Free Access IIA.IIA-CIA-Part1.v2023-02-01.q147 Practice Test (Page 6)

Question 21

Which of the following statements is true regarding an organization's code of ethics?

A.Its operational effectiveness cannot be tested using traditional audit and rating systems such as maturity models.

B.It should be of two variations: one applicable internally and one applicable for third parties.

C.It should be written with primary consideration given to using a rule-based approach.

D.It should require an annual attestation of compliance with the code of conduct by all employees.

Question 22

Which of the following statements is true regarding consulting and assurance engagements performed by the internal audit activity'?

A.For both assurance and consulting engagements, the auditor must independently and objectively select the criteria for evaluation

B.For a consulting engagement, internal auditors and management jointly agree on the adequate criteria needed to evaluate governance, risk management, and controls. This is not true of assurance engagements

C.Engagement planning and fieldwork are similar for both types of engagements (there are no major differences) although the reporting process is different depending on which service is provided

D.For a consulting engagement objectives must address governance risk management and control processes to the extent agreed upon with the client. This is not true of assurance engagements

Question 23

Which of the following is an example of corruption?

A.Recognizing revenue up front rather than over a contract's life to inflate revenue for the current period

B.Demanding payment from a vendor for decisions made in the vendor's favor

C.Requesting reimbursement for overstated travel and entertainment expense amount

D.Misstating realized foreign currency transaction gains or losses

Question 24

Which of the following is a responsibility of the internal audit activity as it relates to risk and risk management?

A.Evaluating and suggesting improvements to the risk management process.

B.Establishing the organization's risk appetite.

C.Ensuring an adequate risk management system is in place.

D.Determining whether the risk attitude is aligned with shareholder interests.

Question 25

Recently an organization's internal audit activity discovered ghost employees who receive payments Senior management decides to strengthen the internal control measures to address this Which of the following is considered an effective control to mitigate payments to ghost employees?

A.The staff salary payment list is reviewed by the head of payroll and endorsed by the head of human resources

B.New staff requisition forms are authorized by operational management and acknowledged by the head of human resources

C.Staff transfers are reviewed by the recruiting manager and approved by the head of human resources

D.Staff salary payments and accounting records are approved by the head of accounting and acknowledged by the head of human resources

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Question 21

Question 22

Question 23

Question 24

Question 25

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