Free Access IIA.IIA-CIA-Part1.v2023-02-22.q207 Practice Test (Page 35)

Question 166

If an internal auditor suspects fraud during an engagement which of the following is expected of the auditor?

A.Immediately inform senior management and the board of the suspected fraud.

B.Ascertain the level of resources needed to formally investigate the fraud, and proceed with the investigation if resources permit,

C.Evaluate the suspected activities to determine whether a forma! investigation is warranted,

D.Include in the engagement documentation all possible effects and the potential impact of the fraud to the organization

Question 167

According to HA guidance, which of the following statements is true regarding the internal audit activity's quality assurance and improvement program (QAIP)?

A.QAIP results must first be discussed with the board and approval obtained for distribution to senior management

B.The chief audit executive is responsible for assessing the suitability and competence of an external assessor.

C.Internal assessments rely solely on the review of completed audit engagements for demonstrated performance

D.At the board's discretion, the frequency of external assessments can exceed the five-year guideline

Question 168

According to MA guidance, which of the following gives the internal audit activity the authority to request supporting documentation for the invoices of a third-party service provider?

A.The internal audit charter.

B.The internal audit policy manual.

C.The board of directors.

D.The quality assurance and improvement program.

Question 169

Which of the following is a detective control strategy against fraud?

A.Performing a surprise audit

B.Performing background checks on employees.

C.Requiring employees to attend ethics training.

D.Implementing a control self-assessment.

Question 170

According to IIA guidance, which of the following is the primary reason the chief audit executive discusses the internal audit charter with senior management and the board?

A.To provide information on existing internal audit planning, changes to the internal audit plan, and the rationale for the changes

B.To provide guidance and solicit feedback on managing the internal audit activity as expected by various stakeholders.

C.To provide an update on the internal audit activity's quality of engagement supervision.

D.To provide an understanding of the Mission of Internal Audit and The IIA's mandatory guidance elements.

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Question 166

Question 167

Question 168

Question 169

Question 170

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