Free Access IIA.IIA-CIA-Part2.v2022-07-26.q511 Practice Test (Page 89)

Question 436

The most effective procedure to verify compliance with a requirement that materials be purchased from the lowest-priced source is to compare:

A.Bids obtained for selected purchases with related purchase orders.

B.Prices paid for selected materials with prices listed on related purchase orders.

C.Vendors' current prices with prices listed on related purchase orders.

D.Approved vendor lists with bids obtained for selected purchases.

Question 437

An organization buys crude oil on the open market and refines it into a high-quality gasoline. The price of crude oil is extremely volatile. Which of the following is the most appropriate risk management technique to protect the organization against these price fluctuations?

A.Purchase crude oil-related derivatives such as futures or options

B.Stock as much raw materials as possible and consider Investing into additional facilities

C.Trade crude oil derivatives at financial markets in order to benefit from price fluctuations

D.Enter into long-term gasoline purchase agreements with end customers.

Question 438

The following are potential sources of evidence regarding the effectiveness of a division's total quality management program. The least persuasive evidence would be a comparison of:

A.Employee morale before and after program implementation.

B.Scrap and rework costs before and after program implementation.

C.Customer returns before and after program implementation.

D.Manufacturing and distribution costs per unit before and after program implementation.

Question 439

The efficiency of internal audit operations is best enhanced if workpaper standards:

A.Require supervisors to initial and date each workpaper that they review.

B.Permit the extent of documentation to vary according to engagement objectives.

C.Mandate the workpaper retention period.

D.Allow access to workpapers by external parties if approved by senior management or the audit committee.

Question 440

When conducting research, which of the following is most important?

A.Using computer databases or the Internet to find all relevant sources.

B.Providing documentation of the reference sources.

C.Presenting only those facts that support the conclusion.

D.Presenting all contrary views to balance the opinion.

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Question 436

Question 437

Question 438

Question 439

Question 440

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