IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 41

Which of the following written documents typically offers the best evidence that internal auditors exercise due professional care in conformance with the Standards?

The internal audit activity was asked to conduct an investigation for potential fraud in the treasury department and subsequently contracted with a forensic accountant to join the team for the engagement. Which of the following parties has the primary responsibility for resolving any fraud incidents found as a result of this investigation?

Internal controls belong to which risk response category?

Which of the following is a preventive control the organization could implement to mitigate fraudulent activity in the accounts payable department?

During an audit of company expenses, the internal auditor performed a test using data analytics and identified a violation of the company's expenses policy. The auditor who discovered the issue considered it a potential fraudulent transaction and informed the chief financial officer (CFO). The CFO dismissed the concern because he did not understand the data analytics test that was performed and the transaction was of a low value. Given this situation, which skills or competencies should this internal auditor seek to improve?

Which of the following scenarios depicts an appropriate role for the internal audit activity to take regarding an organization's risk management process?

An organization's board has approved an expansion plan into a new market. The board acknowledged that if the expansion is not successful, the organization would encounter large monetary losses consisting of legal fees, research and development costs, rent expenses, and labor fees. Which of the following has the board approved?

At what point in time can an organization conclude that the established organizational governance framework was correctly implemented?

Which of the following concepts is emphasized in the Mission of Internal Audit?