Free Access IIA.IIA-CIA-Part1.v2023-03-29.q231 Practice Test (Page 47)

Question 226

Which of the following is the most appropriate way to ensure that a newly formed internal audit activity remains free from undue influence by management?

A.Ensure the chief audit executive reports administratively to the audit committee.

B.Appoint the chief audit executive as a member of the board.

C.Establish the internal audit activity's position within the organization in an audit charter.

D.Adopt written policies and procedures for the internal audit activity, approved by the board.

Question 227

Which of the following is an example of corruption?

A.Demanding payment from a vendor for decisions made in the vendor's favor

B.Recognizing revenue up front rather than over a contract's life to inflate revenue for the current period

C.Misstating realized foreign currency transaction gains or losses

D.Requesting reimbursement for overstated travel and entertainment expense amount

Question 228

The internal audit activity is responsible for which of the following actions related to an organization's internal controls?

A.Attesting to fairness of financial statements.

B.Mitigating risks affecting achievement of organizational objectives.

C.Analyzing and advising regarding costs versus benefits of control activities,

D.Enabling opportunities affecting achievement of organizational objectives.

Question 229

According to IIA guidance, which of the following statements regarding the internal audit charter is true?

A.The nature of consulting services typically is not included in the charter.

B.The charter typically defines the internal audit activity's position within the organization.

C.The nature of assurances provided to parties outside of the organization typically is not included in the charter.

D.The chief audit executive must formally review the charter at least once a year

Question 230

What should be the first step for a newly hired chief audit executive to build and maintain the proficiency of the internal audit activity'?

A.Incorporate the basic criteria of internal audit competency into job descriptions

B.Develop a competency or skill assessment tool.

C.Complete a periodic skills assessment of the internal audit activity

D.Perform benchmarking with competitors to learn what other firms are doing related to this topic

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