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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 30

List of questions

Question 291

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Which of the following statements about internal audit consulting engagements is true?

The primary purpose of a consulting engagement is to assess evidence and provide conclusions.
The primary purpose of a consulting engagement is to assess evidence and provide conclusions.
The internal audit activity determines the nature and scope of work for the specific consulting engagement
The internal audit activity determines the nature and scope of work for the specific consulting engagement
Internal auditors may provide consulting services relating to operations for which they had previous responsibilities.
Internal auditors may provide consulting services relating to operations for which they had previous responsibilities.
It is not appropriate to communicate control issues identified during consulting engagements to the board
It is not appropriate to communicate control issues identified during consulting engagements to the board
Suggested answer: C
asked 18/09/2024
Meena Utsaha
34 questions

Question 292

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Which of the following is true regarding the use of a formal risk management framework?

It facilitates a methodical approach to risk mitigation.
It facilitates a methodical approach to risk mitigation.
It defines and standardizes the terminology used in risk communication.
It defines and standardizes the terminology used in risk communication.
It establishes the risk tolerance levels to be accommodated in the strategy.
It establishes the risk tolerance levels to be accommodated in the strategy.
It facilitates the alignment of risk mitigation strategies with management priorities.
It facilitates the alignment of risk mitigation strategies with management priorities.
1. 2. and 3.
1. 2. and 3.
1.2. and 4.
1.2. and 4.
1.3. and 4.
1.3. and 4.
2. 3, and 4.
2. 3, and 4.
Suggested answer: B
asked 18/09/2024
Georgescu Andrei
49 questions

Question 293

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According to IIA guidance, which of the following is most critical to ensuring that an organization's risk management program remains effective over time?

Ensuring a fully executed assurance role for the internal audit activity.
Ensuring a fully executed assurance role for the internal audit activity.
Conducting risk evaluations that include ranking the relative importance of each risk.
Conducting risk evaluations that include ranking the relative importance of each risk.
Establishing a risk management function and appointing a chief risk officer.
Establishing a risk management function and appointing a chief risk officer.
Conducting a combination of ongoing risk reviews and individual evaluations.
Conducting a combination of ongoing risk reviews and individual evaluations.
Suggested answer: C
asked 18/09/2024
James Joiner
35 questions

Question 294

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Which of the following corporate social responsibility strategies is associated with responding to outside pressure by assuming additional responsibility?

Accommodation.
Accommodation.
Reaction.
Reaction.
Defense.
Defense.
Proaction.
Proaction.
Suggested answer: A
asked 18/09/2024
Juan Yontz
53 questions

Question 295

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Which of the following statements is true regarding consulting engagements?

Internal auditors cannot provide consulting services related to operations for which they had previous responsibilities.
Internal auditors cannot provide consulting services related to operations for which they had previous responsibilities.
The nature of consulting services to be performed by internal auditors must be defined in the internal audit charter
The nature of consulting services to be performed by internal auditors must be defined in the internal audit charter
If internal auditors have potential impairments to objectivity related to the proposed consulting engagement, the engagement must be declined.
If internal auditors have potential impairments to objectivity related to the proposed consulting engagement, the engagement must be declined.
If internal auditors lack the knowledge, skills, or other competencies needed to perform the consulting engagement, the engagement can proceed with proper disclosures.
If internal auditors lack the knowledge, skills, or other competencies needed to perform the consulting engagement, the engagement can proceed with proper disclosures.
Suggested answer: B
asked 18/09/2024
Maija Janite
40 questions

Question 296

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Which of the following describes two duties that should not be performed by the same person?

Posting cash receipts and cash payments to the general ledger.
Posting cash receipts and cash payments to the general ledger.
Posting bad debt write-offs and reconciling the accounts payable subsidiary ledger.
Posting bad debt write-offs and reconciling the accounts payable subsidiary ledger.
Distributing payroll checks and approving sales returns for credit.
Distributing payroll checks and approving sales returns for credit.
Recording cash receipts and preparing bank reconciliations.
Recording cash receipts and preparing bank reconciliations.
Suggested answer: D
asked 18/09/2024
Chan Sai Yu
49 questions

Question 297

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According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization's social responsibility program is effective?

Senior management
Senior management
Internal audit activity.
Internal audit activity.
All employees.
All employees.
Board of directors.
Board of directors.
Suggested answer: B
asked 18/09/2024
Oscar Luis Garza Ruiz
42 questions

Question 298

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Which of the following actions should the audit committee take to promote organizational independence for the internal audit activity?

Delegate final approval of the risk-based internal audit plan to the chief audit executive (CAE).
Delegate final approval of the risk-based internal audit plan to the chief audit executive (CAE).
Approve the annual budget and resource plan for the internal audit activity.
Approve the annual budget and resource plan for the internal audit activity.
Assist the CAE with hiring objective and competent internal audit staff.
Assist the CAE with hiring objective and competent internal audit staff.
Encourage the CAE to communicate and coordinate with the external auditor.
Encourage the CAE to communicate and coordinate with the external auditor.
Suggested answer: B
asked 18/09/2024
Michal Kopl
40 questions

Question 299

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An organization is testing a new IT system for digital data storage and security. The internal audit activity has been asked to evaluate the system in a consulting engagement. Although several internal auditors on staff are qualified to perform basic assessments of IT systems, none are familiar with the new system. Which of the following is a legitimate response to the prospective client?

Decline the engagement.
Decline the engagement.
Proceed with the engagement, performing only those parts of the engagement that the internal auditors are qualified to perform.
Proceed with the engagement, performing only those parts of the engagement that the internal auditors are qualified to perform.
Accept the engagement and develop the additional competencies in-house prior to the engagement's starting date.
Accept the engagement and develop the additional competencies in-house prior to the engagement's starting date.
Make arrangements to obtain assistance from a competent IT auditing expert.
Make arrangements to obtain assistance from a competent IT auditing expert.
1 and 4 only.
1 and 4 only.
2 and 3 only.
2 and 3 only.
1. 2, and 3 only.
1. 2, and 3 only.
1, 3, and 4 only.
1, 3, and 4 only.
Suggested answer: A
asked 18/09/2024
SAM E REYES
37 questions

Question 300

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According to IIA guidance, which of the following actions best demonstrates due professional care by an internal auditor when she discovers a number of fraud-related red flags during an audit engagement?

Conclude the engagement and inform management that fraud has occurred
Conclude the engagement and inform management that fraud has occurred
Perform further testing to verify the existence of fraud.
Perform further testing to verify the existence of fraud.
Suspend the engagement and undertake a formal fraud investigation.
Suspend the engagement and undertake a formal fraud investigation.
Notify the board of the possible fraud immediately
Notify the board of the possible fraud immediately
Suggested answer: B
asked 18/09/2024
Zakaria Boujli
32 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?