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NEW QUESTION # 98
An internal auditor assessed that the risk of steel theft at a plant is high. In response, the plant's management introduced a number of controls, including fences around the facility, a metal detector at the entrance, and monthly steel inventory counts. If the controls operate as intended, which of the following outcomes would the internal auditor hope to see?
- A. The residual risk will be reduced to an acceptable level.
- B. The inherent risk will be reduced to an acceptable level.
- C. The inherent risk will be mitigated to a level lower than the residual risk.
- D. The residual risk will be eliminated
Answer: A
NEW QUESTION # 99
An internal auditor plans to use an analytical review to verify the correctness of various operating expenses in a division. The use of an analytical review as a verification technique would not be a preferred approach if:
- A. The company has relatively stable operations which have not changed much over the past year.
- B. The auditor notes strong indicators of a specific fraud involving this account.
- C. The auditor would like to identify large, unusual, or non-recurring transactions during the year.
- D. The operating expenses vary in relation to other operating expenses, but not in relation to revenue.
Answer: B
NEW QUESTION # 100
An internal auditor would most likely judge an error in an account balance to be material if the error involves:
- A. An unverified routine transaction.
- B. An unusual transaction for the company.
- C. A large percentage of net income.
- D. A data input function.
Answer: C
Explanation:
Section: Volume C
NEW QUESTION # 101
Which of the following scenarios violates The IIA's standard regarding internal audit independence?
- A. An assessment of the risk management function is reviewed by an outside consulting firm because the CAE is temporarily fulfilling the role of risk manager.
- B. The CAE regularly meets with the organization's chief risk officer, who validates all reported audit findings and dictates which will be Included In the package to the audit committee.
- C. The chief audit executive (CAE) reports on the internal audit activity's day-to-day tasks and responsibilities to the CEO.
- D. The internal audit activity will experience staffing shortages for the next six months due to planned and unplanned leaves of absence; therefore the CAE proposed including fewer audits in the annual audit plan compared to the previous financial year.
Answer: B
NEW QUESTION # 102
Which of the following risk factors is most subjective?
- A. Changes in staff, systems, or the environment.
- B. Size of the unit being audited.
- C. Prior audit findings.
- D. Competency of operating management.
Answer: D
NEW QUESTION # 103
During an internal audit,an organization's processing department is found to have incidences of both duplicate invoices and notices from customers that purchased goods were not received. The department under review insists that some of these reports are false and that others were isolated oversights due to understaffing.
Which of the following tests would best help the internal auditor detect fraudulent activity?
- A. Review raw material purchase quantities.
- B. Compare vendor summaries.
- C. Search for gaps in check numbers.
- D. Check inventory levels.
Answer: D
NEW QUESTION # 104
During an audit engagement, an internal auditor finds that management is not complying with previous commitments made to the external auditors. However, the auditor determines management's actions to be justified due to significant changes in the business.
The best course of action for the auditor to take would be to:
- A. Inform the external auditors and remove the associated work from the internal audit scope.
- B. Inform the external auditors and seek their guidance.
- C. Proceed with the audit engagement and assess the changes actually implemented by management.
- D. Compare the recommended changes against the changes made by management and advise management which action to take.
Answer: C
NEW QUESTION # 105
For a bank handling large amounts of cash, which of the following types of control would be the most effective to use?
- A. Corrective controls.
- B. Preventive controls.
- C. Detective controls.
- D. Directive controls.
Answer: B
NEW QUESTION # 106
According to the Standards, which of the following statements about effective governance is not true?
- A. It considers risk when setting strategy.
- B. It is implemented by the board or an equivalent body.
- C. It relies on internal controls to be effective.
- D. Its structures are distinct from risk management structures.
Answer: D
NEW QUESTION # 107
Which of the following is the best example of a strategic objective?
- A. Opening a new product line.
- B. Adhering to laws and regulations.
- C. Attaining a specified sales target.
- D. Safeguarding assets.
Answer: A
NEW QUESTION # 108
Which of the following methods is not valid for completing continuing professional education hours?
- A. Completing all audit engagements in accordance with the Standards.
- B. Participating in a formal in-house training program.
- C. Attending technical session meetings held by state auditing organizations.
- D. Publishing an article on the organization's internal audit department.
Answer: A
NEW QUESTION # 109
A staff auditor, nearly finished with an audit engagement, discovers that the director of marketing has a gambling habit. The gambling issue is not directly related to the existing engagement, and there is pressure to complete the current engagement. The auditor notes the problem and forwards the information to the chief audit executive, but performs no further follow-up.
Which of the following statements is true about the auditor's actions?
- A. They are not in violation of the Standards but are in violation of the IIA Code of Ethics.
- B. They are in violation of neither the IIA Code of Ethics nor the Standards.
- C. They are in violation of the Standards because the auditor did not properly follow up on a red flag that might indicate the existence of fraud.
- D. They are in violation of the IIA Code of Ethics because the auditor withheld meaningful information.
Answer: B
NEW QUESTION # 110
What should the internal auditor's role be in assessing the organization's ethical climate?
- A. Perform ongoing surveys of the employees, customers, and partners of the organization to assess the organization's ethical climate. ^Evaluate the effectiveness of the organization's strategies and B.
processes for achieving the desired level of legal and ethical compliance. - B. Perform background checks of potential new employees before they are hired by the organization.
- C. Maintain a whistleblower hotline to identify inappropriate or illegal activity within the organization.
Answer: C
NEW QUESTION # 111
Which of the following statements is true regarding consulting engagements?
- A. The nature of consulting services to be performed by internal auditors must be defined in the internal audit charter
- B. If internal auditors lack the knowledge, skills, or other competencies needed to perform the consulting engagement, the engagement can proceed with proper disclosures.
- C. Internal auditors cannot provide consulting services related to operations for which they had previous responsibilities.
- D. If internal auditors have potential impairments to objectivity related to the proposed consulting engagement, the engagement must be declined.
Answer: A
NEW QUESTION # 112
What is the primary reason a chief audit executive should dedicate time and resources to support continuing professional development of internal audit staff?
- A. To ensure that internal audit staff acquired continuing professional education credits timely.
- B. To ensure that top risks are mitigated to an acceptance level.
- C. To ensure that internal audit staff have the competency to address high-priority risks.
- D. To ensure that internal audit staff maintains high overall job satisfaction.
Answer: D
NEW QUESTION # 113
When developing the annual audit plan and reviewing risk assessment priorities, a chief audit executive should always identify the:
- A. Potential recommendations for each auditable activity.
- B. Internal audit resources required to achieve the audit plan.
- C. Persons to whom engagement reports will be communicated.
- D. Engagement procedures to be used during the engagements.
Answer: B
NEW QUESTION # 114
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IIA-CIA-Part1 exam consists of 125 multiple-choice questions that must be completed within a time limit of two and a half hours. IIA-CIA-Part1 exam is divided into six domains, including governance and risk management, organizational structure and business processes, communication, management and leadership principles, IT and business continuity, and financial management. IIA-CIA-Part1 exam is computer-based and can be taken at any Pearson VUE testing center around the world.
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