Free Access IIA.IIA-CIA-Part1.v2022-07-16.q118 Practice Test (Page 8)

Question 31

Which of the following is not an appropriate role of the internal audit activity in governance activities?

A.Monitor compliance with the organization's ethics policies.

B.Ensure the timely implementation of audit recommendations.

C.Support the board in enterprise-wide risk assessment.

D.Discuss areas of significant risk.

Question 32

An organization that outsources much of its internal audit work to an external service provider is planning for an external quality assessment. Which of the following options would accomplish this task and be in conformance with the Standards?

A.A team under the direction of the organization's chief audit executive with validation by a former manager of the internal audit activity.

B.The same external service provider because of its competency and experience with the organization.

C.External industry associate that performed a similar review for a supplier of the organization.

D.A team from an independent entity that previously employed the chief audit executive of the organization.

Question 33

Sometimes,internal audit staff may partner with operating managers to rank risks. Which of the following outcomes may be the most beneficial aspects of this strategy?
1.Reappraising risks levels.
2.Providing accurate information to management.
3.Marketing the internal audit activity.
4.Planning safeguards for assets in high-risk areas.

A.1 and 2.

B.2 and 3.

C.1 and 3.

D.3 and 4.

Question 34

The chief audit executive is revising policies relating to independence and objectivity of the internal audit activity. Which of the following would be a part of the revised policies document?

A.Any auditor that received high-value gifts from an audit client must report it to their supervisor.

B.An auditor may provide consulting services relating to operations for which they had previous responsibilities.

C.An auditor does not need to complete an annual conflict of interest form unless the auditor's independence status has changed.

D.Any auditor that received gifts of low-value promotional items from an audit client must report it to their supervisor.

Question 35

Which of the following statements is correct regarding risk analysis?

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

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

C.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.

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

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Question 31

Question 32

Question 33

Question 34

Question 35

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