Free Access IIA.IIA-CIA-Part2.v2024-12-09.q342 Practice Test (Page 37)

Question 176

During follow-up, the chief audit executive (CAE) is having a discussion with management about the internal audit team's recommendations related to a significant issue Management accepted the issue but took no remedial action What is the next step for the CAE?

A.The CAE should reassess and validate the risk tolerance policy

B.The CAE should escalate the issue to senior management .

C.The CAE should reiterate the internal audit team's recommendations to management .

D.The CAE should grant management more time to implement the recommendation and check the status of the issue during the next scheduled follow-up.

Question 177

What is the primary factor that determines the depth and breadth of audit follow-up?

A.The engagement client's written response to the audit findings.

B.The auditor's assessment of risk associated with the audit findings.

C.The auditor's assessment of personnel responsible for correcting audit findings.

D.The availability of audit personnel and financial resources.

Question 178

Which of the following is a weakness that is inherent in the use of the test data method to test internal controls in a computer-based accounting system?

A.The auditor must test many transactions with the same condition in order to achieve assurance that the condition is being detected.

B.Conditions that were not specifically considered by the auditor may go untested.

C.The approach requires the creation of "dummy companies," possibly destroying or altering actual company data in the process.

D.Inclusion of atypical data in the test data may cause errors to be noted on the exception report.

Question 179

The chief audit executive (CAE) notes that management has adopted the option of not taking action on an audit issue involving a sizeable risk which has been accepted in the past. Which would be an appropriate action by the CAE?

A.Report the situation to the board for immediate resolution.

B.Close the issue by noting that follow-up will be completed as part of the next engagement.

C.Accept management's decision as the same risk has been accepted in the past.

D.Discuss the matter with management to determine a resolution.

Question 180

An organization decides to create an internal audit function and hires a new chief audit executive (CAE). Which of the following should the CAE first consider when developing the internal audit process?

A.Requirements of the external auditors to ensure an efficient coordination of audit effort.

B.Sufficient resources to adequately meet the needs of the annual audit plan.

C.Alignment of internal audit objectives with the organization's strategic plan.

D.An appropriate training plan for audit staff.

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Question 176

Question 177

Question 178

Question 179

Question 180

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