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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 72

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Question 711

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An Internal auditor noted that many amended purchase orders were automatically created for discrepancies between the value of the original purchase order and the final invoice.

Further examination revealed that most differences resulted from rounding errors bulk weights or minor tariff adjustments for shipping. Which of the followtng IS the most reasonable conclusion for the Internal auditor regarding this control?

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Question 712

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The audit committee chair requested that the chief audit executive include in his annual report to the audit committee information related to how the internal audit activity meets its requirement for due professional care. Which of the following statements would be appropriate to include in the report?

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Question 713

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According to IIA guidance, who is ultimately responsible for the enhancement of the internal auditor's knowledge, skills, and other competencies?

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Question 714

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Instead of leaving its capital in a bank account with a low guaranteed interest rate, an organization's board approved a proposal to invest in a stock that could have a high expected return rate without taking any risk mitigation activities. Which risk concept does this decision illustrate?

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Question 715

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Which of the following statements describes the activities performed by the internal audit activity to fulfill the Mission of Internal Audit?

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Question 716

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Which of the following preventive controls would be most effective for organizations facing business disruptions and respective financial losses?

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Question 717

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Which aspect of an internal audit charter relates to the reporting structure for the internal audit activity?

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Question 718

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During an audit of the procurement department, the internal auditor interviewed the department manager to ask questions about the purchasing process. There have been a number of employee complaints, tips, and reports regarding the purchasing process via the organization's whistleblower hotline. Which of the following phrases from the interviewee is most likely to raise concerns regarding potential control deficiencies or fraud risks?

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Question 719

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A chief audit executive (CAE) is currently employed at a commercial bank where she was previously the chief compliance officer over three years ago. The current chief compliance officer abruptly resigned prior to the start of a mandatory anti-money laundering compliance audit. The board is contemplating a number of alternatives regarding the vacant post, bearing in mind that the bank has been struggling financially and is looking to contain costs. Which of the following alternatives, if taken by the board, would be most appropriate to satisfy the bank's objectives as well as preserve the internal audit activity's independence?

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Question 720

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Which of the following statements is true regarding risk management frameworks?

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Total 758 questions
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