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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 47

Question list

List of questions

Question 461

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Which of the following is a primary benefit of implementing a governance risk management and compliance framework within an organization?

Question 462

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Which of the following actions best demonstrates an internal auditor exercising due professional care?

Question 463

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Which of the following is true regarding risk analysis?

Question 464

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According to IIA guidance, which of the following statements is true with regard to the chief audit executive's (CAE's) responsibility for conducting a self-assessment of the internal audit activity

Question 465

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An organization s board of directors has decided that the internal audit activity must have greater access to different pans of the organization in order to perform their assurance work effectively

Question 466

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According to HA guidance, which of the following statements is true regarding the internal audit activity's quality assurance and improvement program (QAIP)?

Question 467

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Which of the following is an example of the chief audit executive (CAE) demonstrating due professional care?

Question 468

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An electrician visits a client to assess the scope of work. After the visit, the sales office compiles and sends the client a proposal based on the electrician's estimation and approved price list.

Question 469

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Which type(s) of assessments in an internal audit activity's quality assurance and improvement program requires ongoing monitoring to evaluate internal audit activity's efficiency and effectiveness?

Question 470

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Which of the following demonstrates that the internal audit activity exercises due professional care?

Question 461

Which of the following is a primary benefit of implementing a governance risk management and compliance framework within an organization?

Fewer internal audits

More effective interviews

Automated risk management strategy tools

Reduced assurance costs

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Question 462

Which of the following actions best demonstrates an internal auditor exercising due professional care?

Testing an entire population, even when a sample would suffice

Using technology and data analysis techniques for efficiency

Enhancing knowledge, skills, and other competencies through professional development

Establishing audit objectives, performing audit tests, and implementing missing controls

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Question 463

Which of the following is true regarding risk analysis?

Impact and likelihood should be assessed together.

Impact and likelihood should be given equal consideration by the internal auditor.

Impact and likelihood should be measured using quantitative methods.

Impact and likelihood should be used to determine risk response.

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Question 464

According to IIA guidance, which of the following statements is true with regard to the chief audit executive's (CAE's) responsibility for conducting a self-assessment of the internal audit activity?

1 The CAE should select an independent reviewer or review team to perform sufficient tests of the self-assessment to validate the results 2 The CAE should validate results by engaging experienced audit professionals from a separate internal audit activity outside of the organization to reperform all of the tests conducted for the assessment 3. The CAE should select independent, nonaudit professionals who are knowledgeable about the organization and the industry in which it operates to assist with performing the self-assessment 4. The CAE may consider performing a self-assessment with independent external validation in Iieu of performing a full external assessment

1 and 2 only.

1 and 4 only

1, 2, and 3

3 and 4

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Question 465

An organization s board of directors has decided that the internal audit activity must have greater access to different pans of the organization in order to perform their assurance work effectively Which of !he following areas is the board seeking to improve by making this change?

Internal audit authority.

Internal audit reporting structure.

Internal audit independence and objectivity.

Internal audit interaction with the board

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Question 466

According to HA guidance, which of the following statements is true regarding the internal audit activity's quality assurance and improvement program (QAIP)?

Internal assessments rely solely on the review of completed audit engagements for demonstrated performance

The chief audit executive is responsible for assessing the suitability and competence of an external assessor.

QAIP results must first be discussed with the board and approval obtained for distribution to senior management

At the board's discretion, the frequency of external assessments can exceed the five-year guideline

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Question 467

Which of the following is an example of the chief audit executive (CAE) demonstrating due professional care?

The CAE relies on CAEs in other organizations to understand how due professional care should be executed in her internal audit activity

The CAE meets with the board of directors on a quarterly basis to provide a status update.

The CAE assesses the audit staff's knowledge and skills annually to determine whether additional resources are needed to fulfill the internal audit plan.

The CAE provides absolute assurance to line management during each eternal audit engagement

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Question 468

An electrician visits a client to assess the scope of work. After the visit, the sales office compiles and sends the client a proposal based on the electrician's estimation and approved price list. The internal auditor notices that in the last six months, the number of cancelled proposals has increased substantially. Which of the following is a fraud risk scenario that the auditor should consider in this situation?

Some electricians may be offering clients opportunities for reduced fees if they pay with cash.

There is a new competitor in the area who offers better prices.

Sales representatives may be manipulating the proposals to include additional costs.

An unauthorized person may be modifying client data and cancelling the proposals.

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Question 469

Which type(s) of assessments in an internal audit activity's quality assurance and improvement program requires ongoing monitoring to evaluate internal audit activity's efficiency and effectiveness?

Neither internal nor external assessment

internal assessment

Both internal and external assessment

External assessment

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