Free Access IIA.IIA-CIA-Part1.v2022-02-22.q141 Practice Test (Page 5)

Question 16

New credit policies have been implemented in an automated order-entry system to improve the collection of receivables. Sales management has compiled several examples that show decreased sales and delayed order entry, and contends that these examples are a direct result of the new credit-policy constraints. Sales management's data and information provide:

A.A statistically valid conclusion about the impact of the new credit policies on customer goodwill.

B.Evidence that the new credit policies do not meet the stated corporate objective to improve collections.

C.Irrelevant and argumentative information.

D.Feedback control data.

Question 17

Which of the following might alert an internal auditor to the possibility of fraud in a division?
1. The division is not scheduled for an external audit this year.
2. Sales have increased by 10 percent.
3. A significant portion of management's compensation is directly tied to reported net income of the division.

A.1 only

B.3 only

C.1 and 2 only

D.1, 2, and 3

Question 18

Which of the following is an example of collusion?

A.An employee works with the IT manager to develop a program for identifying duplicate invoice payments.

B.A vendor sends a duplicate invoice with a new invoice number, and the accounts payable system fails to detect the duplication.

C.An employee includes a faked receipt in his expense claim, and the claim is signed by the employee's manager.

D.A vendor inflates the price of an item and remits a portion of the excess to the purchasing manager.

Question 19

Which of the following would provide the best guidance to a chief audit executive who is setting internal audit staff requirements?

A.A review of audit staff education and training records.

B.Information about the audit staff size and composition of comparable organizations.

C.Results from discussions of audit needs with executive management and the audit committee.

D.The results of the audit staff's most recent performance reviews.

Question 20

Which of the following activities best reflects the scope and status of the internal audit activity as defined in the internal audit policy statement?

A.The audit manager refrains from assigning an auditor who was a former payroll clerk to conduct a payroll audit.

B.The internal auditor reviews the physical access to merchandise during an inventory count.

C.The audit manager conducts an internal quality assessment of the internal audit activity's adherence to the Standards.

D.The board approves the annual performance evaluation of the chief audit executive.

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