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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 4

Question list

List of questions

Question 31

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Which of the following would be considered a violation of The HAfs mandatory guidance on independence?

Question 32

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Management would like to self-assess the overall effectiveness of the controls in place for its 200- person manufacturing department. Which of the following client-facilitated approaches is likely t

Question 33

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Which of the following could increase risks to the organization's control environment?

Question 34

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A chief audit executive (CAE) has no direct access to the board. According to IIA guidance, which of the following is the most appropriate way for the CAE to react?

Question 35

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An internal audit activity maintains a quality assurance and improvement program that includes annual self-assessments. The internal audit activity includes in each engagement report a clause that t

Question 36

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Who is responsible for ensuring internal auditors' continuing professional development?

Question 37

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Which of the following controls would best mitigate the risk of fraud in the bidding process?

Question 38

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Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which

Question 39

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Which of the following is the primary engagement responsibility of an entry-level internal auditor?

Question 40

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Which of the following factors is most important for internal auditors to consider when prioritizing fraud risks?

Question 31

Which of the following would be considered a violation of The HAfs mandatory guidance on independence?

The chief audit executive (CAE) reports functionally to the board and administratively to the chief financial officer.

The board seeks senior management's recommendation before approving the annual salary adjustment of the CAE.

The CAE confirms to the board, at least once every five years, the organizational independence of the internal audit activity,

The CAE updates the internal audit charter and presents it to the board for approval periodically, not on a specific timeline

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Management would like to self-assess the overall effectiveness of the controls in place for its 200- person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?

Workshops.

Surveys.

Interviews.

Observation.

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Question 33

Which of the following could increase risks to the organization's control environment?

Strong board of directors oversight.

Incentive-based compensation structures.

Lower than average employee turnover.

Implementation of a fraud hotline.

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Question 34

A chief audit executive (CAE) has no direct access to the board. According to IIA guidance, which of the following is the most appropriate way for the CAE to react?

Ensure all subsequent audit reports include a disclaimer as to the lack of access to the board,

Focus on operational audit work and disregard lack of direct access to the members of the board.

Initiate changes to the internal audit charter to report to senior management for the time being,

Engage in written communications with the board and present relevant issues in writing

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Question 35

An internal audit activity maintains a quality assurance and improvement program that includes annual self-assessments. The internal audit activity includes in each engagement report a clause that the engagement is conducted in conformance with the International! Standards for the Professional Practice of Internal Auditing (Standards). Which of the following justifies inclusion of this clause in the reports?

Internal audit activity policies and engagement records provide relevant, sufficient, and competent evidence that the statement is correct.

The audit committee has reviewed the annual self-assessment results and approved the use of the clause.

The self-assessment results were validated by a qualified external review team three years prior.

The internal audit charter, approved by the audit committee, requires conformance with the Standards

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Question 36

Who is responsible for ensuring internal auditors' continuing professional development?

Individual internal auditors.

Chief audit executive.

The board.

Engagement supervisors.

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Question 37

Which of the following controls would best mitigate the risk of fraud in the bidding process?

Have a bidding committee open the tender bids.

Restrict the time to submit tender bids.

Keep minutes of pre-bid meetings.

Allow the higher tenders to rebid.

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Question 38

Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor's most appropriate next step?

Immediately notify management of the area under review and the other internal auditors involved in the engagement.

Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.

Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud.

Provide the evidence that was discovered to local law enforcement for possible prosecution of the suspected fraud.

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