Free Access IIA.IIA-CIA-Part1.v2022-02-22.q141 Practice Test (Page 29)

Question 136

A company produces a product that consists of materials X, Y, and.
The product is mixed so that:
The quantity of material X used is one-third more than that of material Y.

The quantity of material Y used is one-fourth less than that of material Z.

If the company used 24, 000 units of material Z during a period, what is a reasonable estimate of the amount of material X used?

A.32, 000

B.18, 000

C.8, 000

D.24, 000

Question 137

Which of the following statements is correct regarding risk analysis?

A.The extent to which management judgments are required in an area could serve as a risk factor in assisting the auditor in making a comparative risk analysis.

B.Risk analysis must be reduced to quantitative terms in order to provide meaningful comparisons across an organization.

C.The highest risk assessment should always be assigned to the area with the highest probability of occurrence.

D.The highest risk assessment should always be assigned to the area with the largest potential loss.

Question 138

According to IIA guidance, which of the following statements is true when an internal auditor performs consulting services that improve an organization's operations?

A.The services impose no responsibility to communicate information other than to the engagement client.

B.The services may preclude assurance services from the consulting engagement.

C.The services must not be performed by the same internal auditor who performed assurance services, in order to maintain objectivity.

D.The services must be aligned with those defined in the internal audit charter.

Question 139

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.Check inventory levels.

B.Search for gaps in check numbers.

C.Compare vendor summaries.

D.Review raw material purchase quantities.

Question 140

An internal auditor is reviewing a new automated human resources system. The system contains a table of pay rates which are matched to the employee job classifications. The best control to ensure that the table is updated correctly for only valid pay changes would be to:

A.Ensure that adequate edit and reasonableness checks are built into the automated system.

B.Require a supervisor in the department, who does not have the ability to change the table, to compare the changes to a signed management authorization.

C.Require that all pay changes be signed by the employee to verify that the change goes to a bona fide employee.

D.Limit access to the data table to management and line supervisors who have the authority to determine pay rates.

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