Free Access IIA.IIA-CIA-Part1.v2025-05-21.q605 Practice Test (Page 118)

Question 581

Which of the following would provide the most reliable information on the risk associated with an auditable activity?

A.Management assessment and corroboration by the internal audit activity.

B.Past audit findings and instances of management failures.

C.Consequences and economic predictability of loss.

D.Event scenarios with regression analysis.

Question 582

The chief audit executive (CAE) of a small internal audit activity (IAA) performs all high-risk engagements on the annual audit plan to make use of his knowledge and experience and to maximize the efficient use of audit resources. Which of the following statements is most relevant regarding this practice?

A.The CAE's work may be reviewed by any other experienced staff member within the IAA.

B.The CAE's work should be reviewed by an individual with the appropriate background and knowledge.

C.The CAE may self-review his work, provided he discloses this practice in the final report.

D.The CAE should avoid performing engagements to ensure he is able to review all audit work objectively.

Question 583

Anew internal auditor suspects fraud is taking place. Which action should the new auditor take?

A.Inform the chief audit executive and meet with the suspect to determine whether the person committed fraud.

B.Document supporting information and recommend an investigation to the appropriate audit management.

C.Collect relevant audit evidence and begin working with management of the area to investigate the fraud.

D.Evaluate existing controls and implement new procedures to mitigate the opportunity for fraud.

Question 584

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 performs work with honesty, diligence, and responsibility.

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

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

Question 585

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 makes deposits at the bank prepares the monthly bank reconciliation.

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

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

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Question 581

Question 582

Question 583

Question 584

Question 585

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