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

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List of questions

Question 471

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

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?

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?

Question 474

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Which of the following statements is true regarding intangible assets?

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 o

Question 476

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

Question 477

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Which of the following scenarios demonstrates nonconformance with the Standards?

Question 478

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

Question 479

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

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 invest

Question 471

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

Auditors perform assurance services without regard to cost

Auditors perform assurance services effectively to identify all risks

Auditors perform assurance services needed to achieve the engagement's objectives

Auditors perform assurance services to guarantee all significant risks will be addressed

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Question 472

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

A requirement that internal auditors undergo objectivity training periodically

Periodic communications reminding internal auditors of Standards requirements

A review of the final audit report by the audit committee

Ongoing monitoring and periodic internal quality assessments

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Question 473

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

The monthly payroll reports are not vetted to ensure terminated employees have been removed from the payroll system

The volume of nonroutine journal entries has steadily increased over time.

The database of approved suppliers has not been reviewed the last year

The recent employee survey indicates that some employees remain unaware of the organization's whistieblower hotline.

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Question 474

Which of the following statements is true regarding intangible assets?

The amortization period of an intangible asset cannot exceed 20 years.

The cost intangible assets with indefinite lives should be amortized.

Intangible assets are categorized as having either a limited life or an indefinite life.

Companies should record intangible assets at fair market value

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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?

Accounting personnel should regularly perform reconciliation between invoices and purchase orders

Accounting personnel should conduct a periodic inventory count and reconcile inventory movements

internal auditors should review Vie frequency and volume of purchased assets to detect trends in the inventory levels

Management should established a policy requiring new inventory asset purchases to be made on serialized order forms with copies retained

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Question 476

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

The internal auditor s denied access to partner information from management of me area under review

The internal auditor tarts to disclose a potential conflict of interest relationship with management of the area under review

The internal auditor concludes that controls operate effectively, although he did not gather supporting evidence

The internal auditor was assigned to an assurance review of an area for which he previously had responsibilities

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Question 477

Which of the following scenarios demonstrates nonconformance with the Standards?

An internal auditor failed to expand the engagement and include managements preferences when determining the scope of an upcoming assurance engagement.

An internal audit activity lacks the skills need to perform a high-risk security engagement included on the annual audit plan.

A chief audit executive fated to perform a risk assessment prior to preparing the audit plan

An internal audit activity has existed for two years and has not undergone external quality assessment

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Question 478

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

Ensuring the organization's key risks are managed through appropriate controls.

Assisting the organization in maintaining effective controls.

implementing new controls to promote continuous improvement

Validating control assessments performed by the external auditor.

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Question 479

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

Business ethics may vary within an organization with both domestic and foreign operations

Business ethics are universal n nature and organizations across the world are expected to comply with smear standards

A business ethics policy for an organization s established solely to direct me behavior and expectations of employees

Business ethics of an organization must remain independent torn those of supplier's customers and business partners

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Question 480

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?

Ask internal auditors to gather all relevant information evidence

Identify and interview witnesses first potential suspects later.

Conduct a fraud risk assessment to the most vulnerable areas.

Determine me competencies needed and assess whatever team members have a conflict of interest.

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Total 758 questions