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Which of the following would be considered a primary control to reduce the risk associated with setting up duplicate vendors?

A.
Receipt of a signed and approved vendor setup form.
A.
Receipt of a signed and approved vendor setup form.
Answers
B.
Segregation of duties between setting up vendors and making vendor payments.
B.
Segregation of duties between setting up vendors and making vendor payments.
Answers
C.
System validation and edit checks on vendor identification number
C.
System validation and edit checks on vendor identification number
Answers
D.
A vendor setup policy and procedure.
D.
A vendor setup policy and procedure.
Answers
Suggested answer: D

An engagement supervisor noted that an internal auditor's personal relationship with a process owner resulted in the auditor providing a favorable and partial assessment during an audit within that process owner's are a. According to MA guidance, which of the following should be used to manage this impairment?

A.
An internal audit charter.
A.
An internal audit charter.
Answers
B.
An employee disciplinary policy.
B.
An employee disciplinary policy.
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C.
A functional audit committee.
C.
A functional audit committee.
Answers
D.
A functional reporting placement.
D.
A functional reporting placement.
Answers
Suggested answer: A

Which data analytics competency is critical for new internal auditors to possess in order to plan and perform internal audit engagements in conformance with the Standards?

A.
Describe data analytics and the application of data analytics methods in internal auditing.
A.
Describe data analytics and the application of data analytics methods in internal auditing.
Answers
B.
Apply data analytics methods in internal auditing.
B.
Apply data analytics methods in internal auditing.
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C.
Evaluate the use of data analytics in an internal audit.
C.
Evaluate the use of data analytics in an internal audit.
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D.
Understand the definition of data analytics only.
D.
Understand the definition of data analytics only.
Answers
Suggested answer: C

Which of the following statements is true regarding the role of the internal audit activity in the organization's risk management process?

A.
The internal audit activity should not be responsible for developing the organization's risk management framework, even with appropriate safeguards.
A.
The internal audit activity should not be responsible for developing the organization's risk management framework, even with appropriate safeguards.
Answers
B.
The internal audit activity is typically responsible for alerting operational management to emerging risks and changes in regulatory scenarios
B.
The internal audit activity is typically responsible for alerting operational management to emerging risks and changes in regulatory scenarios
Answers
C.
The internal audit activity may coach management on risk response scenarios if safeguards have been implemented.
C.
The internal audit activity may coach management on risk response scenarios if safeguards have been implemented.
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D.
The internal audit activity should avoid giving assurance regarding the accuracy of risk evaluations if safeguards have not been implemented.
D.
The internal audit activity should avoid giving assurance regarding the accuracy of risk evaluations if safeguards have not been implemented.
Answers
Suggested answer: C

When beginning an engagement to assess the effectiveness of the organization's newly revamped risk management processes, which of the following should internal auditors review first?

A.
Key risk disclosures in the annual report.
A.
Key risk disclosures in the annual report.
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B.
Existing risk assessment and identification processes.
B.
Existing risk assessment and identification processes.
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C.
Organizational strategy and business plans.
C.
Organizational strategy and business plans.
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D.
Risk mitigation plans and risk responses.
D.
Risk mitigation plans and risk responses.
Answers
Suggested answer: C

To encourage internal audit objectivity, which of the following is an appropriate policy the chief audit executive should establish?

A.
Internal auditors should report their audit findings directly to the audit committee.
A.
Internal auditors should report their audit findings directly to the audit committee.
Answers
B.
To receive an outstanding performance rating, internal auditors are required to generate audit findings.
B.
To receive an outstanding performance rating, internal auditors are required to generate audit findings.
Answers
C.
Prior to hiring a new internal auditor, the chief audit executive must determine whether the auditor owns stock in the organization.
C.
Prior to hiring a new internal auditor, the chief audit executive must determine whether the auditor owns stock in the organization.
Answers
D.
Internal auditors are permitted to audit an entity managed by a close friend or relative, as long as they notify the chief audit executive.
D.
Internal auditors are permitted to audit an entity managed by a close friend or relative, as long as they notify the chief audit executive.
Answers
Suggested answer: C

As part of a fraud investigation by regulators, a court order was issued to a bank. The court order requested the chief audit executive (CAE) to provide access to a number of audit reports and workpapers, some of which included customers' confidential information such as transaction activity and other personal details. What is the appropriate response by the CAE?

A.
Reject the court order, citing a potential breach of customers' confidentiality agreement
A.
Reject the court order, citing a potential breach of customers' confidentiality agreement
Answers
B.
Consult with legal counsel to determine what information to provide.
B.
Consult with legal counsel to determine what information to provide.
Answers
C.
Respond promptly and provide all that was requested by the court order.
C.
Respond promptly and provide all that was requested by the court order.
Answers
D.
Seek permission from customers prior to sharing their information.
D.
Seek permission from customers prior to sharing their information.
Answers
Suggested answer: C

Which of the following is an advantage of using nongovernmental organization (NGO) members on an assurance team when auditing corporate social responsibility?

A.
Typically less time is needed to train the NGO members on the audit process.
A.
Typically less time is needed to train the NGO members on the audit process.
Answers
B.
NGO members are often more unbiased and objective
B.
NGO members are often more unbiased and objective
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C.
A report with a positive statement from an NGO member is deemed to be more credible. As opposed to auditors.
C.
A report with a positive statement from an NGO member is deemed to be more credible. As opposed to auditors.
Answers
D.
NGO members are licensed to audit corporate social responsibility.
D.
NGO members are licensed to audit corporate social responsibility.
Answers
Suggested answer: B

The collaborating style for conflict resolution, where the parties promote assertiveness and work together to develop a mutually beneficial solution, is best used in which of the following situations?

A.
Parties are confident of the solution and are ready to defend it.
A.
Parties are confident of the solution and are ready to defend it.
Answers
B.
There is a high level of trust among the parties.
B.
There is a high level of trust among the parties.
Answers
C.
Resolution is time sensitive and a quick decision is necessary.
C.
Resolution is time sensitive and a quick decision is necessary.
Answers
D.
The issue is more important to one patty than the others.
D.
The issue is more important to one patty than the others.
Answers
Suggested answer: B

According to MA guidance, which of the following activities would typically be examined when using the maturity model approach for assessing an organization's risk management program?

A.
Monitor and review
A.
Monitor and review
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B.
Performance measurement.
B.
Performance measurement.
Answers
C.
Setting the context.
C.
Setting the context.
Answers
D.
Communication.
D.
Communication.
Answers
Suggested answer: A
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