Free Access IIA.IIA-CIA-Part2.v2022-09-28.q589 Practice Test (Page 44)

Question 211

A chief audit executive (CAE) has decided to add an engagement to the current audit plan which will exceed available audit resources. Which of the following is the best course of action for the CAE to take?

A.Seek approval from senior management and the board of directors for the plan change and advise them of the issue of limited resources.

B.Immediately seek additional resources from senior management and the board of directors to meet the needs of the organization.

C.Add this change to the plan and request senior management to indicate which other engagement should be deleted to keep the overall plan within resource constraints.

D.Present the plan change to senior management and request additional resources before going to the board of directors.

Question 212

After issuance of the engagement final communication for an audit of an organization's accounts payable function, which of the following should be sent satisfaction surveys?
I. Manager of disbursements.
II. Controller.
III. Chief operating officer.
IV.
Audit committee members.

A.II, III, and IV only

B.I only

C.II and III only

D.I and II only

Question 213

An auditor-in-charge is preparing her audit team for a consulting engagement at one of the organization's foreign subsidiaries. According to the Standards, which of the following would not be a necessary step prior to beginning the engagement?

A.Agree, in writing, with the subsidiary's senior management regarding the scope of the engagement.

B.Communicate what logistical support will be provided by the subsidiary for the duration of the engagement.

C.Verify that none of the audit team worked for the foreign subsidiary within the last year to ensure independence.

D.Communicate a time frame as well as a contingency plan in the event the engagement may take longer than expected.

Question 214

The chief audit executive (CAE) decided that based on management's oral response, the action taken on an audit observation for a minor improvement in the client's process is sufficient and no further follow-up is necessary. Which of the following would be the best statement regarding the action of the CAE?

A.The CAE action is not acceptable, as a follow-up audit is needed to ensure that action is really taken by management.

B.The CAE action is acceptable as long as the issue has been escalated to the board to get their position on the issue.

C.The CAE action is not acceptable, as follow-up on the issue is critical until a written response is obtained from management.

D.The CAE action is acceptable as long as the follow-up is sufficient when weighed against the relative importance of the recommendation.

Question 215

Which of the following is a weakness that is inherent in the use of the test data method to test internal controls in a computer-based accounting system?

A.Conditions that were not specifically considered by the auditor may go untested.

B.The auditor must test many transactions with the same condition in order to achieve assurance that the condition is being detected.

C.Inclusion of atypical data in the test data may cause errors to be noted on the exception report.

D.The approach requires the creation of "dummy companies," possibly destroying or altering actual company data in the process.

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Question 211

Question 212

Question 213

Question 214

Question 215

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