Free Access IIA.IIA-CIA-Part1.v2025-05-21.q605 Practice Test (Page 38)

Question 181

When developing an effective risk-based plan to determine audit priorities, an internal audit activity should start by:

A.Prioritizing known risks.

B.Reviewing organizational objectives.

C.Observing and analyzing controls.

D.Identifying risks to the organization's operations.

Question 182

Senior management at a financial institution has received allegations of fraud at its derivatives trading desk and has asked the internal audit activity to investigate and issue a report concerning the allegations. The internal audit activity has not yet developed sufficient proficiency regarding derivatives trading to conduct a thorough fraud investigation in this area. Which of the following courses of action should the chief audit executive (CAE) take to comply with the Standards?

A.Request that senior management allow a delay of the fraud investigation until the internal audit activity's on-staff certified fraud examiner is able to obtain the appropriate training regarding the analysis of derivatives trading.

B.Contract with an external certified fraud examiner with derivatives experience to perform the investigation and subsequent reporting, with the chief audit executive approving the scope of the investigation and evaluating the adequacy of the work performed.

C.Request that senior management exclude the internal audit activity from the investigation completely and instead contract with an external certified fraud examiner with derivatives experience to perform all aspects of the investigation and subsequent reporting.

D.Engage the former head of the institution's derivatives trading desk to perform the investigation and submit a report with supporting documentation to the CAE.

Question 183

Which of the following is a true statement regarding environmental, social, and governance (ESG) and corporate social responsibility (CSR)?

A.Sustainability disclosure is evolving around the world.

B.Having a CSR program also means decreased revenue and increased costs.

C.Organizations with ESG programs have lower performance due to the necessity to focus on sustainability as well.

D.Sustainability reporting focuses solely on the environmental and social performance of an organization's activities.

Question 184

Which of the following, if observed, would not indicate the need to extend the search for other indicators of fraud in a purchasing department?

A.The internal control structure has significant weaknesses.

B.The cost of goods procured seems to be excessive in comparison with previous years.

C.The purchasing agents have convinced management to adopt a policy of paying vendors on amore timely basis in order to avoid incurring penalty charges.

D.The standard of living of one of the purchasing agents has increased.

Question 185

Which of the following is an activity that an internal auditor must not perform?

A.Assess the risk of being fined for ineffective anti-money laundering practices.

B.Provide assurance for the effectiveness of anti-money laundering training.

C.Establish and provide continuing assurance on an anti-money laundering program for new hires.

D.Survey employees for their understanding of anti-money laundering practices.

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Question 181

Question 182

Question 183

Question 184

Question 185

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