Free Access IIA.IIA-CIA-Part2.v2022-07-26.q511 Practice Test (Page 43)

Question 206

A limitation of using ratio analysis in an audit engagement is that it:

A.Requires computer software in order to develop meaningful interpretations of data.

B.Often uses financial information provided by management which has not been reviewed for reliability and validity.

C.Is an expensive method of testing.

D.Is useful only when comparisons can be made across other industries.

Question 207

Which of the following statements concerning workpapers is the most accurate?

A.Copies of operational managements records should not be included, but referenced so that they can be located

B.Workpapers should be complete so that every conceivable question that can be raised should be answered

C.The extent of what is included in workpapers is a matter of professional judgment

D.The organization and the format of workpapers is the same for all engagements

Question 208

According to IIA guidance, which of the following is true regarding audit supervision?
1.Supervision should be performed throughout the planning, examination, evaluation, communication, and follow-up stages of the audit engagement.
2.Supervision should extend to training, time reporting, and expense control, as well as administrative matters.
3.Supervision should include review of engagement workpapers, with documented evidence of the review.

A.1, 2, and 3

B.1 and 3 only

C.2 and 3 only

D.1 and 2 only

Question 209

Which role is not considered a change agent when an organization wants to implement structural changes?

A.Senior management.

B.Line management.

C.Independent consultant.

D.Shareholder.

Question 210

Which of the following would constitute a violation of the IIA Code of Ethics?

A.An internal auditor discovered an internal financial fraud during the year, and the financial statements were adjusted to properly reflect the loss associated with the fraud. The auditor discussed the fraud with the external auditor during the external auditor's review of the working papers detailing the incident.

B.An internal auditor has no ambitions for promotion and has not engaged in training or other professional development activities during the last three years. The auditor's performance assessments indicate consistent quality of work.

C.An internal auditor has accepted an assignment to audit the warehousing function six months from now. The auditor has no expertise in that area but has signed up for courses in warehousing that will be completed before the assignment begins.

D.An internal auditor, who has recently joined the organization, has accepted an assignment to audit the electronics manufacturing division. The auditor previously served as senior auditor for the external audit of that division and has audited many electronics companies during the past two years.

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