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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 55

Question list

List of questions

Question 541

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

Question 542

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According to IIA guidance, which of the following best demonstrates that the chief audit executive is properly reporting the results of the quality assurance and improvement program to senior manage

Question 543

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According to IIA guidance, which of the following activities would typically be examined when using the maturity model approach for assessing an organization's risk management program?

Question 544

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What is the ultimate goal of establishing a robust risk management framework in an organization?

Question 545

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

Question 546

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According to IIA guidance, which of the following is the most accurate statement regarding the internal audit charter?

Question 547

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Internal audit is performing an engagement to determine whether there were indications of questionable bidding on a city s infrastructure project. As part of the engagement the internal audit activi

Question 548

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In an environment where employees are frequently penalized for mistakes and the organizational culture is one of fear and blame which of the following is an internal auditor most likely to find?

Question 549

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Due to toe increased operational responsibility of the CEO. The chief audit executive (CAE) of an organization currently reports to the chief financial officer (CFO). What is the likely imped of suc

Question 550

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Which of the following is a strategic risk that internal auditors should consider when performing a third-party risk management engagement?

Question 541

According to IIA 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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According to IIA guidance, which of the following best demonstrates that the chief audit executive is properly reporting the results of the quality assurance and improvement program to senior management and the board?

Providing a written conformance statement to both senior management and the board.

Giving copies of both external and internal assessments to the board.

Keeping files of reports of ongoing external assessment monitoring.

Retaining copies of board meeting minutes showing that discussions of assessments took place.

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Question 543

According to IIA guidance, which of the following activities would typically be examined when using the maturity model approach for assessing an organization's risk management program?

Monitor and review.

Performance measurement.

Setting the context.

Communication.

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Question 544

What is the ultimate goal of establishing a robust risk management framework in an organization?

To support the organization's risk culture, involving employees at all levels.

To ensure that the organization attains a better financial position.

To assist the organization in identifying and mitigating key risks.

To facilitate the organization's achievement of business goals and objectives.

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Question 545

According to IIA 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 546

According to IIA guidance, which of the following is the most accurate statement regarding the internal audit charter?

The IIA's Code of Ethics must exist outside of the charter to maintain independence.

The charter must be approved by both senior management and the board.

The nature of consulting services does not need to be defined in the internal audit charter.

The charter provides a framework for performing a broad range of value-added audit services.

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Question 547

Internal audit is performing an engagement to determine whether there were indications of questionable bidding on a city s infrastructure project. As part of the engagement the internal audit activity became aware that certain firms tend to receive the contracts for large city projects. How should the internal audit activity proceed with the engagement and identify questionable bidding practices?

Obtain the city s vendor listing to determine whether there was an adequate number of firms available to solicit bids for protects

Obtain at of the city s financial records to identify any firms that received payments for contracted goods and services.

Obtain the city's contracting files to determine whether the city demonstrated efforts to solicit bids from various interested firms.

Obtain the city's official public meeting minutes to determine whether there were concerns about the contracting practices

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Question 548

In an environment where employees are frequently penalized for mistakes and the organizational culture is one of fear and blame which of the following is an internal auditor most likely to find?

Management regularly overrides key controls

Employee turnover is tow

Careless behavior becomes normal

Employee morale is low

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Question 549

Due to toe increased operational responsibility of the CEO. The chief audit executive (CAE) of an organization currently reports to the chief financial officer (CFO). What is the likely imped of such a situation?

There may be limitation m the scope of engagements that can be undertaken

The CPO could provide expert advice when auditing areas under his purview

The internal audit activity is adequately positioned when the CAE reports to a member of executive management

The expense of finance staff can be catted upon during an audit of finance-related areas

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