Free Access IIA.IIA-CIA-Part2.v2023-05-26.q379 Practice Test (Page 52)

Question 251

Which of the following controls in a computerized consumer loan system of a major bank would be the least effective in detecting a fraudulent loan?

A.All log-in accounts become inaccessible after three incorrect password attempts.

B.Customer information is matched to payment data prior to funds disbursement.

C.Loan approvals over a pre-determined limit must have management approval.

D.System controls prevent supervisors from delegating their approval authority during vacation periods.

Question 252

Which of the followings statements describes a best practice regarding assurance engagement communication activities?

A.All assurance engagement observations should be communicated to the audit committee.

B.All assurance engagement observations should be included in the main section of the engagement communication.

C.During the "communicate" phase of an assurance engagement, it is best to define the methods and timing of engagement communications.

D.A detailed escalation process should be developed during the planning stage of an assurance engagement.

Question 253

During an engagement, an internal auditor discovered that an organization's policy on delegation of authority listed six individuals who were no longer employed with the organization. In addition, four individuals acting with disbursement authority were not identified in the policy as having such authority.
Which of the following is the most effective course of action to address the control weakness?

A.Immediately initiate a complete audit of the disbursement function to determine if significant frauds have occurred.

B.Advise management to add the four additional names and remove the incorrect names from the policy to make it current.

C.Review further to ensure that the four individuals do not have the appropriate authority through delegation.

D.Recommend that management review the process supporting the policy and make improvements.

Question 254

Which of the following is the most common method management can use to manage risk within its risk appetite?

A.Implementation of controls.

B.Use of risk registers and dashboard.

C.Frequent communication of risk appetite for operating personnel.

D.Continuous evaluations and audits.

Question 255

Which of the following would not be characteristic of control self-assessment implemented by an audit department?

A.Participants discuss the control weaknesses that hinder the achievement of objectives.

B.Auditors and business-unit employees work as a team.

C.Auditors perform traditional audit tests to identify control weaknesses.

D.An auditor usually facilitates the discussion during the workshop phase while another records comments for subsequent use.

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Question 251

Question 252

Question 253

Question 254

Question 255

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