Free Access IIA.IIA-CIA-Part1.v2023-03-29.q231 Practice Test (Page 36)

Question 171

An internal auditor is performing testing to gather evidence regarding an organization's inventory account balance and is mindful of the possibility that the sample used might support the conclusion that the recorded account balance is not materially misstated when, in fact, it is. The auditor's concern best describes which of the following risks?

A.Anticipated misstatement risk

B.incorrect rejection risk

C.Incorrect acceptance risk.

D.Tolerable misstatement risk.

Question 172

According to MA guidance, which of the following is the most accurate statement regarding the internal audit charter?

A.The IIA's Code of Ethics must exist outside of the charter to maintain independence.

B.The charter must be approved by both senior management and the board.

C.The charter provides a framework for performing a broad range of value-added audit services.

D.The nature of consulting services does not need to be defined in the Internal audit charter.

Question 173

Which of the following scenarios demonstrates an impairment to internal audit independence?

A.The internal auditor was assigned to an assurance review of an area for which he previously had responsibilities

B.The internal auditor concludes that controls operate effectively, although he did not gather supporting evidence

C.The internal auditor s denied access to partner information from management of me area under review

D.The internal auditor tarts to disclose a potential conflict of interest relationship with management of the area under review

Question 174

Which of the following would best serve to deter unethical behavior and encourage internal auditors to be objective in their work?

A.A review of the final audit report by the audit committee

B.Ongoing monitoring and periodic internal quality assessments

C.Periodic communications reminding internal auditors of Standards requirements

D.A requirement that internal auditors undergo objectivity training periodically

Question 175

Which of the following scenarios best illustrates the Fraud Triangle component known as "perceived opportunity"?

A.Bonuses may not be paid this year.

B.Duties are not properly segregated.

C.Substantial bonuses are awarded if financial targets are met.

D.Employees may perceive favoritism and feel overlooked and resentful.

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Question 171

Question 172

Question 173

Question 174

Question 175

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