Free Access IIA.IIA-CIA-Part1.v2025-05-21.q605 Practice Test (Page 64)

Question 311

Which of the following situations is most likely to heighten an internal auditor's professional skepticism regarding potential fraud?

A.A procurement manager does not have the expected academic credentials for his position.

B.A salesperson frequently complains about the organization's policy on sales commissions.

C.The accounts payable supervisor has requested advances against her monthly salary on several occasions.

D.A financial accountant is absent from work frequently due to regular medical procedures.

Question 312

As a result of a high-profile processing error, respective business unit managers are implementing new controls. The internal audit team was asked for their advice regarding the controls. The objective of this consulting engagement would be determined by which of the following?

A.The organization's board of directors.

B.The chief audit executive.

C.The business unit manager and the engagement supervisor.

D.The compliance manager and the business unit manager.

Question 313

Once an organization's risks are identified, what would be the next step to ensure resources are properly allocated to manage those risks?

A.Risk responses must be aligned.

B.Risks must be assessed.

C.The risk universe must be established.

D.Risk responses must be selected.

Question 314

Which of the following indicates that internal audit independence may be compromised?

A.The internal auditor maintains a close personal relationship with operational management.

B.Internal auditors assigned to the audit engagement did not have the knowledge, skills, and competencies needed to perform their responsibilities.

C.An internal auditor failed to apply professional skepticism while performing audit tests in an area overseen by an experienced, reputable manager

D.Material observations were intentionally left out of the audit report.

Question 315

During an assurance engagement an internal auditor discovered that risk limits risk limit were set for a new market expansion project Management of the area under review was eager to comply and submitted a potential risk limit value for the auditor's review and approval. Which of the following would be an appropriate course of action for the auditor to take?

A.Provide advice if needed and ask management of the area under review to forward to senior management and the board for approval

B.Develop risk limit calculation criteria and ask management of the area under review to resubmit the values.

C.Review the submission and if no further remarks exist approve the risk limits

D.Avoid providing any advice or review until the audit report is issued

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