Free Access IIA.IIA-CIA-Part1.v2023-04-17.q104 Practice Test (Page 8)

Question 31

Due to unfavorable economic conditions management decided to postpone new investments for the next year. Which of the following best describes the risk management strategy used to address this situation?

A.Risk avoidance

B.Risk transfer

C.Risk mitigation

D.Risk reduction

Question 32

In an internal audit charter, which of the following statements regarding the chief audit executive (CAE) would be most directly related to describing the responsibilities of the internal audit activity*?

A.The CAE shall report periodically on the performance of the internal audit activity relative to its plan

B.The CAE and the internal audit activity shall be independent and objective in performing their work.

C.The CAE and the Internal audit activity shall have full access to any and all records and personnel of the organization that are relevant to audit engagements

D.The CAE shall report functionally to the board and administratively to the chief financial officer

Question 33

Which of the following statements is true regarding internal controls?

A.Strategic objectives are prerequisites to establishing internal controls.

B.Well-established internal controls cannot be overridden.

C.Robust internal controls ensure business success.

D.Internal controls eliminate process breakdowns caused by human errors.

Question 34

An organization allows the same individuals to physical access inventory and purchase new assets when supplies are depleted. Which of the following would best help the organization manage the risk of fraud?

A.Accounting personnel should regularly perform reconciliation between invoices and purchase orders

B.Accounting personnel should conduct a periodic inventory count and reconcile inventory movements

C.Management should established a policy requiring new inventory asset purchases to be made on serialized order forms with copies retained

D.internal auditors should review Vie frequency and volume of purchased assets to detect trends in the inventory levels

Question 35

Which of the following would be most relevant regarding the internal control environment?

A.Assessing controls over computerized applications.

B.Documenting the organizational structure.

C.Comparing and validating internal performance with external benchmarking.

D.Maintaining and reviewing detailed financial records.

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Question 31

Question 32

Question 33

Question 34

Question 35

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