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IIA IIA-CIA-Part2 Practice Test - Questions Answers, Page 42

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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
Internal audit staff lacks the expertise to perform a fraud investigation engagement stemming from a whistleblowing incident. Which of the following is the most appropriate option for the chief audit executive?
According to the MA guidance, which of the following does the engagement work program test in a review of an organizational process?
An internal auditor wanted to determine whether company vehicles were being used for personal purposes She extracted a report that listed company vehicle numbers business units to which the vehicles are allocated travel dates, travel duration and mileage She then filtered the data for weekend dates Which of the following additional information would the auditor need?
According to an internal audit observation, the organization's rules of record management require all contracts to be registered and stored in a specific electronic system. One subsidiary has thousands of client contracts on paper, which are kept in the office because there are not enough assistants to scan the contracts into the system. Which of the following component should be added to this observation?
A newly promoted chief audit executive (CAE) is faced with a backlog of assurance engagement reports to review for approval. In an attempt to attach a priority for this review, the CAE scans the opinion statement on each report. According to IIA guidance, which of the following opinions would receive the lowest review priority? 1. Graded positive opinion. 2. Negative assurance opinion. 3. Limited assurance opinion. 4. Third-party opinion.
An examination of the accounts payable function evidenced multiple findings with respect to segregation of duties. After management's response and action plan are received and documented in the final report, which of the following is most appropriate?
Senior management wants assurance that third-party contractors are following procedures as agreed with the organization. Which type of audit would be most appropriate to achieve this objective?
According to IIA guidance which of the following statements is true regarding heat maps?
An internal auditor wants to identity potential ghost employees in the organization's payroll system The auditor extracts the following data - Human resources data with employees' names addresses employment conditions and identification codes - Payroll data - Logs from entrance systems With this data, which of the following types of ghost employees will the auditor be able to identify?

Question 411

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While reviewing the workpapers and draft report from an audit engagement, the chief audit executive (CAE) found that an important compensating control had not been considered adequately by the audit team when it reported a major control weakness. Therefore, the CAE returned the documentation to the auditor in charge for correction. Based on this information, which of the following sections of the workpapers most likely would require changes?

Effect of the control weakness.

Cause of the control weakness.

Conclusion on the control weakness.

Recommendation for the control weakness.

A.
1, 2, and 3.
A.
1, 2, and 3.
Answers
B.
1, 2, and 4.
B.
1, 2, and 4.
Answers
C.
1, 3, and 4.
C.
1, 3, and 4.
Answers
D.
2, 3, and 4.
D.
2, 3, and 4.
Answers
Suggested answer: C

Question 412

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According to IIA guidance, which of the following should be a primary objective for an internal auditor who is conducting an exit conference?

A.
Improve relations with the engagement clients.
A.
Improve relations with the engagement clients.
Answers
B.
Present the final engagement communication.
B.
Present the final engagement communication.
Answers
C.
Identify concerns for future audit engagements.
C.
Identify concerns for future audit engagements.
Answers
D.
Ensure the accuracy of engagement conclusions.
D.
Ensure the accuracy of engagement conclusions.
Answers
Suggested answer: D

Question 413

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Which of the following actions is the most appropriate response for an internal auditor to take when a significant risk is identified during a consulting engagement?

A.
Report the risk identified from the consulting engagement to senior management.
A.
Report the risk identified from the consulting engagement to senior management.
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B.
Do not include the risk in the assessment of risk management processes, as that is management's responsibility.
B.
Do not include the risk in the assessment of risk management processes, as that is management's responsibility.
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C.
Do not report the risk, as it is out of scope for the consulting engagement.
C.
Do not report the risk, as it is out of scope for the consulting engagement.
Answers
D.
Include the risk identified from the consulting engagement in the next annual risk assessment only if it is part of the consulting engagement objectives.
D.
Include the risk identified from the consulting engagement in the next annual risk assessment only if it is part of the consulting engagement objectives.
Answers
Suggested answer: A

Question 414

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Which of the following is a true statement regarding the use of flowcharts as an audit tool?

A.
Flowcharts are typically not well suited to support information provided by a risk and control matrix.
A.
Flowcharts are typically not well suited to support information provided by a risk and control matrix.
Answers
B.
Flowcharts are preferred to narratives, as they can provide much greater detail on the design and operation of a process.
B.
Flowcharts are preferred to narratives, as they can provide much greater detail on the design and operation of a process.
Answers
C.
Flowcharts are best applied to linear process flows but cannot address all risks related to the process.
C.
Flowcharts are best applied to linear process flows but cannot address all risks related to the process.
Answers
D.
Flowcharts describe process steps but cannot provide the level of detail needed to adequately assess the design of the process.
D.
Flowcharts describe process steps but cannot provide the level of detail needed to adequately assess the design of the process.
Answers
Suggested answer: C

Question 415

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The audit plan requires a review of the testing procedures used in pre-production of a large information system prior to its live launch. If the chief audit executive (CAE) is uncertain that the current audit team has all the required knowledge to conduct the engagement, which of the following would be the most appropriate course of action for the CAE to take to preserve independence?

A.
Contract with the software vendor to provide an appropriate resource.
A.
Contract with the software vendor to provide an appropriate resource.
Answers
B.
Ask for a knowledgeable resource from the IT department.
B.
Ask for a knowledgeable resource from the IT department.
Answers
C.
Make use of an external service provider.
C.
Make use of an external service provider.
Answers
D.
Request audit resources through the external auditor.
D.
Request audit resources through the external auditor.
Answers
Suggested answer: C

Question 416

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Which of the following internal audit activity staffing models has the disadvantage that auditors are always new and in training?

A.
Career model.
A.
Career model.
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B.
Center of competence model.
B.
Center of competence model.
Answers
C.
Rotational model.
C.
Rotational model.
Answers
D.
Hybrid model.
D.
Hybrid model.
Answers
Suggested answer: C

Question 417

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Which of the following is an example of a properly supervised engagement?

A.
Auditors are asked to keep a daily record of their activity for review by the auditor in charge following the engagement.
A.
Auditors are asked to keep a daily record of their activity for review by the auditor in charge following the engagement.
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B.
The senior internal auditor requires each auditor to review and initial colleagues' workpapers for completeness and format.
B.
The senior internal auditor requires each auditor to review and initial colleagues' workpapers for completeness and format.
Answers
C.
A new internal auditor is accompanied by an experienced auditor during a highly sensitive fraud investigation.
C.
A new internal auditor is accompanied by an experienced auditor during a highly sensitive fraud investigation.
Answers
D.
The auditor in charge provides reasonable assurance that engagement objectives were met.
D.
The auditor in charge provides reasonable assurance that engagement objectives were met.
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Suggested answer: D

Question 418

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An internal audit manager assigns an audit team to test purchase transactions by selecting a sample from transactions processed by each of the three procurement officers.

Which of the following techniques will help the audit team achieve this sampling objective?

A.
Systematic sampling.
A.
Systematic sampling.
Answers
B.
Stratified sampling.
B.
Stratified sampling.
Answers
C.
Stop-or-go sampling
C.
Stop-or-go sampling
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D.
Discovery sampling.
D.
Discovery sampling.
Answers
Suggested answer: B

Question 419

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An internal auditor reviewed bank reconciliations prepared by management of the area under review. The auditor noted that the bank statements attached did not have the bank heading, logo, or address. Which of the following statements is true regarding this situation?

A.
The evidence may not be reliable.
A.
The evidence may not be reliable.
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B.
The evidence is not relevant.
B.
The evidence is not relevant.
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C.
The evidence may not be sufficient.
C.
The evidence may not be sufficient.
Answers
D.
The information missing is not relevant to the audit.
D.
The information missing is not relevant to the audit.
Answers
Suggested answer: A

Question 420

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Which of the following would be most likely found in an internal audit procedures manual?

A.
A summary of the strategic plan of the area under review.
A.
A summary of the strategic plan of the area under review.
Answers
B.
Appropriate response options for when findings are disputed by management.
B.
Appropriate response options for when findings are disputed by management.
Answers
C.
An explanation of the resources needed for each engagement.
C.
An explanation of the resources needed for each engagement.
Answers
D.
The extent of the auditor's authority to collect data from management.
D.
The extent of the auditor's authority to collect data from management.
Answers
Suggested answer: D
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