Free Access IIA.IIA-CIA-Part1.v2023-03-29.q231 Practice Test (Page 11)

Question 46

Following a quality assurance review of a small internal audit activity, the external reviewer and the chief audit executive (CAE) cannot agree on the importance of several deficiencies noted during the review. Which of the following would be the most appropriate next step for the reviewer to take?

A.Issue the report, noting the deficiencies with comments that address the areas of disagreement.

B.Issue the report to senior management, noting the deficiencies for immediate resolution.

C.Remove the areas of disagreement from the scope of the engagement and seek informal compromises with the CAE.

D.Request arbitration from the audit committee to resolve discrepancies prior to issuing the final report

Question 47

Which of the following is part of a fraud detection program?

A.Evaluation of compensation programs.

B.Whistleblower hotline.

C.Authority limits.

D.Background investigations

Question 48

Which of the following is a responsibility of the internal audit activity as it relates to risk and risk management?

A.Ensuring an adequate risk management system is in place.

B.Evaluating and suggesting improvements to the risk management process.

C.Determining whether the risk attitude is aligned with shareholder interests.

D.Establishing the organization's risk appetite.

Question 49

According to IIA guidance, which of the following actions best demonstrates due professional care by an internal auditor when she discovers a number of fraud-related red flags during an audit engagement?

A.Notify the board of the possible fraud immediately

B.Conclude the engagement and inform management that fraud has occurred

C.Perform further testing to verify the existence of fraud.

D.Suspend the engagement and undertake a formal fraud investigation.

Question 50

Which of the following represents a deficiency in the control environment?

A.Hiring procedures do not include background checks for prospective job candidates.

B.Management reports three potential ethics issues to the board of directors.

C.Employees report suspicious activity by calling the organization's ethics hotline.

D.The sales department has failed to achieve targets for the last nine months.

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