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

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Question 31

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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 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 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 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
The CAE updates the internal audit charter and presents it to the board for approval periodically, not on a specific timeline
Suggested answer: B
asked 18/09/2024
Enayat Meer
41 questions

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 to be the most efficient way to accomplish this objective?

Workshops.
Workshops.
Surveys.
Surveys.
Interviews.
Interviews.
Observation.
Observation.
Suggested answer: B
asked 18/09/2024
Godavari, Rakesh
50 questions

Question 33

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

Strong board of directors oversight.
Strong board of directors oversight.
Incentive-based compensation structures.
Incentive-based compensation structures.
Lower than average employee turnover.
Lower than average employee turnover.
Implementation of a fraud hotline.
Implementation of a fraud hotline.
Suggested answer: B
asked 18/09/2024
Shivanth Jha
40 questions

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?

Ensure all subsequent audit reports include a disclaimer as to the lack of access to the board,
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.
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,
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
Engage in written communications with the board and present relevant issues in writing
Suggested answer: D
asked 18/09/2024
Colin Ng
52 questions

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 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.
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 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 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
The internal audit charter, approved by the audit committee, requires conformance with the Standards
Suggested answer: C
asked 18/09/2024
Tyler Sent
30 questions

Question 36

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

Individual internal auditors.
Individual internal auditors.
Chief audit executive.
Chief audit executive.
The board.
The board.
Engagement supervisors.
Engagement supervisors.
Suggested answer: B
asked 18/09/2024
Nicolas Del Borrello
47 questions

Question 37

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

Have a bidding committee open the tender bids.
Have a bidding committee open the tender bids.
Restrict the time to submit tender bids.
Restrict the time to submit tender bids.
Keep minutes of pre-bid meetings.
Keep minutes of pre-bid meetings.
Allow the higher tenders to rebid.
Allow the higher tenders to rebid.
Suggested answer: B
asked 18/09/2024
SERGIO MELOSEVICH
49 questions

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 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.
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.
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.
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.
Provide the evidence that was discovered to local law enforcement for possible prosecution of the suspected fraud.
Suggested answer: A
asked 18/09/2024
Anshul Vyas
48 questions

Question 39

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

Leadership.
Leadership.
Documentation.
Documentation.
Analysis.
Analysis.
Reporting.
Reporting.
Suggested answer: C
asked 18/09/2024
Vijay Kumar
50 questions

Question 40

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

The organization's code of conduct.
The organization's code of conduct.
The organization's competition.
The organization's competition.
The organization's code of ethics.
The organization's code of ethics.
The organization's culture
The organization's culture
Suggested answer: D
asked 18/09/2024
Joseph McCray
48 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?