ExamGecko
Login
Home / IIA / IIA-CIA-Part1 / List of questions
Ask Question

IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 36

List of questions

Question 351

Report Export Collapse

During an assurance engagement the internal audit team discovers that employees performing a control do not understand the principles behind it. Before the engagement concludes, at management's request the audit team facilitates several formal training sessions to help explain those principles to the employees. Which of the following best describes the engagement provided by the internal audit activity in this scenario?

Assurance services
Assurance services
Blended services
Blended services
Consulting services
Consulting services
Prohibited services
Prohibited services
Suggested answer: C
asked 18/09/2024
Sonjoy Kanwal
47 questions

Question 352

Report Export Collapse

During an assurance engagement an internal auditor discovered that risk limits risk limit were set for a new market expansion project Management of the area under review was eager to comply and submitted a potential risk limit value for the auditor's review and approval. Which of the following would be an appropriate course of action for the auditor to take?

Review the submission and if no further remarks exist approve the risk limits
Review the submission and if no further remarks exist approve the risk limits
Provide advice if needed and ask management of the area under review to forward to senior management and the board for approval
Provide advice if needed and ask management of the area under review to forward to senior management and the board for approval
Develop risk limit calculation criteria and ask management of the area under review to resubmit the values.
Develop risk limit calculation criteria and ask management of the area under review to resubmit the values.
Avoid providing any advice or review until the audit report is issued
Avoid providing any advice or review until the audit report is issued
Suggested answer: A
asked 18/09/2024
Michael Serda
39 questions

Question 353

Report Export Collapse

Which of the following should an internal auditor take into consideration when making a judgement regarding whether management selected appropriate risk responses?

Significant risks
Significant risks
Risk capacity
Risk capacity
Risk appetite
Risk appetite
Risk tolerance
Risk tolerance
Suggested answer: C
asked 18/09/2024
Tu Nguyen
46 questions

Question 354

Report Export Collapse

Which of the following best demonstrates organizational independence of the internal audit activity?

The chief audit executive (CAE) reports functionally to the CEO.
The chief audit executive (CAE) reports functionally to the CEO.
The CAE's compensation is approved by the chief financial officer.
The CAE's compensation is approved by the chief financial officer.
The CAE's appointment Is determined by the CEO
The CAE's appointment Is determined by the CEO
The CAE reports administratively to the chief operating officer.
The CAE reports administratively to the chief operating officer.
Suggested answer: D
asked 18/09/2024
Christie Clark
41 questions

Question 355

Report Export Collapse

Which of the following would be the most effective in helping to detect fraud?

Code of conduct.
Code of conduct.
Exit interviews.
Exit interviews.
Fraud awareness training
Fraud awareness training
Employee promotion policy.
Employee promotion policy.
Suggested answer: B
asked 18/09/2024
Scott McNeill
33 questions

Question 356

Report Export Collapse

Which of the following scenarios violates The IIA's standard regarding internal audit independence?

The chief audit executive (CAE) reports on the internal audit activity's day-to-day tasks and responsibilities to the CEO.
The chief audit executive (CAE) reports on the internal audit activity's day-to-day tasks and responsibilities to the CEO.
An assessment of the risk management function is reviewed by an outside consulting firm because the CAE is temporarily fulfilling the role of risk manager.
An assessment of the risk management function is reviewed by an outside consulting firm because the CAE is temporarily fulfilling the role of risk manager.
The CAE regularly meets with the organization's chief risk officer, who validates all reported audit findings and dictates which will be Included In the package to the audit committee.
The CAE regularly meets with the organization's chief risk officer, who validates all reported audit findings and dictates which will be Included In the package to the audit committee.
The internal audit activity will experience staffing shortages for the next six months due to planned and unplanned leaves of absence; therefore the CAE proposed including fewer audits in the annual audit plan compared to the previous financial year.
The internal audit activity will experience staffing shortages for the next six months due to planned and unplanned leaves of absence; therefore the CAE proposed including fewer audits in the annual audit plan compared to the previous financial year.
Suggested answer: C
asked 18/09/2024
Chukwuebuka Ogbonna
46 questions

Question 357

Report Export Collapse

Considering the concepts of organizationwide risk management and the system of internal controls, the internal audit activity as a whole can be considered which of the following types of control?

Transaction-level control.
Transaction-level control.
Management-oversight control.
Management-oversight control.
Governance control.
Governance control.
Process-level control.
Process-level control.
Suggested answer: C
asked 18/09/2024
ALOUAT EKRAM
48 questions

Question 358

Report Export Collapse

Which of the following activities best ensures that internal auditors grow professionally in alignment with current industry trends to meet the expectations of primary stakeholders?

Deploying self-assessments against a competency benchmark.
Deploying self-assessments against a competency benchmark.
Acquiring memberships in professional organizations.
Acquiring memberships in professional organizations.
Developing professional succession plans.
Developing professional succession plans.
Obtaining subscriptions to professional journals in their area of interest.
Obtaining subscriptions to professional journals in their area of interest.
Suggested answer: A
asked 18/09/2024
TRONG KY
52 questions

Question 359

Report Export Collapse

Management has implemented a segregation-of-duties policy for handling inventory. Which of the following fraud risks would be more concerning to an internal auditor following the implementation of this new policy?

The risk of collusion between parties.
The risk of collusion between parties.
The risk of falsified reconciliations.
The risk of falsified reconciliations.
The risk of low-liquidity inventory.
The risk of low-liquidity inventory.
The risk of damages to the inventory.
The risk of damages to the inventory.
Suggested answer: A
asked 18/09/2024
Fernando Pereira dos Santos
43 questions

Question 360

Report Export Collapse

During an audit engagement, a junior staff internal auditor begins to suspect a fraud may have occurred involving a friend of the engagement supervisor. He reports his concerns to the engagement supervisor, who disagrees with his suspicions and directs him to continue with the engagement as planned. Given the circumstance, what is the most appropriate action for the junior auditor to take?

Document in the workpapers and expand testing.
Document in the workpapers and expand testing.
Continue with the engagement as planned, per the more senior auditor.
Continue with the engagement as planned, per the more senior auditor.
Report the suspected fraud to law enforcement officials and seek financial restitution.
Report the suspected fraud to law enforcement officials and seek financial restitution.
Escalate the concern to the chief audit executive.
Escalate the concern to the chief audit executive.
Suggested answer: D
asked 18/09/2024
Levente Mikofalvi
33 questions
Total 758 questions
Go to page: of 76
Search
Open VPLUS File
Convert VPLUS to PDF

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?