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

Question 101

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

A.Establish procedures for improving risk management processes.

B.Evaluate how the organization manages fraud risk.

C.Ensure risk responses are aligned with industry standards.

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

Question 102

A global organization established a new internal audit activity and the recently hired chief audit executive needs to develop an internal audit manual for internal auditors Among the following policies in the manual, which would facilitate internal auditors in upholding their objectivity?

A.Internal auditors observe the audit client's expectations when scoping audit engagements

B.Internal auditors shall attend professional workshops to refresh internal audit norms and concepts

C.Internal auditors take prior audit results into account when conducting current audit engagements

D.Internal auditors' performance is synchronized with satisfaction ratings given by audit clients

Question 103

Applying ISO 31000, which of the following is part of the external context for risk management?

A.Risk treatment method based on risk evaluation.

B.The method of determining the risk level.

C.Organizational culture, objectives, and processes.

D.The regulatory and competitive environment

Question 104

Which of the following accurately describes the concept of inherent risk?

A.Risk factors that exist when controls are in place and operating effectively

B.Combination of internal and external risk factors in their pure state assuming no controls are in place

C.Internal risk factors assuming no controls are in place

D.Risk factors that cannot be mitigated because they are innate to a process

Question 105

According to IIA guidance, which of the following statements is true regarding risk management in an organization?

A.The risk management function has the sole responsibility for identifying and managing risks in all departments

B.The internal audit activity should consider the organization's maturity, structure, and the competitive environment to establish the organization's risk appetite

C.Risk management is a core responsibility of the internal audit activity

D.The internal audit activity may use a risk management or control framework to assist in risk identification

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Question 101

Question 102

Question 103

Question 104

Question 105

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