Free Access IIA.IIA-CIA-Part1.v2023-03-29.q231 Practice Test (Page 10)

Question 41

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

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

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

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

Question 42

According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization's social responsibility program is effective?

A.Senior management

B.Internal audit activity.

C.Board of directors.

D.All employees.

Question 43

A whistleblower reveals to the chief audit executive (CAE) detailed allegations of potential fraud at the senior management level. Although the CAE has some experience in the area, she chooses to retain an external fraud expert to conduct the investigation. When asked by the director of finance to defend the expenditure, which of the following statements represents the CAE's best response?

A.The CAE refers to the Standards and explains that to protect her independence, she needs to remain isolated from the investigation.

B.The CAE describes the specifics of the allegation to underscore the importance of the situation and the need for expert investigation

C.The CAE refers to the Standards and explains that the internal audit activity must obtain competent assistance if needed.

D.The CAE refers to the Standards and explains that to protect her objectivity, she needs to remain isolated from the investigation.

Question 44

Which of the following would be considered an impairment to an internal auditor's objectivity when performing a review of the organization's procurement function'?

A.The internal auditor worked on the implementation of the accounting system within the organization before joining the internal audit activity last year

B.The internal auditor participates in a cross-departmental team for information and data security within the organization

C.The internal auditor is part of a multidisciplinary team tasked to assist with a new project implementation checklist within the organization

D.The internal auditor worked as a sourcing specialist before joining the internal audit activity last year

Question 45

Which of the following best describes the differences between internal auditors and external auditors?

A.External auditors are required to hold an accounting designation and are responsible for continuing their education, while internal auditors are required to hold an internal audit designation.

B.External auditors are concerned about misstatements in the organization's financial statements, while internal auditors are concerned about fraudulent activities that could impact the organization's financial statements

C.External auditors focus on the accuracy and understandability of financial statements, while internal auditors help the organization accomplish its objectives by evaluating and improving the effectiveness of the control process.

D.External auditors are not employees of the organization, while internal auditors are employees who have in-depth knowledge of the business, making their opinion more reliable to the board and senior management.

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