Free Access IIA.IIA-CIA-Part1.v2023-03-29.q231 Practice Test (Page 35)

Question 166

Which of the following could increase risks to the organization's control environment?

A.Incentive-based compensation structures.

B.Implementation of a fraud hotline.

C.Lower than average employee turnover.

D.Strong board of directors oversight.

Question 167

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 understanding of fraud through better evidence collection

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

C.Enhanced capability to prevent frauds from occurring.

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

Question 168

A fraud investigation was completed by management, and a proven fraud was communicated to relevant authorities. According to IIA guidance, which of the following roles would be most appropriate for the internal audit activity to undertake after the investigation?

A.Conduct lessons learned sessions to ascertain how the fraud occurred and which controls failed.

B.Plan employee sessions and team building strategies for the organization to improve awareness of fraud among employees

C.Determine why the fraud was not detected earlier and design controls to strengthen early detection.

D.Review the investigation and implement any improvements to the process.

Question 169

Which of the following types of fraud tests would be most effective if an internal auditor was looking for possible fictitious vendors?

A.Comparing prices across vendors to see whether one vendor is unreasonably high.

B.Searching for identical invoice numbers and payment amounts.

C.Running checks to uncover post office box addresses matching employee addresses.

D.Checking for invoice amounts that do not match that of the purchase order.

Question 170

An investment advisory firm purchased professional liability insurance to offer protection from lawsuits brought by customers claiming they received poor or erroneous advice. Which of the following best describes this risk management technique?

A.Avoidance

B.Mitigation.

C.Acceptance

D.Transfer.

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