Free Access IIA.IIA-CIA-Part1.v2023-11-09.q158 Practice Test (Page 30)

Question 141

An internal auditor has completed an assurance engagement Which of the following is most likely true regarding the engagement?

A.During audit planning, the auditor determined that the engagement scope would include a review of the security and privacy of payroll records

B.The client requested the review of a new payroll system in order to improve the security of the system

C.The results of the engagement were included in a written report that was issued to the client who requested the engagement

D.During audit planning, the auditor provided the client with the scope of the engagement for their agreement

Question 142

Which of the following should be incorporated in a risk management policy?
I. Boundaries and limit structures.
II. Requirements for reporting risk.
III. Risk authorities.

A.I and II only

B.I and III only

C.II and III only

D.I, II, and III.

Question 143

A company has entered into a $20,000,000 fixed-price contract with a general contractor for the construction of a new retail outlet. For this contract, which of the following would represent the greatest risk?

A.Failure to complete the project within budget.

B.Excessive labor charged to the project.

C.Poor physical protection of materials and equipment.

D.Substitution of inferior materials.

Question 144

Which of the following is a role of the board of directors in the governance process?

A.Review and approve operational goals and objectives.

B.Implement an effective system of internal controls to support the organization's governance systems.

C.Conduct periodic assessments of the organization's governance systems.

D.Obtain assurance concerning the effectiveness of the organization's governance systems.

Question 145

Which of the following would most likely be considered a red flag for fraud?

A.An employee with significant personal debt is in charge of handling large wire transfers for the organization.

B.A senior manager has been delegating the authority to sign-off on small dollar amount purchases to a subordinate.

C.An organization lacks a whistleblower hotline for reporting suspicious activity.

D.An employee in charge of payroll disbursements has rotated these duties with several colleagues.

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Question 141

Question 142

Question 143

Question 144

Question 145

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