Get Started: IIA-CIA-Part1 Exam [2022] Dumps IIA PDF Questions
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NEW QUESTION 76
Which of the following is the primary concern of an internal auditor in a comprehensive audit of an organization?
- A. Accuracy of reports on the source and use of funds.
- B. Confirmation of compliance with policies and procedures.
- C. Appropriateness of procedures related to the budgeting process.
- D. Extent of achievement of the organization's mission.
Answer: D
NEW QUESTION 77
According to IIA guidance,which of the following objectives of an assurance engagement for the organization's risk management process is valid?
- A. Risks have been accurately analyzed and evaluated.
- B. The board is appropriately addressing intolerable risks.
- C. All risks have been identified and mitigated.
- D. All controls are both adequate and efficient.
Answer: A
NEW QUESTION 78
Which of the following statements correctly describes how workpaper standards can improve the efficiency of internal audit operations?
- A. They allow the design and content to vary depending on the nature of the engagement.
- B. They grant external parties approved by management access to workpapers.
- C. They require supervisors to provide written confirmation of the workpapers they review.
- D. They mandate the workpaper retention period.
Answer: A
NEW QUESTION 79
Which of the following, other than the internal audit charter, is most likely to define the purpose, authority, and responsibility of the internal audit activity (IAA)?
- A. The organization's charter to conduct operations.
- B. The internal audit policy statement.
- C. The chief audit executive job description.
- D. The IAA vision statement.
Answer: B
NEW QUESTION 80
To develop greater internal auditing expertise, the chief audit executive (CAE) has been assigning the same relatively inexperienced team of internal auditors to a series of engagements spanning several months. Is this practice consistent with the Standards?
- A. Yes. The CAE is promoting the professional development of the staff.
- B. No. The team should collectively possess the competencies appropriate for the engagements.
- C. Yes. The experience will quickly build specialized skills and competencies.
- D. No. Teams should be comprised of both experienced and inexperienced auditors.
Answer: B
NEW QUESTION 81
Which of the following are appropriate responsibilities of the audit committee in relation to the chief audit executive (CAE)?
1. Approving the internal audit charter.
2. Approving decisions regarding the appointment and removal of the CAE.
3. Approving the risk management strategy for the organization.
4. Making appropriate inquiries of management and the CAE to determine whether there are inappropriate scope and resource limitations.
- A. 1, 2, and 4 only
- B. 2, 3, and 4 only
- C. 1, 2, and 3 only
- D. 1 and 2 only
Answer: A
Explanation:
Section: Volume C
NEW QUESTION 82
The chief commodity trader for a large energy company learns from a friend that a competitor will likely fail its upcoming regulatory audit and will be forced to temporarily decrease production. If the information is true, the trader has short-term opportunities to make trades that will financially benefit the trader's company and will lead to a substantial increase in the trader's performance bonus. However, if the information is not true, making the trades will significantly increase the company's risk of being caught in a long position. From an ethical perspective, which of the following would be the most appropriate course of action for the trader to take?
- A. Defer the decision to management and risk the loss of the trading opportunity.
- B. Have another trader on staff make the trade in order to avoid a conflict of interest.
- C. Make the trade because the company and the trader will both benefit.
- D. Disclose the information to the risk oversight committee but proceed with the trade to capitalize on the opportunity.
Answer: A
Explanation:
Section: Volume B
Explanation/Reference:
NEW QUESTION 83
According to IIA guidance,which of the following statements regarding the internal audit charter is true?
- A. Senior management should approve the charter before it is submitted to the board.
- B. The CEO periodically should assess whether the terms of the charter continue to be adequate.
- C. The charter should describe the purpose and authority of the internal audit activity,consistent with the Standards.
- D. The charter should define the consulting services that the internal audit activity is permitted to perform.
Answer: A
NEW QUESTION 84
Which of the following statements is true regarding assurance services provided to clients outside of the organization?
- A. The nature of assurance services for outside clients is the same as for internal clients.
- B. The nature of assurance services for outside clients should be defined in the internal audit charter.
- C. Assurance services for outside clients must be approved on a case-by-case basis by the board of directors.
- D. Assurance services for outside clients are not covered under the internal audit charter.
Answer: B
NEW QUESTION 85
According to IIA guidance, which of the following is the most likely obstacle to undertaking a quality assurance and improvement program by the internal audit activity?
- A. The time commitment to complete.
- B. The inability to adequately fund the program.
- C. The size of internal audit department under review.
- D. The lack of independence and objectivity.
Answer: B
NEW QUESTION 86
If earnings on financial statements for internal use only have been manipulated in the past,an internal auditor is likely to focus on which of the following?
- A. Whether accounting estimates are reasonable given past actual results.
- B. The proper accrual of payables at the end of the interim period.
- C. Whether there have been changes in accounting principles that materially affect the
financial statements. - D. The timing of revenue recognition and the valuation of inventories.
Answer: D
NEW QUESTION 87
According to The MA Global Internal Audit Competency Framework, which of the following areas of training would best assist the internal audit activity in improving its use of tools and techniques?
- A. Project management.
- B. Financial accounting.
- C. Negotiation and conflict resolution.
- D. Ethics and fraud.
Answer: A
NEW QUESTION 88
Which of the following describes a key characteristic related to effective organizational communication?
- A. Comprehensive supervisory and verification procedures.
- B. A well-designed system of internal controls.
- C. A culture of integrity and transparency.
- D. Unique operating environments with varying complexity.
Answer: B
NEW QUESTION 89
When internal auditors perform consulting services that add value and improve an organization's operations, these services:
- A. Impair the internal auditors' objectivity with respect to an assurance service involving the same engagement client.
- B. Would preclude the achievement of assurance from the consulting engagement.
- C. Should be consistent with the internal audit activity's empowerment reflected in the charter.
- D. Impose no responsibility to communicate information other than to the engagement client.
Answer: C
NEW QUESTION 90
When auditing the award of a major contract,which of the following should an internal auditor suspect as a red flag for a bidding fraud scheme?
1.Subsequent change orders increase requirements for low-bid items.
2.Material contract requirements are different on the actual contract than on the request for bids.
3.A
high percentage of employees are charged to indirect accounts. 4.Losing bidders are hired as subcontractors.
- A. 2 and 4.
- B. 1 and 3.
- C. 1only
- D. 2only
Answer: A
NEW QUESTION 91
An internal auditor is designing a sampling plan to test the accuracy of daily production reports over the past three years. All of the reports contain the same information except that Friday reports also contain weekly totals and are prepared by managers rather than by supervisors. Production normally peaks near the end of a month. If the auditor wants to select two reports per month using an interval sampling plan, which of the following techniques reduces the likelihood of bias in the sample?
- A. Increasing the precision.
- B. Increasing the confidence level.
- C. Using multiple random starts.
- D. Estimating the error rate in the population.
Answer: C
NEW QUESTION 92
An internal auditor wants to use ratio analysis to examine efficiencies in an organization's accounting department. Which of the following statements identifies a weakness of ratio analysis that should be considered by the auditor?
- A. It utilizes financial information that may not have been checked for validity and reliability.
- B. It requires a substantial investment of money.
- C. It is only helpful for making comparisons across industries.
- D. Computer software is required in order to draw conclusions from the data.
Answer: A
NEW QUESTION 93
The first stage in the development of a crisis management program is to:
- A. Conduct a risk analysis.
- B. Practice the response to a crisis.
- C. Create a crisis management team.
- D. Formulate contingency plans.
Answer: A
NEW QUESTION 94
Which of the following conditions is the most likely indicator of fraud?
- A. Lower earnings occur during the industry's down cycle.
- B. A manager regularly assumes subordinates' duties.
- C. Commissions are paid based on verified increases to sales.
- D. Departmental reports are consistently issued in an untimely manner.
Answer: B
NEW QUESTION 95
Company A has a formal comprehensive corporate code of ethics while company B does not. Which of the following statements regarding the existence of the code of ethics in company A can be logically inferred?
1. Company A exhibits a higher standard of ethical behavior than does company B.
2. Company A has established objective criteria by which an employee's actions can be evaluated.
3. The absence of a formal corporate code of ethics in company B would prevent a successful audit of ethical behavior in that company.
- A. 2 and 3 only
- B. 2 only
- C. 3 only
- D. 1 and 2 only
Answer: B
Explanation:
Section: Volume C
NEW QUESTION 96
Which of the following would provide the best evidence of errors in the quantities of items received from suppliers?
- A. Suppliers' reports of over shipments.
- B. Warehouse receiving logs.
- C. Purchase requisitions and purchase orders.
- D. Observation and inspection of inventory.
Answer: B
NEW QUESTION 97
Which of the following is an example of a transaction-level control?
- A. Human resource policies.
- B. Inventory counts.
- C. Tone at the top.
- D. Reconciliations of primary accounts.
Answer: D
NEW QUESTION 98
When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?
- A. The extent and degree of interdependency for identified key risks.
- B. The exposure to risks following management's risk responses.
- C. The boundaries established to manage the amount of risk taken.
- D. The amount of risk that an organization is willing to seek or accept.
Answer: B
Explanation:
Section: Volume F
NEW QUESTION 99
If an internal auditor discloses confidential information in response to a lawsuit, the internal auditor has violated:
- A. The Standards.
- B. Neither the IIA Code of Ethics nor the Standards.
- C. Both the IIA Code of Ethics and the Standards.
- D. The IIA Code of Ethics.
Answer: B
NEW QUESTION 100
Which of the following would not be a red flag for fraud?
- A. Several recent, large expenditures to a new vendor have not been documented.
- B. A weak control environment has been accepted by management to encourage creativity.
- C. A manager has bragged about multiple extravagant vacations taken within the last year, which are excessive relative to the manager's salary.
- D. New employees occasionally fail to meet established project deadlines due to staffing shortages.
Answer: D
Explanation:
Section: Volume E
NEW QUESTION 101
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