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NEW QUESTION 77
When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?
- A. The exposure to risks following management's risk responses.
- B. The amount of risk that an organization is willing to seek or accept.
- C. The extent and degree of interdependency for identified key risks.
- D. The boundaries established to manage the amount of risk taken.
Answer: A
NEW QUESTION 78
An internal auditor is testing whether payments to outside contractors have been charged to the proper account. Which of the following sampling methods would be most useful in completing this task?
- A. Haphazard sampling.
- B. Attribute sampling.
- C. Probability-proportional-to-size sampling.
- D. Judgmental sampling.
Answer: B
NEW QUESTION 79
Which of the following represents the correct order of the risk management process?
- A. Risk management metrics, resource allocation, risk assessment, effective communication, post-mortem analysis.
- B. Resource allocation, risk monitoring, risk assessment, feedback, post-mortem analysis.
- C. Risk assessment, resource allocation, risk governance and reporting, post-mortem analysis, feedback.
- D. Resource allocation, risk management metrics, risk assessment, post-mortem analysis, effective communication.
Answer: C
Explanation:
Section: Volume A
NEW QUESTION 80
In order to ensure that the internal auditors have the objectivity required by the Standards, the chief audit executive should:
- A. Appraise each auditor's performance on each audit assignment.
- B. Carefully assign personnel to individual audit engagements and require auditors to disclose all conflicts of interest.
- C. Demonstrate willingness to include in engagement final communications all matters believed to be important.
- D. Require all auditors to sign statements attesting to their independent mental attitudes and honest belief in their work product.
Answer: B
NEW QUESTION 81
In advance of a preliminary survey, a chief audit executive sends a memorandum and questionnaire to the supervisors of the department to be audited. What is the most likely result of that procedure?
- A. It involves the engagement client's supervisory personnel in the audit.
- B. It creates apprehension about the audit engagement.
- C. It is an uneconomical approach to obtaining information.
- D. It is only useful for audits of distant locations.
Answer: A
Explanation:
Section: Volume A
NEW QUESTION 82
An organization has implemented a new automated payroll system that contains a table of pay rates that are matched to employee job classifications. Which control should an internal auditor suggest in order to ensure that the table is updated correctly, and is used only for valid pay changes?
- A. Ensure that adequate edit and reasonableness checks are built into the automated system.
- B. Require a manager, who is independent of the system and who cannot change the table, to authorize and sign-off on any employee pay changes.
- C. Require a supervisor in the department, who has the ability to change the table, to compare the changes to a signed management authorization.
- D. Restrict data-table access from management and line supervisors who have the authority to determine pay rates.
Answer: B
NEW QUESTION 83
When reviewing management reports to the board of directors, the internal audit activity should:
- A. Tie all financial numbers in the reports to the general ledger.
- B. Compare to prior-period reports for consistency.
- C. Evaluate the process used to prepare the management reports.
- D. Maintain supporting documentation for the management reports.
Answer: C
NEW QUESTION 84
In which of the following circumstances would an internal auditor not need to search for other signs of fraud?
- A. One of the employees seems to have had a dramatic increase in their standard of living.
- B. Management institutes a policy of paying vendors promptly in order to avoid incurring penalty charges.
- C. There are several substantial weaknesses with the internal control structure.
- D. The organization has an unusually high increase in costs.
Answer: B
Explanation:
Section: Volume D
Explanation
NEW QUESTION 85
Which of the following is the best example of a strategic objective?
- A. Adhering to laws and regulations.
- B. Opening a new product line.
- C. Safeguarding assets.
- D. Attaining a specified sales target.
Answer: B
NEW QUESTION 86
Regarding an organization's decision to retain an external audit firm, the chief audit executive (CAE) should:
- A. Not be involved in this decision process as it would compromise the CAE's objectivity.
- B. Assist the audit committee by facilitating the development of an appropriate evaluation process.
- C. Work with the organization's chief financial officer to evaluate the external auditor's performance and together make the decision.
- D. Evaluate the external auditor's performance and retain the external auditor if quality and cost criteria are met.
Answer: B
Explanation:
Section: Volume A
NEW QUESTION 87
Which of the following is not a benefit of using information technology in solving audit problems?
- A. It increases audit opportunities.
- B. It improves the auditor's judgment.
- C. It improves the timeliness of the audit engagement.
- D. It helps reduce audit risk.
Answer: B
NEW QUESTION 88
Which of the following statements is true regarding the use of non-statistical sampling in auditing control tests?
- A. Non-statistical sample results must be projected to the population.
- B. Lesser evidence is required to support a conclusion than for statistical sampling.
- C. Sampling risk will be accurately quantified through non-statistical sampling.
- D. It considers tolerable deviation rate more effectively than does statistical sampling.
Answer: A
NEW QUESTION 89
According to the International Professional Practices Framework, which of the following are allowable activities for an internal auditor?
1. Advocating the establishment of a risk management function.
2. Identifying and evaluating significant risk exposures during audit engagements.
3. Developing a risk response for the organization if there is no chief risk officer.
4. Benchmarking risk management activities with other organizations.
5. Documenting risk mitigation strategies and techniques.
- A. 1.2, and 3 only.
- B. 1.2. 4. and 5 only.
- C. 4 and 5 only.
- D. 2. 3. 4. and 5 only.
Answer: B
NEW QUESTION 90
According to IIA guidance, which of the following best describes how risks are measured?
- A. Velocity and rate of occurrence.
- B. Impact and relevance.
- C. Likelihood and probability.
- D. Likelihood and impact.
Answer: D
NEW QUESTION 91
Which type of objectives can best be described as broad goals that promote the effective and efficient use of resources?
- A. Operational objectives.
- B. Compliance objectives.
- C. Strategic objectives.
- D. Reporting objectives.
Answer: A
Explanation:
Section: Volume E
NEW QUESTION 92
A company's chief audit executive determines that the internal audit staff does not have the requisite skills to conduct an audit of the financial derivatives area. Which of the following actions would be the least acceptable?
- A. Notify the audit committee of the problem and assign the most competent auditors to perform the audit engagement.
- B. Determine the requisite knowledge needed and obtain the proper training for auditors if such training is available within the appropriate time framework outlined by the audit committee.
- C. Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.
- D. Notify the audit committee of the problem and consult with them regarding outsourcing the audit engagement to a qualified external auditing firm.
Answer: A
NEW QUESTION 93
Which of the following lists the audit activities in the order in which they would generally be completed during a preliminary survey?
I. Write detailed audit procedures.
II. Identify client objectives, goals, and standards.
III. Identify risks and controls intended to prevent associated losses.
IV. Determine relevant engagement objectives.
- A. II, IV, I, III.
- B. III, IV, II, I.
- C. II, I, IV, III.
- D. II, III, IV, I.
Answer: D
NEW QUESTION 94
Which of the following actions would have the greatest impact on the effectiveness of the internal audit activity?
- A. Appropriate definition of internal audit scope and responsibility in the charter.
- B. Assurance of internal audit objectivity and organizational independence by the board.
- C. Appropriate compliance coverage in the annual audit plan.
- D. Annual review of the audit charter by management.
Answer: A
NEW QUESTION 95
To develop greater internal auditing expertise, the chief audit executive (CAE) has been assigning the same relatively inexperienced team of internal auditors to a series of engagements spanning several months. Is this practice consistent with the Standards?
- A. No. The team should collectively possess the competencies appropriate for the engagements.
- B. No. Teams should be comprised of both experienced and inexperienced auditors.
- C. Yes. The CAE is promoting the professional development of the staff.
- D. Yes. The experience will quickly build specialized skills and competencies.
Answer: A
NEW QUESTION 96
Which type of documentary evidence gathered by an organization's internal auditors has the highest level of reliability?
- A. Inventory test counts.
- B. Written policy statements.
- C. Remittance advices.
- D. Bank statements.
Answer: A
NEW QUESTION 97
Which the following activities should be performed by the internal audit activity to facilitate an effective relationship with the audit committee?
1. Periodically report about the accounting standards followed by the organization.
2. Provide assurance to the audit committee that its charter, activities, and processes are appropriate.
3. Ensure that the role and activities of the internal audit activity are clearly understood and responsive to the needs of the audit committee.
4. Maintain open and effective communications with the audit committee.
- A. 2, 3, and 4 only
- B. 1, 3, and 4 only
- C. 1 and 2 only
- D. 3 and 4 only
Answer: A
Explanation:
Section: Volume E
Explanation/Reference:
NEW QUESTION 98
Risk assessments can vary in format,but generallyinclude.
I.A description of identified risks. II.Tests of audit controls.
III.A
system of rating risks. IV.Sample size identification.
- A. I and IIonly
- B. II,III,and IVonly
- C. I and IIIonly
- D. I,III,and IVonly
Answer: C
NEW QUESTION 99
Which of the following is an example of sharing risk?
- A. In order to spread total risk, an organization used multiple vendors for critical materials.
- B. An organization outsourced a portion of its services to a third-party service provider.
- C. An organization redesigned a business process to change the risk pattern.
- D. An organization sold an unprofitable business unit to its competitor.
Answer: B
Explanation:
Section: Volume A
NEW QUESTION 100
An internal auditor finds during an engagement that payment for the organization's general insurance policy is two months overdue. The issue is informally mentioned to the finance department which immediately submits the invoice for payment. The auditor decides to exclude this finding from the final audit report as the oversight was immediately corrected and there were no consequences because of this late payment.
Which of the following rules of conduct as described in the IIA Code of Ethics,did the auditor fail to uphold?
- A. Objectivity.
- B. Confidentiality.
- C. Competency.
- D. Integrity.
Answer: A
NEW QUESTION 101
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