Free Access IIA.IIA-CIA-Part1.v2023-02-22.q207 Practice Test (Page 6)

Question 21

An internal auditor discovered fraud while performing an audit of an organization's procurement process. Which of the following describes the greatest benefit of using forensic auditing techniques in this scenario?

A.Greater assurance that procurement frauds will be detected in a timely manner

B.Greater understanding of fraud through better evidence collection

C.Enhanced capability to prevent frauds from occurring.

D.Improved capability of evaluating fraud risks within the organization.

Question 22

Which of the following should a general internal auditor be able to characterize as an IT-related risk?

A.Hours billed by IT developers exceed 24 hours daily.

B.Computer servers are in a room that is accessible to all employees,

C.An IT architect avoids taking vacations and sharing his workload with coworkers,

D.Audit logs are lacking in a system that processes personal data.

Question 23

Which of the following is the best example of a risk appetite statement concerning an investment portfolio?

A.We will report to the risk committee all credit losses greater than S10 million and all market value losses greater than S20 million.

B.We have a moderate tolerance for investment earnings volatility with a target value at risk of S50 million.

C.We will hedge 95 percent of our U S. currency exposure and 100 percent of our European currency exposure.

D.We will request CEO approval for investments greater than S20 million and board approval for investments greater than $50 million.

Question 24

A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?

A.Coordinate and facilitate risk workshops for management to attend.

B.Set risk indicators and mitigation plans for management to implement

C.Determine the number of significant risks for management to report to the board.

D.Establish the degree of risk appetite for management to accept.

Question 25

Which of the following would be included in quality assurance and improvement program (QAIP) reporting?

A.Annual summaries of consulting and audit engagements.

B.Conformance of individual engagements with the Standards,

C.Outcomes of internal audit key performance indicators.

D.Descriptions of standardized work practices.

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