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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 31

List of questions

Question 301

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In which of the following scenarios would the internal auditor's objectivity be best protected?

A former human resources manager conducts an effectiveness review of the appointment and termination process six months after transferring to the internal audit activity.
A former human resources manager conducts an effectiveness review of the appointment and termination process six months after transferring to the internal audit activity.
An accounts payable clerk assists the internal auditors during an effectiveness review of the physical access controls to the server room.
An accounts payable clerk assists the internal auditors during an effectiveness review of the physical access controls to the server room.
An internal auditor writes the system manual for a newly acquired payroll software application prior to conducting an effectiveness review of the system.
An internal auditor writes the system manual for a newly acquired payroll software application prior to conducting an effectiveness review of the system.
An internal auditor conducts an effectiveness review of an organization's business continuity plan in which his son is a minority stockholder.
An internal auditor conducts an effectiveness review of an organization's business continuity plan in which his son is a minority stockholder.
Suggested answer: D
asked 18/09/2024
Cristi Savin
52 questions

Question 302

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Which of the following is an example of a management control technique?

A budget.
A budget.
A risk assessment.
A risk assessment.
The board of directors.
The board of directors.
The control environment
The control environment
Suggested answer: A
asked 18/09/2024
Chan Sai Yu
49 questions

Question 303

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An organization's board recommends revising the internal audit charter by adding requirements regarding the hiring and compensation of the chief audit executive as well as information on approving the internal audit budget. Which of the following is the board most likely defining in the charter?

Functional and administrative responsibilities of internal audit activity.
Functional and administrative responsibilities of internal audit activity.
Authority and objectivity of internal audit activity.
Authority and objectivity of internal audit activity.
Independence and objectivity of internal audit activity.
Independence and objectivity of internal audit activity.
Assurance and improvement of internal audit activity.
Assurance and improvement of internal audit activity.
Suggested answer: C
asked 18/09/2024
Deshawn Sharpe
36 questions

Question 304

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According to IIA guidance, which of the following actions by a new chief audit executive would be most appropriate to gain an understanding of the current level of knowledge, skills, and competencies required by an internal audit activity to fulfill its responsibilities?

Identify gaps in the activity's proficiency, based on criteria defined by a widely accepted competency framework.
Identify gaps in the activity's proficiency, based on criteria defined by a widely accepted competency framework.
Have a quality assessment review performed by an expert external entity.
Have a quality assessment review performed by an expert external entity.
Identify a mature internal audit activity to serve as a benchmark for measuring the internal audit activity's competence.
Identify a mature internal audit activity to serve as a benchmark for measuring the internal audit activity's competence.
Assess whether members of the internal audit activity understand and apply the 11As mandatory guidance.
Assess whether members of the internal audit activity understand and apply the 11As mandatory guidance.
Suggested answer: A
asked 18/09/2024
Mpho Ntshontsi
43 questions

Question 305

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Which of the following is the best example of a risk appetite statement concerning an investment portfolio?

We will request CEO approval for investments greater than S20 million and board approval for investments greater than $50 million.
We will request CEO approval for investments greater than S20 million and board approval for investments greater than $50 million.
We will hedge 95 percent of our U S. currency exposure and 100 percent of our European currency exposure.
We will hedge 95 percent of our U S. currency exposure and 100 percent of our European currency exposure.
We have a moderate tolerance for investment earnings volatility with a target value at risk of S50 million.
We have a moderate tolerance for investment earnings volatility with a target value at risk of S50 million.
We will report to the risk committee all credit losses greater than S10 million and all market value losses greater than S20 million.
We will report to the risk committee all credit losses greater than S10 million and all market value losses greater than S20 million.
Suggested answer: C
asked 18/09/2024
Alfred Macaraeg
51 questions

Question 306

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According to IIA guidance, which of the following would be included in an internal audit charter to help establish the authority of the internal audit activity?

Outline expectations for communicating the results of all aspects of the internal audit activity.
Outline expectations for communicating the results of all aspects of the internal audit activity.
Declare the internal audit activity's accountability for safeguarding assets and confidentiality.
Declare the internal audit activity's accountability for safeguarding assets and confidentiality.
Document the chief audit executive's (CAE's) reporting line
Document the chief audit executive's (CAE's) reporting line
Document agreement between the CAE and the individual to whom the CAE reports
Document agreement between the CAE and the individual to whom the CAE reports
Suggested answer: C
asked 18/09/2024
Anthony Zaborski
54 questions

Question 307

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Why is it imperative for the chief audit executive to track and develop the educational qualifications of internal audit staff?

To accurately conduct performance appraisals
To accurately conduct performance appraisals
To ensure that staff complete required continuing professional education credits annually.
To ensure that staff complete required continuing professional education credits annually.
To ensure that the resources needed to complete the audit plan are available.
To ensure that the resources needed to complete the audit plan are available.
To satisfy the audit committee requirements.
To satisfy the audit committee requirements.
Suggested answer: C
asked 18/09/2024
Anthony Zaborski
54 questions

Question 308

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Senior management has requested that the internal audit activity review and amend policies where necessary when auditing the purchasing department. To which of the following would the chief audit executive most likely give primary consideration when responding to this request?

Auditor competency.
Auditor competency.
Internal audit independence.
Internal audit independence.
Auditor objectivity.
Auditor objectivity.
Engagement scope.
Engagement scope.
Suggested answer: A
asked 18/09/2024
Cihad Yorulmaz
32 questions

Question 309

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Which of the following best describes the risk created when a manager bypasses organizational policies and procedures in order to meet an organization's objective?

Accountability/reward risk.
Accountability/reward risk.
Monitoring failure risk.
Monitoring failure risk.
Communication failure risk.
Communication failure risk.
Knowledge/skills risk
Knowledge/skills risk
Suggested answer: A
asked 18/09/2024
David Rossi
34 questions

Question 310

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Which of the following would be the best choice for a continuing professional development requirement for a newly created internal audit activity?

Require all internal auditors to create a training plan based on a competency self-assessment.
Require all internal auditors to create a training plan based on a competency self-assessment.
Require internal auditors to complete all of their training through webinars, to increase efficiency and avoid traveling
Require internal auditors to complete all of their training through webinars, to increase efficiency and avoid traveling
Require all internal auditors to become a member of The Institute of Internal Auditors.
Require all internal auditors to become a member of The Institute of Internal Auditors.
Require internal auditors to create a training plan based on their areas of interest
Require internal auditors to create a training plan based on their areas of interest
Suggested answer: A
asked 18/09/2024
Phillip Doman
38 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?