Free Access IIA.IIA-CIA-Part2.v2023-04-08.q383 Practice Test (Page 28)

Question 131

Which of the following types of contracts would provide the least incentive for a contractor to achieve economy and efficiency?

A.Unit-price contract.

B.Cost-plus contract.

C.Indefinite delivery contract.

D.Lump-sum contract.

Question 132

A consumer electronics company is considering acquiring a small flash memory manufacturer. An internal auditor has been assigned to determine if the manufacturer's accounts payable contain all outstanding liabilities. Which audit procedure is not relevant for this objective?

A.Send confirmations, including zero-balance accounts, to vendors with whom the manufacturer normally does business.

B.Verify the period of liability of subsequent cash disbursements using related supporting documentation.

C.Trace receiving reports issued before the period end to the accounts payable list and vendor invoices.

D.Verify a sample of accounts payable by using related invoices, receiving reports, and purchase orders.

Question 133

An internal auditor is preparing for an auditor of newly implemented software that is used by 3,000 employees in South America and Europe. What would be the best way for the auditor to gather relevant feedback?

A.interview IT management in both regions

B.Inspect regional user software training records

C.Interview propel management and the vendor responsible for implementation

D.Distribute surveys to software users in both regions

Question 134

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

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

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

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

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

Question 135

Which of the following statements accurately describes the Standards requirement for ret internal audit records?

A.Retention requirements should set a minimum period of the for records storage and the process of archiving documents

B.Retention requirements for internal audit records should be compliant with ones set for external audit records

C.Retention requirements should be set by the chief audit executive and aligned will the organization s process and procedures

D.Retention requirements should take into account the medium in which internal audit records are stored

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Question 131

Question 132

Question 133

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Question 135

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