Free Access IIA.IIA-CIA-Part1.v2026-07-28.q398 Practice Test (Page 51)

Question 246

In which of the following circumstances would an internal auditor not need to search for other signs of fraud?

A.The organization has an unusually high increase in costs.

B.There are several substantial weaknesses with the internal control structure.

C.Management institutes a policy of paying vendors promptly in order to avoid incurring penalty charges.

D.One of the employees seems to have had a dramatic increase in their standard of living.

Question 247

Which of the following engagements would be considered an appropriate consulting service?

A.The internal audit activity of a commercial bank routinely performs branch audits for compliance with regulations.

B.The internal audit activity participates in a cosourcing arrangement with an IT audit firm to test information systems security.

C.The internal audit activity facilitates biannual training of the risk management team in risk identification methodologies.

D.The internal audit activity partners with external auditors annually to complete fieldwork required as a part of the external audit exercise.

Question 248

When a risk assessment process has been used to construct an audit engagement schedule, which of the following should receive attention first?

A.The external auditors have requested assistance for their upcoming annual audit.

B.A new accounts payable system is currently undergoing testing by the information technology department.

C.Management has requested an investigation of possible lapping in receivables.

D.The existing accounts payable system has not been audited over the past year.

Question 249

With regard to the internal audit activity's quality assurance and improvement program, which of the following topics would the chief audit executive include on the quarterly board meeting agenda?

A.The scope and frequency of both internal and external quality assessments.

B.The list of audit engagements that will be assessed during the year.

C.The number and qualifications of internal audit staff members assigned to perform internal assessments during the year.

D.The compensation structure of the qualified assessment team.

Question 250

According to IIA guidance, which of the following should be formally documented in the internal audit charter?

A.The internal audit activity's responsibility for imposing risk management processes.

B.The internal audit activity's responsibility for the FInance framework.

C.The nature of consulting services provided by the internal audit activity.

D.The budgeting process for the internal audit activity.

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Question 246

Question 247

Question 248

Question 249

Question 250

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