Free Access IIA.IIA-CIA-Part2.v2023-05-26.q379 Practice Test (Page 16)

Question 71

An internal auditor submitted a report containing recommendations for management to enhance internal controls related to investments. To follow up, which of the following is the most appropriate action for the internal auditor to take?

A.Follow up during the next scheduled audit.

B.Seek a management assurance declaration.

C.Observe corrective measures.

D.Conduct appropriate testing to verify management responses.

Question 72

According to IIA guidance, which of the following statements is true regarding the authority of the chief audit executive (CAE) to release previous audit reports to outside parties?

A.The CAE can employ judgment and release prior audit results as they deem appropriate and necessary.

B.The CAE can release prior internal audit reports with the approval of the board and senior management.

C.The CAE can release prior information provided it is as originally published and distributed within the organization.

D.The CAE can only release prior information outside the organization when mandated by legal or statutory requirements.

Question 73

A bank uses a risk analysis matrix to quantify the relative risk of auditable entities. The analysis involves rating auditable entities on risk factors using a scale of 1 to 10, with 10 representing the greatest risk. A partial list of risk factors and the ratings given to three of the bank's departments is provided below: Which of the following statements regarding risk in the department is true?

A.The internal audit activity should schedule audits of department B more often than audits of department C because of the relative control strength of department C as compared to department\

B.The relative ranking of the departments in order of their risk, from greatest to least risk, is: A; C;\B.

C.As compared to departments A and C, department B has a stronger control system to compensate for the greater complexity of the department's transactions and dollar value of its assets.

D.The nature of department A's control structure may be justified by the nature of the department's assets and the complexity of its transactions.

Question 74

According to the Standards, which of the following is an attribute when applied to the observations and recommendations contained in the audit report?

A.Scope statements.

B.Effect.

C.Client accomplishments.

D.Supportive information.

Question 75

All of the following tools are employed to control large-scale projects except:

A.Program evaluation and review technique (PERT).

B.Critical path method.

C.Statistical process control.

D.Gantt charts.

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Question 71

Question 72

Question 73

Question 74

Question 75

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