Free Access IIA.IIA-CIA-Part1.v2023-02-14.q152 Practice Test (Page 3)

Question 6

Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor's most appropriate next step?

A.Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.

B.Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud.

C.Provide the evidence that was discovered to local law enforcement for possible prosecution of the suspected fraud.

D.Immediately notify management of the area under review and the other internal auditors involved in the engagement.

Question 7

Which of the following statements is true regarding control activities?

A.Control activities are carried out by first-line and second-line functions to mitigate risks.

B.Control activities are a precondition to setting risk tolerance levels.

C.Control activities are implemented by internal auditors to mitigate risks to an acceptable level.

D.Control activities provide the foundation for the organization to establish its risk appetite.

Question 8

Which of the following should catch the internal auditor's attention as a potential red flag for fraud?

A.The accounting unit keeps detailed records and preserves supporting documentation in excess of company requirements

B.The same external audit firm has been with the company for three years without rotation

C.The arithmetic median tenure of employees working at production facilities is 15 years

D.One of the subsidiaries has more bank accounts than any other comparable subsidiary

Question 9

Which of the following is true with regard to an organization's risk management practices?

A.Risks represent a single point estimate

B.Mitigated risks are no longer considered to be inherent.

C.Each organization faces the same types of risk.

D.Risks may relate to failing to achieve positive outcomes.

Question 10

An internal auditor was completely honest with operational management when delivering unfavorable audit results Which of the following best describes the IIA Code of Ethics principle that the auditor demonstrated?

A.Competency

B.Integrity

C.Objectivity

D.Transparency

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