Free Access IIA.IIA-CIA-Part2.v2022-01-22.q283 Practice Test (Page 2)

Question 1

Which of the followings statements describes a best practice regarding assurance engagement communication activities?

A.A detailed escalation process should be developed during the planning stage of an assurance engagement.

B.During the "communicate" phase of an assurance engagement, it is best to define the methods and timing of engagement communications.

C.All assurance engagement observations should be communicated to the audit committee.

D.All assurance engagement observations should be included in the main section of the engagement communication.

Question 2

Which characteristic of risk assessment makes it a useful tool for audit planning?

A.It ranks the severity of potentially adverse effects on the organization.

B.It provides a process for identifying and analyzing potentially adverse effects.

C.It evaluates the probability that an event or action may adversely affect the organization.

D.It provides a list of auditable activities in the organization.

Question 3

During an engagement, an internal auditor discovered that an organization's policy on delegation of authority listed six individuals who were no longer employed with the organization. In addition, four individuals acting with disbursement authority were not identified in the policy as having such authority. Which of the following is the most effective course of action to address the control weakness?

A.Advise management to add the four additional names and remove the incorrect names from the policy to make it current.

B.Review further to ensure that the four individuals do not have the appropriate authority through delegation.

C.Immediately initiate a complete audit of the disbursement function to determine if significant frauds have occurred.

D.Recommend that management review the process supporting the policy and make improvements.

Question 4

Which of the following is the primary purpose of financial statement audit engagements?

A.To provide an analysis of business process controls in the accounting department, including tests of compliance with internal policies and procedures.

B.To evaluate organizational and departmental structures, including assessments of process flows related to financial matters.

C.To assess the efficiency and effectiveness of the accounting department.

D.To provide a review of routine financial reports, including analyses of selected accounts for compliance with generally accepted accounting principles.

Question 5

The chief audit executive of a large publicly held bank is using a risk based approach to update the annual audit plan. Which of the following sources of information will have the least impact on the plan?

A.Recent changes to the bank's strategic plan.

B.The 12 month forecast of commercial property values.

C.Continuous changes in the prime lending rate set by the country's central bank.

D.Regulatory changes impacting capitalization for all publicly traded banks.

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