Free Access IIA.IIA-CIA-Part1.v2023-02-01.q147 Practice Test (Page 12)

Question 51

Which of the following organizations is adopting an acceptance technique in terms of its risk response?

A.An organization that takes out insurance policies to protect its property and equipment.

B.An organization that opts out of investing in a new region due to volatility in foreign exchange rates.

C.An organization that deploys policies and procedures to guide business activities and practices

D.An organization that takes no action in managing the possible exposure to an earthquake.

Question 52

An engagement supervisor noted that an internal auditor's personal relationship with a process owner resulted in the auditor providing a favorable and partial assessment during an audit within that process owner's area.
According to MA guidance, which of the following should be used to manage this impairment?

A.An employee disciplinary policy.

B.A functional reporting placement.

C.An internal audit charter.

D.A functional audit committee.

Question 53

Which of the following best describes the differences between internal auditors and external auditors?

A.External auditors are concerned about misstatements in the organization's financial statements, while internal auditors are concerned about fraudulent activities that could impact the organization's financial statements

B.External auditors are required to hold an accounting designation and are responsible for continuing their education, while internal auditors are required to hold an internal audit designation.

C.External auditors focus on the accuracy and understandability of financial statements, while internal auditors help the organization accomplish its objectives by evaluating and improving the effectiveness of the control process.

D.External auditors are not employees of the organization, while internal auditors are employees who have in-depth knowledge of the business, making their opinion more reliable to the board and senior management.

Question 54

Which of the following is a typical characteristic of an organization's risk management framework*?

A.External risks and internal opportunities are omitted from the risk assessment scope

B.Risk tolerance may or may not align with risk appetite depending on whether the assessment is quantitative or qualitative

C.Risk is assessed on both an inherent and a residual basis

D.The framework addresses four organizational objective categories strategic, historical, operational, and investment

Question 55

Which of the following statements is true regarding the internal audit activity's quality assurance and improvement program (QAIP)?

A.It Is permissible to share the results of the QAIP with the organization's external auditors.

B.Results of ongoing monitoring must be validated annually by an independent external assessor.

C.Internal assessments must be performed by the chief audit executive.

D.An internal assessment must be performed at least once every five years.

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Question 51

Question 52

Question 53

Question 54

Question 55

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