Free Access IIA.IIA-CIA-Part2.v2022-09-28.q589 Practice Test (Page 39)

Question 186

Which of the following components should be included in an audit finding?
1. The scope of the audit.
2. The standard(s) used by the auditor to make the evaluation.
3. The engagement's objectives.
4. The factual evidence that the internal auditor found in the course of the examination.

A.1 and 3 only

B.1 and 2

C.1, 3, and 4

D.2 and 4

Question 187

Which of the following is the least relevant when preparing the internal audit activity's annual engagement plan?

A.A rotation of internal audit engagements selected on a time basis.

B.Coordination with the audit plans of the external auditor.

C.The organization's current risk priority and exposure.

D.Senior management's requests for internal audit engagements.

Question 188

A code of ethics within the internal auditing profession is necessary in order to:

A.Reduce the likelihood that members of the profession will be sued for substandard work.

B.Ensure that all members of the profession perform at approximately the same level of competence.

C.Provide guidance to internal auditors in their service to others.

D.Require members of the profession to exhibit loyalty in all matters pertaining to the affairs of their organization.

Question 189

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

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

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

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

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

Question 190

The chief audit executive (CAE) notes that management has adopted the option of not takingaction on an audit issue involving a sizeable risk which has been accepted in the past.Which would be an appropriate action by the CAE?

A.Close the issue by noting that follow-up will be completed as part of the next engagement.

B.Accept management's decision as the same risk has been accepted in the past.

C.Discuss the matter with management to determine a resolution.

D.Report the situation to the board for immediate resolution.

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Question 186

Question 187

Question 188

Question 189

Question 190

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