Free Access IIA.IIA-CIA-Part1.v2023-03-29.q231 Practice Test (Page 7)

Question 26

In which of the following situations may the internal audit activity report conformance with the Standards?

A.The internal audit activity prepared an internal audit plan that was not risk-based.

B.An internal audit activity has been in existence at least five years and has not completed an external assessment,

C.The internal audit activity has been in existence fewer than five years, but periodic self-assessments were conducted.

D.An internal auditor was assigned to an audit engagement but did not meet individual objectivity requirements.

Question 27

A chief audit executive ensures that the internal audit activity provides annual training to management on internal controls. Where is the nature of these services defined?

A.The annual risk assessment.

B.The audit report.

C.The audit charter.

D.The annual audit plan.

Question 28

Which of the following best demonstrates organizational independence of the internal audit activity?

A.The chief audit executive (CAE) reports functionally to the CEO.

B.The CAE reports administratively to the chief operating officer.

C.The CAE's compensation is approved by the chief financial officer.

D.The CAE's appointment Is determined by the CEO

Question 29

An accounts payable clerk has recently transferred into the internal audit activity and has been assigned to an engagement related to accounts payable processes for which he was previously responsible. Which of the following is the best action for the new internal auditor to take?

A.If it is an assurance engagement, accept the assignment because the chief audit executive had knowledge of the internal auditor's previous role when this engagement was assigned.

B.If it is an assurance engagement, accept the assignment because direct knowledge of the existing accounts payable processes wifi provide depth and add more value.,

C.If it is a consulting engagement, accept the assignment because direct knowledge of the existing accounts payable processes will provide depth and add more value.

D.If it is a consulting engagement, decline the assignment and ask to be reassigned, because in a consulting engagement the auditor must not assess operations for areas in which they were previously responsible.

Question 30

Which of the following is a typical characteristic of an organization's risk management framework*?

A.External risks and internal opportunities are omitted from the risk assessment scope

B.The framework addresses four organizational objective categories strategic, historical, operational, and investment

C.Risk is assessed on both an inherent and a residual basis

D.Risk tolerance may or may not align with risk appetite depending on whether the assessment is quantitative or qualitative

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