Free Access IIA.IIA-CIA-Part1.v2023-02-22.q207 Practice Test (Page 12)

Question 51

Which of the following would be the most suitable internal control framework for an organization to adopt?

A.A framework with precise specifications for how controls and processes should be employed.

B.A framework that specifies common best practices for an organization to evaluate and benchmark.

C.A framework that specifies correct and incorrect business methodologies.

D.A framework that offers step-by-step guidance for remedial action for all organization types.

Question 52

Which of the following would be considered a primary control to reduce the risk associated with setting up duplicate vendors?

A.System validation and edit checks on vendor identification number

B.Receipt of a signed and approved vendor setup form.

C.Segregation of duties between setting up vendors and making vendor payments.

D.A vendor setup policy and procedure.

Question 53

Which of the following scenarios would most likely impair the independence of an internal audit activity?

A.A relative of an internal audit team member works m a department being reviewed

B.The internal audit budget is reduced by management requiring the removal of all lT-related engagements from the audit plan

C.An audit manager removes a finding from the draft report due to disagreements with the chief financial officer

D.The operating effectiveness of a control is reported as 'satisfactory." because no concerns were identified during planning

Question 54

The internal audit activity is asked to provide consulting services regarding the risks related to implementing a proposed new Inventory management system. Which of the following would be a key consideration of the internal audit activity in accepting this engagement?

A.Determine whether the benefits to be derived from the requested assessment would exceed the cost of providing the consulting service.

B.Ask the inventory manager to determine whether the work planned would be sufficient to meet the consulting engagement objectives.

C.Ensure that the method used to communicate the results of the consulting engagement is consistent with the board's preferred method.

D.Use email and telephone conversations to convey the results of the engagement, as these may prove to be the most efficient methods for communicating.

Question 55

When issuing his department's performance report, a sales director in an insurance company knowingly fails to correct the reserves for unearned income that resulted from cancellations of policy subscriptions. This could be considered which of the following types of fraud?

A.Disbursement fraud

B.Information misrepresentation

C.Asset misappropriation

D.Skimming

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Question 51

Question 52

Question 53

Question 54

Question 55

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