Free Access IIA.IIA-CIA-Part2.v2023-04-08.q383 Practice Test (Page 51)

Question 246

Which of the following is not likely to be included as an audit step when assessing vendor performance policies?

A.Determine whether the quality of the goods purchased from the vendors has been satisfactory.

B.Determine whether the balances owed to vendors are correct.

C.Determine whether only authorized items were received from vendors.

D.Determine whether agreed-upon lot sizes were sent by vendors.

Question 247

According to IIA guidance, which of the following accurately describes the responsibilities of the chief audit executive with respect to the final audit report?
1. Coordinate post-engagement conferences to discuss the final audit report with management.
2. Include management's responses in the final audit report.
3. Review and approve the final audit report.
4. Determine who will receive the final audit report.

A.1 and 4

B.2 and 3

C.1 and 2

D.3 and 4

Question 248

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

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

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

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

Question 249

According to IIA guidance, which of the following are appropriate actions for the chief audit executive regarding management's response to audit recommendations?

A.Oversee the corrective actions undertaken by management, and establish timelines for corrective action by management.

B.Oversee the corrective actions undertaken by management, and determine the need and scope for additional work.

C.Evaluate and verify management's response, and establish timelines for corrective action by management.

D.Evaluate and verify management's response, and determine the need and scope for additional work.

Question 250

In which of the following cases is it appropriate for an audit report to not contain management's response either within the report or as an attachment?

A.Management's response to an audit report is generally not a requirement.

B.Internal controls were found to be properly designed and operating effectively although operations are deemed inefficient.

C.There was insufficient time to obtain management's response during the draft reporting process.

D.An internal audit report contains no observations.

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Question 246

Question 247

Question 248

Question 249

Question 250

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