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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 48

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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 471

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What is expected of internal auditors in regards to due professional care?

A.
Auditors perform assurance services without regard to cost
A.
Auditors perform assurance services without regard to cost
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B.
Auditors perform assurance services effectively to identify all risks
B.
Auditors perform assurance services effectively to identify all risks
Answers
C.
Auditors perform assurance services needed to achieve the engagement's objectives
C.
Auditors perform assurance services needed to achieve the engagement's objectives
Answers
D.
Auditors perform assurance services to guarantee all significant risks will be addressed
D.
Auditors perform assurance services to guarantee all significant risks will be addressed
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Suggested answer: C
asked 18/09/2024
Josefa Vera Gago
39 questions

Question 472

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Which of the following would best serve to deter unethical behavior and encourage internal auditors to be objective in their work?

A.
A requirement that internal auditors undergo objectivity training periodically
A.
A requirement that internal auditors undergo objectivity training periodically
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B.
Periodic communications reminding internal auditors of Standards requirements
B.
Periodic communications reminding internal auditors of Standards requirements
Answers
C.
A review of the final audit report by the audit committee
C.
A review of the final audit report by the audit committee
Answers
D.
Ongoing monitoring and periodic internal quality assessments
D.
Ongoing monitoring and periodic internal quality assessments
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Suggested answer: B
asked 18/09/2024
Michael Ulrich
41 questions

Question 473

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Wi ch of the following circumstances would most likely be considered a potential red flag for fraud by the internal audit activity?

A.
The monthly payroll reports are not vetted to ensure terminated employees have been removed from the payroll system
A.
The monthly payroll reports are not vetted to ensure terminated employees have been removed from the payroll system
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B.
The volume of nonroutine journal entries has steadily increased over time.
B.
The volume of nonroutine journal entries has steadily increased over time.
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C.
The database of approved suppliers has not been reviewed the last year
C.
The database of approved suppliers has not been reviewed the last year
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D.
The recent employee survey indicates that some employees remain unaware of the organization's whistieblower hotline.
D.
The recent employee survey indicates that some employees remain unaware of the organization's whistieblower hotline.
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Suggested answer: A
asked 18/09/2024
Bernardo Garcia
43 questions

Question 474

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Which of the following statements is true regarding intangible assets?

A.
The amortization period of an intangible asset cannot exceed 20 years.
A.
The amortization period of an intangible asset cannot exceed 20 years.
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B.
The cost intangible assets with indefinite lives should be amortized.
B.
The cost intangible assets with indefinite lives should be amortized.
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C.
Intangible assets are categorized as having either a limited life or an indefinite life.
C.
Intangible assets are categorized as having either a limited life or an indefinite life.
Answers
D.
Companies should record intangible assets at fair market value
D.
Companies should record intangible assets at fair market value
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Suggested answer: C
asked 18/09/2024
Evgeniy Lyashonkov
34 questions

Question 475

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An organization allows the same individuals to physical access inventory and purchase new assets when supplies are depleted. Which of the following would best help the organization manage the risk of fraud?

A.
Accounting personnel should regularly perform reconciliation between invoices and purchase orders
A.
Accounting personnel should regularly perform reconciliation between invoices and purchase orders
Answers
B.
Accounting personnel should conduct a periodic inventory count and reconcile inventory movements
B.
Accounting personnel should conduct a periodic inventory count and reconcile inventory movements
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C.
internal auditors should review Vie frequency and volume of purchased assets to detect trends in the inventory levels
C.
internal auditors should review Vie frequency and volume of purchased assets to detect trends in the inventory levels
Answers
D.
Management should established a policy requiring new inventory asset purchases to be made on serialized order forms with copies retained
D.
Management should established a policy requiring new inventory asset purchases to be made on serialized order forms with copies retained
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Suggested answer: D
asked 18/09/2024
henri victor BOGMIS
38 questions

Question 476

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Which of the following scenarios demonstrates an impairment to internal audit independence?

A.
The internal auditor s denied access to partner information from management of me area under review
A.
The internal auditor s denied access to partner information from management of me area under review
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B.
The internal auditor tarts to disclose a potential conflict of interest relationship with management of the area under review
B.
The internal auditor tarts to disclose a potential conflict of interest relationship with management of the area under review
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C.
The internal auditor concludes that controls operate effectively, although he did not gather supporting evidence
C.
The internal auditor concludes that controls operate effectively, although he did not gather supporting evidence
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D.
The internal auditor was assigned to an assurance review of an area for which he previously had responsibilities
D.
The internal auditor was assigned to an assurance review of an area for which he previously had responsibilities
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Suggested answer: A
asked 18/09/2024
John Bascara
36 questions

Question 477

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Which of the following scenarios demonstrates nonconformance with the Standards?

A.
An internal auditor failed to expand the engagement and include managements preferences when determining the scope of an upcoming assurance engagement.
A.
An internal auditor failed to expand the engagement and include managements preferences when determining the scope of an upcoming assurance engagement.
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B.
An internal audit activity lacks the skills need to perform a high-risk security engagement included on the annual audit plan.
B.
An internal audit activity lacks the skills need to perform a high-risk security engagement included on the annual audit plan.
Answers
C.
A chief audit executive fated to perform a risk assessment prior to preparing the audit plan
C.
A chief audit executive fated to perform a risk assessment prior to preparing the audit plan
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D.
An internal audit activity has existed for two years and has not undergone external quality assessment
D.
An internal audit activity has existed for two years and has not undergone external quality assessment
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Suggested answer: C
asked 18/09/2024
Pichai Chaipoon
43 questions

Question 478

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Which of the following is an appropriate roe fa the internal audit activity?

A.
Ensuring the organization's key risks are managed through appropriate controls.
A.
Ensuring the organization's key risks are managed through appropriate controls.
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B.
Assisting the organization in maintaining effective controls.
B.
Assisting the organization in maintaining effective controls.
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C.
implementing new controls to promote continuous improvement
C.
implementing new controls to promote continuous improvement
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D.
Validating control assessments performed by the external auditor.
D.
Validating control assessments performed by the external auditor.
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Suggested answer: A
asked 18/09/2024
Empire Cybersecurity
30 questions

Question 479

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According to IIA guidance which of the following statements regarding ethics is true?

A.
Business ethics may vary within an organization with both domestic and foreign operations
A.
Business ethics may vary within an organization with both domestic and foreign operations
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B.
Business ethics are universal n nature and organizations across the world are expected to comply with smear standards
B.
Business ethics are universal n nature and organizations across the world are expected to comply with smear standards
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C.
A business ethics policy for an organization s established solely to direct me behavior and expectations of employees
C.
A business ethics policy for an organization s established solely to direct me behavior and expectations of employees
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D.
Business ethics of an organization must remain independent torn those of supplier's customers and business partners
D.
Business ethics of an organization must remain independent torn those of supplier's customers and business partners
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Suggested answer: D
asked 18/09/2024
Siraj Moosa
33 questions

Question 480

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The internal audit activity is responsible for conducting fraud investigations. A potential fraud instance was identified during an audit engagement. The chief audit executive appoints a lead investigate. Which of the following would most likely be the next step?

A.
Ask internal auditors to gather all relevant information evidence
A.
Ask internal auditors to gather all relevant information evidence
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B.
Identify and interview witnesses first potential suspects later.
B.
Identify and interview witnesses first potential suspects later.
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C.
Conduct a fraud risk assessment to the most vulnerable areas.
C.
Conduct a fraud risk assessment to the most vulnerable areas.
Answers
D.
Determine me competencies needed and assess whatever team members have a conflict of interest.
D.
Determine me competencies needed and assess whatever team members have a conflict of interest.
Answers
Suggested answer: B
asked 18/09/2024
Alvin Gonzalez
38 questions
Total 758 questions
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