Free Access IIA.IIA-CIA-Part1.v2023-11-09.q158 Practice Test (Page 14)

Question 61

Which of the following describes the most appropriate match between a potential temporary guest auditor candidate and an upcoming audit assignment?

A.A manager of social responsibility who has a nursing background to participate m a health and safety audit for the corporate office and plant facilities

B.A communications officer who worked in the marketing department during the last six months to conduct a customer loyalty program audit

C.A purchasing manager with two years of prior audit experience in public practice to lead a contracts management audit

D.An accounting manager who discovered and reported fraud committed by a payables clerk to conduct a performance audit of accounts payable

Question 62

Which of the following statements about risk assessment is true?

A.Risk assessment evaluates risk both on an inherent and residual basis.

B.Risk assessment is the amount of inherent risk in a separately identifiable business entity.

C.Risk assessment focuses on the quantitative evaluation of exposures.

D.Risk assessment determines the organization's tolerance for exposure.

Question 63

Line management of a manufacturing operation requests an operational audit. They are seeking recommendations for policies and procedures to enhance control over the operation. What should the internal audit activity do?

A.Perform the engagement and make appropriate recommendations for policies and procedures.

B.Review the effectiveness of current policies and procedures but avoid making control recommendations due to impaired objectivity.

C.Turn down the engagement because recommending controls would impair future objectivity regarding this client.

D.Turn down the engagement because an operational audit should not review policies and procedures.

Question 64

Which of the following statements is true regarding assurance services provided to clients outside of the organization?

A.Assurance services for outside clients are not covered under the internal audit charter.

B.Assurance services for outside clients must be approved on a case-by-case basis by the board of directors.

C.The nature of assurance services for outside clients should be defined in the internal audit charter.

D.The nature of assurance services for outside clients is the same as for internal clients.

Question 65

Management of a publicly-held organization requires the internal audit activity to be involved with quarterly financial statements, which are made public and used internally. Which of the following explanations of management's decision is least plausible?

A.Management may perceive that having quarterly financial information examined by the internal auditors enhances the information's value to internal decision making.

B.Management may be concerned about its reputation in the financial markets.

C.Management is following best-practice protocol, as stipulated by the Standards, which states that internal auditors must review quarterly financial statements.

D.Management may be concerned about potential penalties that could occur if quarterly financial statements are misstated.

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Question 61

Question 62

Question 63

Question 64

Question 65

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