Free Access IIA.IIA-CIA-Part2.v2023-03-09.q121 Practice Test (Page 11)

Question 46

Which of the following is a primary reason for an internal auditor to use a risk and control questionnaire when auditing financial processes?

A.To facilitate the quantification of financial data obtained

B.To test the effectiveness of financial controls in an efficient and relatively inexpensive way

C.To collect as much financial data as possible before engagement fieldwork begins.

D.To gam an understanding of the control environment

Question 47

Acceding to IIA guidance, when of the Mowing is an assurance service commonly performed by the internal audit activity?

A.Validating whether employees are following established policies and procedures in the procurement department

B.Making recommendations regarding financial approval authority limits for the operations department

C.Proposing fine item recommendation lot the annual financial budget of the accounting department

D.Generating expense report metrics for employees in the finance department

Question 48

Which of the following statements is true regarding the final assurance engagement report issued to management?

A.Audit findings may be communicated to management prior to issuance of the final approved audit report.

B.Ratings are only used to assess the condition of an observation made by an internal auditor.

C.Communications must be relevant logical, and free from errors before they are disseminated.

D.The audit report must present the information in the following order (1) audit scope, (2) engagement objectives, and (3) engagement results

Question 49

How do internal auditors generally determine the priority of the areas within the engagement scope?

A.By totaling the monetary value of the processes within the organization in the scope of the engagement

B.By estimating the likelihood of a risks occurring and the potential impact of that risk on the organization

C.By calculating the period of time when the area was last audited try internal auditors

D.By counting the number of red flags indicating the potential fraudulent activities within the area.

Question 50

An internal auditor wanted to determine whether the organization's 200 employees are charging their work hours accurately to the correct project. The internal auditor selected a sample of 30 employee time reports for testing. Based on the testing, the internal auditor determined the following:
- 5 Time reports were incorrect.
- 21 Time reports were correct.
- 4 Time reports were not supported.

A.The organization overstated project costs due to inaccurate and incomplete reporting of employee time charged to the affected accounts As a result the organization cannot ensure at protects costs are accurately reported to stakeholders

B.The organization generally ensured that employee hours charged to each project were accurate and complete. However, there were instances of employee time reports that were incorrect or not supported to justify the multiple project labor coats

C.The organization has significant flaws in its reporting of employee time, which could lead to the overstatement of project labor costs. The organization's failure to report accurate and complete employee time could lead to potential fraud and abuse.

D.The organization needs to ensure that all reporting of employee time is accurate and complete for each of its projects By dang so the organization can minimize potential issues related to overstating employee tames and labor project costs.

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Question 46

Question 47

Question 48

Question 49

Question 50

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