Free Access IIA.IIA-CIA-Part2.v2023-04-08.q383 Practice Test (Page 41)

Question 196

During the planning phase of an audit of the treasury function, an internal auditor conducted a risk assessment of the function in order to:

A.Report any high-risk exposures of the treasury function to management and the board.

B.Determine whether appropriate resources are present to carry out the treasury function.

C.Comply with the internal audit charter and applicable regulatory requirements.

D.Identify areas of the treasury function that should be considered for potential engagement objectives.

Question 197

According to IIA guidance, which of the following strategies would add the least value to the achievement of the internal audit activity's (IAA's) objectives?

A.Establish a periodic review of monitoring and reporting processes to help ensure relevant IAA reporting.

B.Align organizational activities to internal audit activities and measure according to the approved IAA performance measures.

C.Use the results of IAA engagement and advisory reporting to guide current and future internal audit activities.

D.Establish a format and frequency for IAA reporting that is appropriate and aligns with the organization's governance structure.

Question 198

Which of the following statements is true regarding the communication of audit engagement observations?

A.Criteria, condition, cause, and effect must be communicated for material observations only

B.Criteria, condition, cause, and effect must be communicated for material observations and significant deficiencies only

C.Criteria, condition, cause, and effect must be communicated for all engagement observations.

D.Criteria, condition, cause, and effect do not need to be communicated for insignificant observations with adequate compensating key controls.

Question 199

It is close to the fiscal year end for a government agency, and the chief audit executive (CAE) has the following items to submit to either the board or the chief executive officer (CEO) forapproval. According to IIA guidance, which of the following items should be submitted only to the CEO?

A.The internal audit risk assessment and audit plan for the next fiscal year.

B.The internal audit budget and resource plan for the coming fiscal year.

C.The evaluation and compensation of the internal audit team.

D.A request for an increase of the CAE's salary for the next fiscal year.

Question 200

An organization's policies allow buyers to authorize expenditures up to $50,000 without any other approval. Which of the following audit procedures would be most effective in determining if fraud in the form of payments to fictitious companies has occurred?

A.Use generalized audit software to take a random sample of all expenditures under $50,000 to determine whether they were properly approved.

B.Develop a snapshot technique to trace all transactions by suspected buyers.

C.Use generalized audit software to select a sample of paid invoices to new vendors and examine evidence that shows that services or goods were received.

D.Use generalized audit software to list all purchases over $50,000 to determine whether they were properly approved.

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Question 196

Question 197

Question 198

Question 199

Question 200

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