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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 32

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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?
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?

Question 311

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The management at a national consumer goods organization implements a fair work and pay practice as well as a policy to treat employees equitably and consistently.

Which common characteristics of fraud will the practice and policy most likely reduce?

Pressure or incentive.
Pressure or incentive.
Opportunity.
Opportunity.
Rationalization.
Rationalization.
Commitment.
Commitment.
Suggested answer: C
asked 18/09/2024
Paul Aronen
45 questions

Question 312

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Which of the following is considered to be a threat to the internal auditor's objectivity?

The auditor drafted the operational procedures of the area that she is currently auditing.
The auditor drafted the operational procedures of the area that she is currently auditing.
The auditor received a bonus that was approved by the board of directors.
The auditor received a bonus that was approved by the board of directors.
The assigned auditor recommended operational procedures for the organization.
The assigned auditor recommended operational procedures for the organization.
The assigned auditor rotated out of the same business activity three years ago
The assigned auditor rotated out of the same business activity three years ago
Suggested answer: A
asked 18/09/2024
Heng Tan
30 questions

Question 313

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An organization opened its warehouse to sell written-off surplus and outdated office furniture to the general public. Prices were negotiable, and customers could pay by cash, check, or credit card.

Receipts were available upon request, and were issued by the inventory manager upon collection of payment. At the end of the day, the manager forwarded all of the funds he had collected to the finance department for deposit. Which of the following types of fraud is most likely to occur under these circumstances?

Asset misappropriation.
Asset misappropriation.
Bribery.
Bribery.
Falsifying records.
Falsifying records.
Skimming
Skimming
Suggested answer: B
asked 18/09/2024
VIVEKANANDAN BALARAMAN
37 questions

Question 314

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Which of the following indicates an appropriate disclosure of a potential nonconformance with the Standards?

An external assessment of the internal audit activity was last performed six years ago.
An external assessment of the internal audit activity was last performed six years ago.
The internal audit activity has been in existence for four years but has not performed an external assessment.
The internal audit activity has been in existence for four years but has not performed an external assessment.
An internal assessment is not performed every year.
An internal assessment is not performed every year.
The internal audit activity has been in existence for two years and has documented only an internal assessment.
The internal audit activity has been in existence for two years and has documented only an internal assessment.
Suggested answer: A
asked 18/09/2024
Rafal Piasecki
40 questions

Question 315

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Which of the following best describes the differences between internal auditors and external auditors?

External auditors are concerned about misstatements in the organization's financial statements, while internal auditors are concerned about fraudulent activities that could impact the organization's financial statements
External auditors are concerned about misstatements in the organization's financial statements, while internal auditors are concerned about fraudulent activities that could impact the organization's financial statements
External auditors are required to hold an accounting designation and are responsible for continuing their education, while internal auditors are required to hold an internal audit designation.
External auditors are required to hold an accounting designation and are responsible for continuing their education, while internal auditors are required to hold an internal audit designation.
External auditors focus on the accuracy and understandability of financial statements, while internal auditors help the organization accomplish its objectives by evaluating and improving the effectiveness of the control process.
External auditors focus on the accuracy and understandability of financial statements, while internal auditors help the organization accomplish its objectives by evaluating and improving the effectiveness of the control process.
External auditors are not employees of the organization, while internal auditors are employees who have in-depth knowledge of the business, making their opinion more reliable to the board and senior management.
External auditors are not employees of the organization, while internal auditors are employees who have in-depth knowledge of the business, making their opinion more reliable to the board and senior management.
Suggested answer: D
asked 18/09/2024
DATA 7 DATA7
41 questions

Question 316

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A fraud investigation was completed by management, and a proven fraud was communicated to relevant authorities. According to IIA guidance, which of the following roles would be most appropriate for the internal audit activity to undertake after the investigation?

Plan employee sessions and team building strategies for the organization to improve awareness of fraud among employees
Plan employee sessions and team building strategies for the organization to improve awareness of fraud among employees
Review the investigation and implement any improvements to the process.
Review the investigation and implement any improvements to the process.
Conduct lessons learned sessions to ascertain how the fraud occurred and which controls failed.
Conduct lessons learned sessions to ascertain how the fraud occurred and which controls failed.
Determine why the fraud was not detected earlier and design controls to strengthen early detection.
Determine why the fraud was not detected earlier and design controls to strengthen early detection.
Suggested answer: C
asked 18/09/2024
Salvatore Buscio
28 questions

Question 317

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An internal audit activity is using the auditing-by-element approach to audit the organization's controls around corporate social responsibility. Which of the following would be an element for the internal audit activity to consider?

Working conditions.
Working conditions.
Employees' families.
Employees' families.
Marketplace competition.
Marketplace competition.
Shareholders and investors
Shareholders and investors
Suggested answer: A
asked 18/09/2024
Felix Maroto Roman
46 questions

Question 318

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Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?

Determine the organization's overall risk appetite.
Determine the organization's overall risk appetite.
Establish a governance committee.
Establish a governance committee.
Delegate authority to members of senior management.
Delegate authority to members of senior management.
Identify key stakeholders and their expectations
Identify key stakeholders and their expectations
Suggested answer: B
asked 18/09/2024
Jordan Reid
35 questions

Question 319

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According to MA guidance, which of the following gives the internal audit activity the authority to request supporting documentation for the invoices of a third-party service provider?

The internal audit policy manual.
The internal audit policy manual.
The internal audit charter.
The internal audit charter.
The board of directors.
The board of directors.
The quality assurance and improvement program.
The quality assurance and improvement program.
Suggested answer: B
asked 18/09/2024
Ange YAO
38 questions

Question 320

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Which of the following is a responsibility of the internal audit activity as it relates to risk and risk management?

Evaluating and suggesting improvements to the risk management process.
Evaluating and suggesting improvements to the risk management process.
Establishing the organization's risk appetite.
Establishing the organization's risk appetite.
Determining whether the risk attitude is aligned with shareholder interests.
Determining whether the risk attitude is aligned with shareholder interests.
Ensuring an adequate risk management system is in place.
Ensuring an adequate risk management system is in place.
Suggested answer: D
asked 18/09/2024
Paul Sanchez
34 questions
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