Free Access IIA.IIA-CIA-Part1.v2023-02-22.q207 Practice Test (Page 32)

Question 151

According to IIA guidance, which of the following best describes the chief audit executive s responsibility for confirming to the board the organizational independence of the internal audit activity'?

A.The CAE should do this periodically in conjunction with a review of the internal audit charter

B.The CAE must do this at least once every five years

C.The CAE must do this upon completion of each external quality assessment

D.The CAE must do this at least annually

Question 152

Which of the following statements is true regarding management's use of judgement to design, implement, and conduct internal control?

A.It is inappropriate for management to exercise judgement in areas such as specifying and using suitable accounting principles.

B.Introducing judgment generally diminishes management's ability to make good decisions about internal control.

C.The use of judgment enhances management's ability to make better decisions about internal control, but cannot guarantee perfect outcomes.

D.It is inappropriate for management to exercise judgement in assessing whether components are present, functioning, and operating together

Question 153

Which of the following describes two duties that should not be performed by the same person?

A.Distributing payroll checks and approving sales returns for credit.

B.Posting cash receipts and cash payments to the general ledger.

C.Recording cash receipts and preparing bank reconciliations.

D.Posting bad debt write-offs and reconciling the accounts payable subsidiary ledger.

Question 154

Which of the following scenarios best illustrates the concept of due professional care?

A.As head of the internal audit activity, the chief audit executive reported functionally to the organization's board and administratively to senior management.

B.After conducting an audit based upon a predefined scope and objective, the internal auditor guaranteed management that the system of internal controls in an audited area operates effectively.

C.As head of the internal audit activity, the chief audit executive ensures that engagement supervisors conduct post-engagement staff meetings.

D.After establishing engagement objectives and reviewing a process, the internal auditor assured process owners that all significant risk events were identified and tested using a systematic, disciplined approach.

Question 155

An organization's senior management team is awarding substantial bonuses if employees meet financial targets. Which of the following motivators to potentially commit fraud would become most likely in this scenario?

A.Pressure

B.Rationalization

C.Opportunity

D.Justification

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Question 151

Question 152

Question 153

Question 154

Question 155

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