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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 8

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Question 71

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Which of the following best describes the internal audit activity's responsibility within a risk and control framework?

The internal audit activity constitutes the first line of defense in effective risk management.
The internal audit activity constitutes the first line of defense in effective risk management.
The internal audit activity provides direction regarding internal controls implementation.
The internal audit activity provides direction regarding internal controls implementation.
The internal audit activity verifies that management has met its responsibility for implementing effective controls.
The internal audit activity verifies that management has met its responsibility for implementing effective controls.
The internal audit activity implements the internal control framework and advises management regarding best practices.
The internal audit activity implements the internal control framework and advises management regarding best practices.
Suggested answer: C
asked 18/09/2024
Nathalie Agustin
38 questions

Question 72

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Which of the following best demonstrates that the internal audit activity is using due professional care?

The internal audit activity reports directly to the board on the engagements it performs.
The internal audit activity reports directly to the board on the engagements it performs.
Internal auditors undertake the necessary training to complete their audit work.
Internal auditors undertake the necessary training to complete their audit work.
The completion of engagements is based on the assumption that fraudulent activities may exist.
The completion of engagements is based on the assumption that fraudulent activities may exist.
Internal auditors consider the use of technology-based audit and other data analysts techniques
Internal auditors consider the use of technology-based audit and other data analysts techniques
Suggested answer: D
asked 18/09/2024
Srinivasan Krishnamoorthy
46 questions

Question 73

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Which of the following best demonstrates conformance with the Standards relating to continuing professional development of internal auditors?

Regulatory approval from an accrediting agency.
Regulatory approval from an accrediting agency.
Self-assessments against a competency framework.
Self-assessments against a competency framework.
Approval and signoff from the board of directors.
Approval and signoff from the board of directors.
A review by external auditors on an annual basis
A review by external auditors on an annual basis
Suggested answer: C
asked 18/09/2024
samer salami
39 questions

Question 74

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If an internal auditor suspects fraud during an engagement which of the following is expected of the auditor?

Evaluate the suspected activities to determine whether a forma! investigation is warranted,
Evaluate the suspected activities to determine whether a forma! investigation is warranted,
Immediately inform senior management and the board of the suspected fraud.
Immediately inform senior management and the board of the suspected fraud.
Ascertain the level of resources needed to formally investigate the fraud, and proceed with the investigation if resources permit,
Ascertain the level of resources needed to formally investigate the fraud, and proceed with the investigation if resources permit,
Include in the engagement documentation all possible effects and the potential impact of the fraud to the organization
Include in the engagement documentation all possible effects and the potential impact of the fraud to the organization
Suggested answer: A
asked 18/09/2024
john wick
41 questions

Question 75

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Which of the following statements best describes the difference between risk appetite and risk tolerance?

Risk appetite applies to specific objectives, while risk tolerance refers to an organization's general attitude toward risk,
Risk appetite applies to specific objectives, while risk tolerance refers to an organization's general attitude toward risk,
Risk appetite refers to the degree of risk acceptance for a particular objective, while risk tolerance is one approach to risk management.
Risk appetite refers to the degree of risk acceptance for a particular objective, while risk tolerance is one approach to risk management.
Risk appetite refers to an organization's general level of acceptance, while risk tolerance is a more specific and subordinate concept.
Risk appetite refers to an organization's general level of acceptance, while risk tolerance is a more specific and subordinate concept.
There is no significant difference between the two terms.
There is no significant difference between the two terms.
Suggested answer: C
asked 18/09/2024
marco antonio villanueva
40 questions

Question 76

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An internal auditor discovered fraud while performing an audit of an organization's procurement process. Which of the following describes the greatest benefit of using forensic auditing techniques in this scenario?

Enhanced capability to prevent frauds from occurring.
Enhanced capability to prevent frauds from occurring.
Greater assurance that procurement frauds will be detected in a timely manner
Greater assurance that procurement frauds will be detected in a timely manner
Improved capability of evaluating fraud risks within the organization.
Improved capability of evaluating fraud risks within the organization.
Greater understanding of fraud through better evidence collection
Greater understanding of fraud through better evidence collection
Suggested answer: D
asked 18/09/2024
loveneel kataria
35 questions

Question 77

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Which of the following best describes the type of risk that an adequately designed and effectively operating system of internal controls should mitigate?

Net.
Net.
Controllable.
Controllable.
inherent,
inherent,
Residual.
Residual.
Suggested answer: C
asked 18/09/2024
Ian Gothard
40 questions

Question 78

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Which of the following is an example of a detective control?

Automatic shut-off valve.
Automatic shut-off valve.
Auto-correct software functionality.
Auto-correct software functionality.
Confirmation with suppliers and vendors.
Confirmation with suppliers and vendors.
Safety instructions.
Safety instructions.
Suggested answer: C
asked 18/09/2024
Gurdeep Girn
38 questions

Question 79

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Which of the following needs to be established prior to undertaking an assessment of the quality assurance and improvement program?

Department performance standards.
Department performance standards.
Remediation timeframes.
Remediation timeframes.
Nonconformance disclosures.
Nonconformance disclosures.
External assessment resources
External assessment resources
Suggested answer: D
asked 18/09/2024
gregory damon
47 questions

Question 80

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According to NA guidance, which of the following is true regarding typical fraud schemes?

A diversion occurs when an employee has an undisclosed personal economic interest in a transaction that adversely affects the organization.
A diversion occurs when an employee has an undisclosed personal economic interest in a transaction that adversely affects the organization.
Tax evasion is intentional reporting of false or misleading information on a tax return by an organization to reduce taxes owed.
Tax evasion is intentional reporting of false or misleading information on a tax return by an organization to reduce taxes owed.
Skimming involves stealing cash or assets from the organization and is normally concealed by adjusting the organization's records.4, Disbursement fraud occurs when a person causes the organization to issue a payment for fictitious goods or services.
Skimming involves stealing cash or assets from the organization and is normally concealed by adjusting the organization's records.4, Disbursement fraud occurs when a person causes the organization to issue a payment for fictitious goods or services.
1 and 3.B.
1 and 3.B.
1 and 4.
1 and 4.
2 and 3.
2 and 3.
2 and 4.
2 and 4.
Suggested answer: D
asked 18/09/2024
Martien de Kleijn
34 questions
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Related questions

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?