Free Access IIA.IIA-CIA-Part1.v2023-02-01.q147 Practice Test (Page 20)

Question 91

Which of the following is an example of an entity-level control pertaining to the finance area of an organization'?

A.A signing authority matrix for spending approvals

B.Key account reconciliation such as bank reconciliation

C.The establishment of a finance and audit committee

D.Segregation of duties between posting and reviewing journal entnes

Question 92

According to HA guidance, which of the following statements is true regarding the internal audit activity's quality assurance and improvement program (QAIP)?

A.At the board's discretion, the frequency of external assessments can exceed the five-year guideline

B.QAIP results must first be discussed with the board and approval obtained for distribution to senior management

C.Internal assessments rely solely on the review of completed audit engagements for demonstrated performance

D.The chief audit executive is responsible for assessing the suitability and competence of an external assessor.

Question 93

Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?

A.Observation.

B.Surveys.

C.Workshops.

D.Interviews.

Question 94

In a small organization, management is unable to achieve adequate segregation of duties for its cash-handling procedures Therefore hidden surveillance cameras were installed to monitor cash-handling activities Which of the following best describes this type of control?

A.Process-level control

B.Corrective control

C.Preventive control

D.Compensating control

Question 95

If the skills and competencies are not present within the internal audit activity to complete an ad-hoc assurance engagement, which of the following is an acceptable resolution?

A.Complete the engagement as requested, with the best of the current staffs abilities.

B.Politely decline the engagement due to a lack of qualified staff available at the time.

C.Consider using employees from other departments in the organization on the audit team.

D.Change the scope of the testing to ensure that only available staff proficiencies are used

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Question 91

Question 92

Question 93

Question 94

Question 95

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