Free Access IIA.IIA-CIA-Part2.v2022-01-22.q283 Practice Test (Page 31)

Question 146

The internal audit activity performs the following sequence of risk management activities: identification, analysis, and evaluation. According to IIA guidance, which of the following assurance approaches does this describe?

A.Process elements approach.

B.Enterprise-wide risk management approach.

C.Key principles approach.

D.Maturity model approach.

Question 147

Which of the following statements is not true about the oversight and review of working papers by the chief audit executive (CAE)?

A.The CAE, although having overall responsibility for reviewing work completed, can delegate such task to appropriately experienced internal audit staff.

B.The CAE has ultimate responsibility for reviewing working papers and remains accountable for the achievement of objectives and the quality of work.

C.The need for CAE review depends on the proficiency and experience of the internal auditor and the complexity of the task.

D.The CAE is responsible for all significant professional judgments made during the audit process and should therefore personally review working papers to ensure conclusions were professionally arrived at.

Question 148

An internal auditor has a recommendation to change operations which could potentially increase profits by
$50,000. The best way to sell this recommendation to management is to:

A.Discuss it with operating supervisors who are directly affected by the change, and then with department management.

B.Carefully work out the details of implementation before presenting it to department management.

C.Wait until the exit conference to discuss it in order to ensure all affected parties are present.

D.Bring it to the audit manager, who should bring it immediately to senior management's attention.

Question 149

For which of the following fraud engagement activities would it be most appropriate to involve a forensic auditor?

A.Preparing evidentiary documentation.

B.Assessing contracts for relevant terms and conditions.

C.Performing statistical analysis for data anomalies.

D.Independently evaluating conflicts of interests.

Question 150

Which of the following audit planning activities adds the least value in understanding the current risk exposures facing the corporation?

A.Review of corporate performance reporting and benchmarking.

B.Review of organizational strategic plans and operational plans.

C.Consultation with senior management and the audit committee.

D.Review of the external auditor's risk assessment.

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Question 146

Question 147

Question 148

Question 149

Question 150

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