples because he appears reluctant to apply available spreadsheet statistical functions and tends to perform testing of transactions manually In which of the following areas does the internal auditor most likely need training?

Critical thinking.
Critical thinking.
International Professional Practices Framework
International Professional Practices Framework
Professional ethics
Professional ethics
Business acumen
Business acumen
Suggested answer: A
asked 18/09/2024
hamza reza
54 questions

Question 229

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Which of the following is a role internal auditors should undertake related to risk management?

Evaluate the reporting of key risks
Evaluate the reporting of key risks
Set the risk appetite
Set the risk appetite
Implement risk responses on management's behalf
Implement risk responses on management's behalf
Impose risk management processes
Impose risk management processes
Suggested answer: A
asked 18/09/2024
Joza Pakledinac
35 questions

Question 230

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Recently an organization's internal audit activity discovered ghost employees who receive payments Senior management decides to strengthen the internal control measures to address this Which of the following is considered an effective control to mitigate payments to ghost employees?

Staff transfers are reviewed by the recruiting manager and approved by the head of human resources
Staff transfers are reviewed by the recruiting manager and approved by the head of human resources
New staff requisition forms are authorized by operational management and acknowledged by the head of human resources
New staff requisition forms are authorized by operational management and acknowledged by the head of human resources
Staff salary payments and accounting records are approved by the head of accounting and acknowledged by the head of human resources
Staff salary payments and accounting records are approved by the head of accounting and acknowledged by the head of human resources
The staff salary payment list is reviewed by the head of payroll and endorsed by the head of human resources
The staff salary payment list is reviewed by the head of payroll and endorsed by the head of human resources
Suggested answer: D
asked 18/09/2024
Ilias Akarkach
43 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?