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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 45

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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?

Question 441

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Which of the following actions by an internal auditor would be the most relevant to determine the effectiveness of controls?

A.
Participate in a fraud risk-assessment session as an in-house facilitator.
A.
Participate in a fraud risk-assessment session as an in-house facilitator.
Answers
B.
Send regular written updates to senior management on new control-related regulations.
B.
Send regular written updates to senior management on new control-related regulations.
Answers
C.
Lead a seminar on internal controls and provide numerous examples to the audience.
C.
Lead a seminar on internal controls and provide numerous examples to the audience.
Answers
D.
Conduct a surprise inventory count at the raw materials warehouse.
D.
Conduct a surprise inventory count at the raw materials warehouse.
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Suggested answer: D
asked 18/09/2024
Gudni Hauksson
42 questions

Question 442

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Which of the following would be the most suitable internal control framework for an organization to adopt?

A.
A framework that specifies common best practices for an organization to evaluate and benchmark.
A.
A framework that specifies common best practices for an organization to evaluate and benchmark.
Answers
B.
A framework that specifies correct and incorrect business methodologies.
B.
A framework that specifies correct and incorrect business methodologies.
Answers
C.
A framework with precise specifications for how controls and processes should be employed.
C.
A framework with precise specifications for how controls and processes should be employed.
Answers
D.
A framework that offers step-by-step guidance for remedial action for all organization types.
D.
A framework that offers step-by-step guidance for remedial action for all organization types.
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Suggested answer: A
asked 18/09/2024
AN KANGWOOK
46 questions

Question 443

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Which of the following scenarios best illustrates the Fraud Triangle component known as "perceived opportunity"?

A.
Substantial bonuses are awarded if financial targets are met.
A.
Substantial bonuses are awarded if financial targets are met.
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B.
Duties are not properly segregated.
B.
Duties are not properly segregated.
Answers
C.
Employees may perceive favoritism and feel overlooked and resentful.
C.
Employees may perceive favoritism and feel overlooked and resentful.
Answers
D.
Bonuses may not be paid this year.
D.
Bonuses may not be paid this year.
Answers
Suggested answer: B
asked 18/09/2024
Babatunde Badiru
40 questions

Question 444

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Which of the following options describes the reason that conformance with The IIA's Code of Ethics is mandatory for internal auditors?

A.
Ethical compliance provides the basis for stakeholder confidence in the competence of the internal audit activity and of professional internal auditors.
A.
Ethical compliance provides the basis for stakeholder confidence in the competence of the internal audit activity and of professional internal auditors.
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B.
Ethical compliance is necessary for internal auditors and the internal audit activity to accept responsibility for providing absolute assurance about the organization's risk management.
B.
Ethical compliance is necessary for internal auditors and the internal audit activity to accept responsibility for providing absolute assurance about the organization's risk management.
Answers
C.
Ethical compliance provides the basis for stakeholder trust and confidence in the validity of the profession of internal auditing and the internal audit activity's findings.
C.
Ethical compliance provides the basis for stakeholder trust and confidence in the validity of the profession of internal auditing and the internal audit activity's findings.
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D.
The internal audit activity's ethical compliance sets the tone for the ethical compliance by the organization's board, management, and employees.
D.
The internal audit activity's ethical compliance sets the tone for the ethical compliance by the organization's board, management, and employees.
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Suggested answer: C
asked 18/09/2024
Kevin Lizano
37 questions

Question 445

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Which of the following statements is correct regarding disclosure of conformance or nonconformance with the Standards?

A.
An internal audit activity that has been in existence fewer than five years cannot Indicate that it is operating in conformance with the Standards because it has not yet undergone an external assessment.
A.
An internal audit activity that has been in existence fewer than five years cannot Indicate that it is operating in conformance with the Standards because it has not yet undergone an external assessment.
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B.
Once an external assessment validates conformance with the Standards, the internal audit activity may continue to use the statement until the next external assessment.
B.
Once an external assessment validates conformance with the Standards, the internal audit activity may continue to use the statement until the next external assessment.
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C.
If it has been more than five years since the last external assessment was conducted, the Internal audit activity must cease indicating that it operates in conformance with the Standards.
C.
If it has been more than five years since the last external assessment was conducted, the Internal audit activity must cease indicating that it operates in conformance with the Standards.
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D.
The chief audit executive must disclose every instance of noncompliance with the Code of Ethics or the Standards.
D.
The chief audit executive must disclose every instance of noncompliance with the Code of Ethics or the Standards.
Answers
Suggested answer: A
asked 18/09/2024
Jucelino Pinheiro de Andrade da Silva
42 questions

Question 446

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The manager of the payroll department requested a review of the payroll process, but only wants the engagement to include processes related to approval of time worked. What type of activity is this?

A.
Financial assurance engagement.
A.
Financial assurance engagement.
Answers
B.
Operational consulting engagement.
B.
Operational consulting engagement.
Answers
C.
Compliance assurance engagement.
C.
Compliance assurance engagement.
Answers
D.
Risk management consulting engagement.
D.
Risk management consulting engagement.
Answers
Suggested answer: C
asked 18/09/2024
Jefferson Salvio
39 questions

Question 447

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Which of the following statements is true regarding control activities?

A.
Control activities are carried out by first-line and second-line functions to mitigate risks.
A.
Control activities are carried out by first-line and second-line functions to mitigate risks.
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B.
Control activities are implemented by internal auditors to mitigate risks to an acceptable level.
B.
Control activities are implemented by internal auditors to mitigate risks to an acceptable level.
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C.
Control activities provide the foundation for the organization to establish its risk appetite.
C.
Control activities provide the foundation for the organization to establish its risk appetite.
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D.
Control activities are a precondition to setting risk tolerance levels.
D.
Control activities are a precondition to setting risk tolerance levels.
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Suggested answer: A
asked 18/09/2024
Glen Makhuvele
36 questions

Question 448

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An internal auditor was offered expensive tickets to a sporting event by the manager of an area that she was currently auditing. The auditor politely declined. Which of the following fundamental principles ot the MA Code of Ethics did she display?

A.
Confidentiality.
A.
Confidentiality.
Answers
B.
Independence.
B.
Independence.
Answers
C.
Competency.
C.
Competency.
Answers
D.
Objectivity
D.
Objectivity
Answers
Suggested answer: B
asked 18/09/2024
Christopher Scott
41 questions

Question 449

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Which of the following actions should the organization's governing body perform to provide the most effective governance over the organization's culture?

A.
Coordinate control activities.
A.
Coordinate control activities.
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B.
Provide direction.
B.
Provide direction.
Answers
C.
Design key controls.
C.
Design key controls.
Answers
D.
Deliver assurance.
D.
Deliver assurance.
Answers
Suggested answer: B
asked 18/09/2024
Karol Ligeza
37 questions

Question 450

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Which of the following indicates that internal audit independence may be compromised?

A.
The internal auditor maintains a close personal relationship with operational management.
A.
The internal auditor maintains a close personal relationship with operational management.
Answers
B.
Material observations were intentionally left out of the audit report.
B.
Material observations were intentionally left out of the audit report.
Answers
C.
Internal auditors assigned to the audit engagement did not have the knowledge, skills, and competencies needed to perform their responsibilities.
C.
Internal auditors assigned to the audit engagement did not have the knowledge, skills, and competencies needed to perform their responsibilities.
Answers
D.
An internal auditor failed to apply professional skepticism while performing audit tests in an area overseen by an experienced, reputable manager
D.
An internal auditor failed to apply professional skepticism while performing audit tests in an area overseen by an experienced, reputable manager
Answers
Suggested answer: C
asked 18/09/2024
Brooke Galiata
32 questions
Total 758 questions
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