Free Access IIA.IIA-CIA-Part1.v2023-04-17.q104 Practice Test (Page 21)

Question 96

Which of the following are components of the COSO enterprise risk management framework?
1. Objective setting.
2. External environment.
3. Data collection.
4. Control activities.

A.1 and 4 only

B.2 and 4 only

C.2 and 3 only

D.1 and 3 only

Question 97

According to IIA guidance, which of the following would the internal audit activity examine in order to evaluate the organization's governance process for strategic and operational decisions'?

A.Staff compensation objective setting and the performance evaluation policy and process

B.Board meeting minutes the board policy manual, and past audit reports

C.The organization's mission and value statements, code of conduct, and whistleblowing policy

D.The risk assessment process including interviews with senior management.

Question 98

Which of the following results from computer assisted audit techniques provides the most significant indication that additional audit work is needed?

A.Several exact matches were found when vendor and employee addresses were compared.

B.The sum of credit entries on the bank statement did not equal the sum of collections for the same period.

C.Sorting the check register file by vendor name identified missing sequences of check numbers.

D.Matching the accounts payable transaction file with the purchase order request file resulted in many differences between the person requesting the purchase order and the person authorizing payment.

Question 99

Which of the following scenarios exemplifies a potential internal control weakness?

A.The same employee who receives cash from customers prepares a prelisting of cash receipts.

B.The same employee who records cash receipts in the accounts receivable subsidiary ledger ensures that the ledger automatically updates the information.

C.The same employee who restrictively endorses checks received from customers prepares the bank's check deposit slips.

D.The same employee who makes deposits at the bank prepares the monthly bank reconciliation.

Question 100

Which of the following actions indicates a lack of due professional care by an internal auditor performing an audit of a store's cash function?

A.The auditor tested samples of transactions to test the cash function's process flows.

B.After determining that the cash function internal controls were strong, the audit report assured senior management that fraud was not present.

C.The audit report included a well-supported recommendation for a reduction in staff even though such a reduction might adversely impact morale.

D.The auditor discovered an instance of potential fraud and reported it immediately to management, but did not alert authorities outside the organization.

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Question 96

Question 97

Question 98

Question 99

Question 100

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