Free Access IIA.IIA-CIA-Part1.v2023-03-29.q231 Practice Test (Page 23)

Question 106

Which of the following statements is true regarding corporate social responsibility (CSR)?

A.Unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary

B.Many of the areas explored by CSR are normally included in an audit universe or annual audit plan

C.Despite significant corporate resources spent on CSR reporting investors generally do not rely on CSR information

D.Typically operating management does not have a major role to play based on the public nature of reporting

Question 107

The internal auditor obtained large volumes of transaction history data for accounts on which he suspected that some fraudulent transactions occurred. Which of the following actions best demonstrates due professional care by the internal auditor?

A.The internal auditor started the data analysis process by selecting a random sample of transactions on which to perform further tests.

B.The internal auditor carefully scrutinized the data by manually reviewing each transaction to ensure that all irregularities were identified.

C.The internal auditor employed the use of data analytics tools to sort, analyze, and detect anomalies in the data

D.The internal auditor requested that the branch supervisor assist in identifying fraudulent transactions, as he was most familiar with the accounts being audited.

Question 108

Which of the following internal controls best mitigates the risk of corruption schemes between employees and vendors?

A.Conducting regular examinations of documentation both paper and electronic.

B.Having employees sign annual attestations that they adhere to the organization's code of ethics.

C.Establishing policies that prohibit an employee from receiving gifts from an interested party.

D.Having strong management oversight of the purchasing and accounts payable functions.

Question 109

Which of the following actions would best help the internal audit activity promote continuous improvement in control effectiveness within the organization?

A.Providing training on controls and ongoing self-monitoring processes.

B.Determining whether management measures and monitors the costs and benefits of controls.

C.Developing flowcharts to obtain information about control design adequacy.

D.Identifying objectives and the risks involved in achieving them.

Question 110

Which of the following is an example of the chief audit executive (CAE) demonstrating due professional care?

A.The CAE assesses the audit staff's knowledge and skills annually to determine whether additional resources are needed to fulfill the internal audit plan.

B.The CAE relies on CAEs in other organizations to understand how due professional care should be executed in her internal audit activity

C.The CAE meets with the board of directors on a quarterly basis to provide a status update.

D.The CAE provides absolute assurance to line management during each eternal audit engagement

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Question 106

Question 107

Question 108

Question 109

Question 110

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