Free Access IIA.IIA-CIA-Part2.v2024-12-09.q342 Practice Test (Page 21)

Question 96

The final internal audit report should be distributed to which of the following individuals?

A.Audit client management only

B.Executive management only

C.Audit client management, executive management, and others approved by the chief audit executive.

D.Audit client management, executive management, and any those who request a copy.

Question 97

Which of the following describes an internal auditor's responsibilities to include audit procedures to detect fraud in audits of a multinational organization?

A.International Accounting Standards require the internal auditor to include audit procedures which would detect fraud if it would cause a material misrepresentation of the financial statements.

B.Internal auditors do not have any specific responsibilities with respect to including fraud-related audit procedures.

C.Proper audit procedures, when carried out with due professional care, will guarantee that fraud, if present, will be detected.

D.If significant control weaknesses are detected, additional tests should be directed toward other indicators of fraud.

Question 98

Which of the following would be the least important reason for a company to merge with another company?

A.To diversify risk.

B.To reduce labor costs.

C.As a response to new government policy.

D.To increase stock prices.

Question 99

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

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

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

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

Question 100

Which of the following might alert an auditor to the possibility of fraud in a division?
I. The division is not scheduled for an external audit this year.
II. Sales have increased by 10 percent.
III.
A significant portion of management's compensation is directly tied to reported net income of the division.

A.I, II, and III

B.III only

C.I and II only

D.I only

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Question 96

Question 97

Question 98

Question 99

Question 100

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