Free Access IIA.IIA-CIA-Part1.v2023-02-01.q147 Practice Test (Page 10)

Question 41

Which of the following statements is true regarding internal controls?

A.Internal controls eliminate process breakdowns caused by human errors.

B.Robust internal controls ensure business success.

C.Well-established internal controls cannot be overridden.

D.Strategic objectives are prerequisites to establishing internal controls.

Question 42

Which of the following actions should the audit committee take to promote organizational independence for the internal audit activity?

A.Encourage the CAE to communicate and coordinate with the external auditor.

B.Assist the CAE with hiring objective and competent internal audit staff.

C.Delegate final approval of the risk-based internal audit plan to the chief audit executive (CAE).

D.Approve the annual budget and resource plan for the internal audit activity.

Question 43

In which of the following scenarios is the internal auditor in conformance with The IIA's Code of Ethics and the Standards?

A.The auditor communicates an audit opinion on fraud risk during an audit engagement's preliminary fraud risk assessment

B.The auditor testifies in front of a jury about an organization's fraudulent financial practices after receiving a subpoena

C.The chief audit executive declines an assurance engagement in IT because the internal audit activity is not proficient in IT

D.Management has agreed to remedy a significant control deficiency, so the auditor excludes the deficiency from the engagement report

Question 44

According to IIA guidance, which of the following best describes the chief audit executive s responsibility for confirming to the board the organizational independence of the internal audit activity'?

A.The CAE must do this upon completion of each external quality assessment

B.The CAE must do this at least once every five years

C.The CAE should do this periodically in conjunction with a review of the internal audit charter

D.The CAE must do this at least annually

Question 45

A regional entertainment organization is in the process of developing a corporate social responsibility (CSR) policy. Management invites ideas from employees when developing the CSR policy. Which of the following is the most appropriate idea to include?

A.Management is responsible for ensuring that the organization's CSR principles are communicated, understood, and integrated into decision-making processes.

B.Generally, CSR activities are limited to the management of the organization; thus, employees do not have a responsibility for ensuring the success of CSR objectives.

C.Management has overall responsibility for the effectiveness of governance, risk management, and internal control processes associated with CSR.

D.The board is responsible for ensuring that CSR objectives are established, risks are managed, performance is measured, and activities are appropriately monitored and reported.

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Question 41

Question 42

Question 43

Question 44

Question 45

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