Free Access IIA.IIA-CIA-Part2.v2023-04-08.q383 Practice Test (Page 10)

Question 41

A bakery chain has a statistical model that can be used to predict daily sales at individual stores based on a direct relationship to the cost of ingredients used and an inverse relationship to rainy days. What conditions would an internal auditor look for as an indicator of employee theft of food from a specific store?

A.On a rainy day, total sales are greater than expected when compared to the cost of ingredients used.

B.Both total sales and cost of ingredients used are less than expected.

C.On a sunny day, total sales are less than expected when compared to the cost of ingredients used.

D.Both total sales and cost of ingredients used are greater than expected.

Question 42

According to the Standards, which of the following would least likely be considered a red flag when evaluating the risk for fraud?

A.Cash receipts appear to be lower than expected from an employee's cash drawer.

B.Health benefits are detected to be claimed for a deceased employee.

C.An employee did not approve an internal report detailing expenses for the month.

D.It is alleged that an employee is receiving vendor kickbacks.

Question 43

During the development of a purchasing system, an auditor reviewed the payment authorization program.
Which of the following actions should the auditor recommend for a situation in which the quantity invoiced is greater than the quantity received?

A.Issue an exception report.

B.Return the invoice to the vendor for correction.

C.Pay the amount billed and adjust the inventory account for the difference.

D.Authorize payment of the full invoice, but maintain an open purchase order record for the missing goods.

Question 44

Which of the following risk assessment approaches involves gathering data from work team representing different levels of an organisation?

A.Surveys

B.Facilitated team workshops

C.Management produced analysis 0

D.Weighted risk factors

Question 45

According to the Standards, which of the following is applicable to the internal audit activity's quality assurance and improvement program?

A.All aspects of the internal audit activity should be evaluated.

B.Periodic monitoring of the internal audit activity should be done.

C.An external assessment should be obtained every three years.

D.The review of assurance services should be the primary focus.

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