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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 43

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List of questions

Question 421

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Which of the following statements best describes how the internal audit activity obtains reasonable assurance that significant risks in the organization are identified and assessed?

Question 422

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Which of the following organizations has reached the most mature level of corporate social responsibility?

Question 423

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An internal auditor assessed that the risk of steel theft at a plant is high. In response, the plant's management introduced a number of controls, including fences around the facility, a metal detec

Question 424

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Which of the following is a key determinant used by external auditors to decide whether they can rely on work performed by the internal audit activity?

Question 425

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According to MA guidance, which of the following is true with regard to the internal audit charter?

Question 426

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Who is held responsible for oversight of the organization's risk management framework?

Question 427

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According to MA guidance, which of the following is an appropriate role for the internal audit activity?

Question 428

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Management of an area under review is aggressive, upset, and questioning the knowledge and experience of the organization's internal auditors, as the audit results highlight critical findings. The r

Question 429

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During a review of the procurement function, an internal auditor identified an existing control for adding new vendors into the vendor contract system. Which of the following would best help the aud

Question 430

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An internal auditor is assessing fraud risks and creating a fraud risk matrix for a particular branch location. Which of the following is most likely to be included in the matrix?

Question 421

Which of the following statements best describes how the internal audit activity obtains reasonable assurance that significant risks in the organization are identified and assessed?

The internal auditors review the organization's strategic plan, business plan, and policies, and have discussions with the board and senior management.

The internal auditors evaluate the adequacy and timeliness of management's reporting of risk management results.

The internal auditors interview staff at various levels and determine whether the organization's objectives, significant risks, and risk appetite are articulated sufficiently.

The internal auditors review recently completed risk assessments and related reports issued by senior management, external auditors, and other sources.

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Question 422

Which of the following organizations has reached the most mature level of corporate social responsibility?

An organization that is able to provide goods and services society needs and thus maximizes profit to its owners.

An organization that ensures compliance to legal frameworks of the countries in which it operates and sells its products.

An organization that is willing to make contributions not mandated by law or economics and expects no payback.

An organization that requires its decision makers to act with equity, fairness, and respect for the rights of individuals.

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An internal auditor assessed that the risk of steel theft at a plant is high. In response, the plant's management introduced a number of controls, including fences around the facility, a metal detector at the entrance, and monthly steel inventory counts. If the controls operate as intended, which of the following outcomes would the internal auditor hope to see?

The inherent risk will be mitigated to a level lower than the residual risk.

The inherent risk will be reduced to an acceptable level.

The residual risk will be reduced to an acceptable level.

The residual risk will be eliminated

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Question 424

Which of the following is a key determinant used by external auditors to decide whether they can rely on work performed by the internal audit activity?

The auditors' independence.

The auditors' objectivity.

The auditors' integrity.

The auditors' confidentiality.

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Question 425

According to MA guidance, which of the following is true with regard to the internal audit charter?

It specifies the minimum resources needed for assurance engagements.

It requires final approval from senior management.

It defines the internal audit activity's authority and responsibilities.

It describes the expectations for communicating the results of a quality assurance and Improvement program.

1 and 4 only.

3 and 4 only.

1.2. and 4.

2. 3. and 4.

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Question 426

Who is held responsible for oversight of the organization's risk management framework?

Operational management.

Board of directors.

Internal auditors.

Head of risk management.

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Question 427

According to MA guidance, which of the following is an appropriate role for the internal audit activity?

Coaching management in responding to risks.

Implementing risk responses on management's behalf.

Imposing risk management processes.

Setting the risk appetite.

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Question 428

Management of an area under review is aggressive, upset, and questioning the knowledge and experience of the organization's internal auditors, as the audit results highlight critical findings. The relationship between the internal audit activity and management has continued to degenerate. as previous audit reports also showed a large number of issues. What would be the best strategy for working through the current audit results while also attempting to repair the relationship with management?

Take an accommodating approach and change the overall rating of the audit report.

Take a compromising approach by modifying the tone of the report, while maintaining the critical findings.

Take an assertive approach and be persistent in attempting to convince the director.

Take an assisting approach and offer to assist with the implementation of action plans.

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Question 429

During a review of the procurement function, an internal auditor identified an existing control for adding new vendors into the vendor contract system. Which of the following would best help the auditor determine the adequacy of the control's design?

Flowchart of the vendor addition process.

Independent confirmations sent to vendors.

Analysis of the control's costs and benefits.

Interview with management of the procurement function.

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Question 430

An internal auditor is assessing fraud risks and creating a fraud risk matrix for a particular branch location. Which of the following is most likely to be included in the matrix?

Risks and relevant mitigating controls.

Business processes and relevant fraud risks.

Fraud scenarios and relevant risks.

Opportunity, rationalization, and pressure to commit fraud.

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Total 758 questions