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Question 614 - IIA-CIA-Part1 discussion

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Which of the following would be a preventive control for helping to manage fraud in an organization?

A.

Reviews of reports to determine which issued payments lack evidence of supervisory review.

Answers
A.

Reviews of reports to determine which issued payments lack evidence of supervisory review.

B.

A monthly review of new vendors performed by management for reasonableness.

Answers
B.

A monthly review of new vendors performed by management for reasonableness.

C.

Bank reconciliations performed on a monthly basis by the accounting department.

Answers
C.

Bank reconciliations performed on a monthly basis by the accounting department.

D.

A code of conduct and whistleblower policy that must be signed by all employees annually.

Answers
D.

A code of conduct and whistleblower policy that must be signed by all employees annually.

Suggested answer: D

Explanation:

Preventive controls are designed to prevent fraud or errors before they occur. A code of conduct and whistleblower policy signed by all employees annually helps to establish ethical behavior standards and provides a mechanism for reporting unethical behavior, thereby preventing potential fraud.

Reference:

Institute of Internal Auditors (IIA) Standards on Internal Control and Fraud Prevention.

COSO Internal Control Framework.

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asked 03/11/2024
Nikolay Yankov
35 questions
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