Free Access IIA.IIA-CIA-Part1.v2025-05-21.q605 Practice Test (Page 104)

Question 511

During an engagement, an internal auditor decided to use variance analysis as an auditing techniques. Which of the following steps should the auditor pursue if he discovers unexpected deviations of actual results from budget?

A.Report the deviations immediately to the audit committee.

B.Gather additional information to determine the cause of the deviations.

C.Conclude that the budget was unreasonably set and accept the deviations.

D.Perform alternative forms of analytical procedures which provide no deviations.

Question 512

A newly appointed chief audit executive (CAE) is tasked with creating a new internal audit activity within the organization. Which of the following would the CAE need to include in the new internal audit charter?

A.The relevant regulations that will guide the internal audit activity's regulatory compliance assessments

B.The board s oversight role and responsibilities pertaining to the internal audit activity

C.The requirement to provide an annual cost analysis that justifies having an internal audit activity

D.The specific engagements that the internal audit activity will perform for the organization

Question 513

According to the IIA Code of Ethics, which of the following best describes the conduct of an internal auditor who demonstrates the principle of competency?

A.The auditor is prudent in the use and protection of information acquired in the course of his work.

B.The auditor does not accept anything that may impair or be presumed to impair his professional judgment.

C.The auditor does not perform services in a particular area when he lacks skills in that area.

D.The auditor performs work with honesty, diligence, and responsibility.

Question 514

According to IIA guidance, which of the following individuals would best be considered independent for the purpose of participating in an external assessment of the quality assurance and improvement program for an internal audit activity (IAA)?

A.A former employee knowledgeable of the IAA who resigned three years earlier from the organization.

B.A competent employee of an independent external organization that provides co-sourcing services to the IAA.

C.An employee in an affiliated organization who has never worked directly with the IAA.

D.An employee in the parent organization who has not had any previous contact with the IAA.

Question 515

The internal audit activity was asked to conduct an investigation for potential fraud in the treasury department and subsequently contracted with a forensic accountant to join the team for the engagement. Which of the following parties has the primary responsibility for resolving any fraud incidents found as a result of this investigation?

A.The legal department.

B.Chief audit executive.

C.Senior management.

D.The forensic accountant.

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Question 511

Question 512

Question 513

Question 514

Question 515

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