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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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.
After the team member who specialized in fraud investigations left the internal audit team, the chief audit executive decided to outsource fraud investigations to a third party service provider on an as needed basis. Which of the following is most likely to be a disadvantage of this outsourcing decision?
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?
The external auditor has identified a number of production process control deficiencies involving several departments. As a result, senior management has asked the internal audit activity to complete internal control training for all related staff. According to IIA guidance, which of the following would be the most appropriate course of action for the chief audit executive to follow?
Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?
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?

Question 161 - IIA-CIA-Part2 discussion

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Which of the following actions best describes an internal auditor's use of test data to determine whether an organization's new accounts payable system avoids processing questionable invoices for payment?

A.
Creating an automated tool that monitors the computer program on a daily basis for potential issues that need corrective actions.
Answers
A.
Creating an automated tool that monitors the computer program on a daily basis for potential issues that need corrective actions.
B.
Using an automated system that assists internal auditors with automating the risk analysis of the computer program for invoicing
Answers
B.
Using an automated system that assists internal auditors with automating the risk analysis of the computer program for invoicing
C.
Embedding tools in the computer program to analyze the review processes of invoices for potential issues that may hamper payments
Answers
C.
Embedding tools in the computer program to analyze the review processes of invoices for potential issues that may hamper payments
D.
Adding invoices to the computer program to assess the reliability and effectiveness of the review process and whether controls work.
Answers
D.
Adding invoices to the computer program to assess the reliability and effectiveness of the review process and whether controls work.
Suggested answer: D

Explanation:

Adding invoices to the computer program to assess the reliability and effectiveness of the review process and whether controls work best describes an internal auditor's use of test data. This approach involves introducing test data into the system to evaluate how well the system processes invoices and whether it effectively identifies and prevents questionable invoices from being processed for payment.

IIA Standards: 1220.A2 - Proficiency and Due Professional Care

IIA Practice Guide: Use of Technology in Auditin

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asked 18/09/2024
RAHULREDDY BIRADAVOLU
42 questions
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