Free Access IIA.IIA-CIA-Part1.v2023-02-01.q147 Practice Test (Page 23)

Question 106

Which of the following is true regarding risk analysis?

A.Impact and likelihood should be assessed together.

B.Impact and likelihood should be measured using quantitative methods.

C.Impact and likelihood should be used to determine risk response.

D.Impact and likelihood should be given equal consideration by the internal auditor.

Question 107

Which of the following actions should the internal audit activity take during an audit engagement when examining the effectiveness of risk management processes?

A.Ensure risk responses are aligned with industry standards.

B.Establish procedures for improving risk management processes.

C.Verify that organizational objectives are aligned with each department's objectives.

D.Evaluate how the organization manages fraud risk.

Question 108

Which of the following is most likely to impair the organizational independence of the internal audit activity?

A.The chief audit executive (CAE) reports administratively to the chief financial officer.

B.The CAE managed the finance department for the past five years.

C.The CAE oversees the effectiveness of the organization's risk management function.

D.The CAE reports functionally to the CEO.

Question 109

Which of the following is a limitation of detective internal controls in fraud management?

A.They tend to be easy for fraudsters to circumvent.

B.They are not designed to improve efficiency of operations.

C.Implementation costs tend to be higher than the expected benefits.

D.They are not effective in preventing fraud.

Question 110

Which of the following documents are internal auditors most likely to be asked to sign as a demonstration of due professional care?
A description of their job responsibilities,

A.A non-disclosure agreement.

B.The IIA s Code of Ethics.

C.The internal audit charter.

D.An annual declaration of commitment to

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