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NEW QUESTION # 14
Which of the following would the chief audit executive be required to disclose in the communication of quality assessment results to senior management and the board?
- A. The cost and frequency of both internal and external assessments.
- B. A potential conflict of interest of the assessment team.
- C. The assessment team's execution plan of relevant procedures.
- D. Any assumptions made by the assessment team
Answer: B
NEW QUESTION # 15
During engagement planning, an internal auditor determines that the cost of a certain test outweighs the benefit that can be expected from the results. He determines that this test can be removed from the audit work program. Which of the following did the internal auditor best demonstrate?
- A. Proficiency
- B. Internal assessment
- C. Due professional care
- D. Individual objectivity
Answer: C
NEW QUESTION # 16
According to IIA guidance, which of the following best demonstrates due professional care?
- A. Staffing audit engagements with internal auditors who possess professional designations.
- B. Relying on prior audit work to save planning time and costs.
- C. Assessing the cost of assurance in relation to the potential benefits.
- D. Performing assurance procedures to guarantee all significant risks are identified.
Answer: C
NEW QUESTION # 17
An internal auditor is preparing a draft observation based on her assessment of an accounts payable process. Which of the following is a process recommendation?
- A. Authorization policy for accounts payable was not followed for payments above $10,000.
- B. Authorization policy requires two levels of approval for all payments above $10,000.
- C. The accounts payable authorization actions for all payments should be automated.
- D. Because of non-compliance with authorization policy, inappropriate payments may be made for payments above $10,000.
Answer: C
NEW QUESTION # 18
An internal auditor has completed an assurance engagement. Which of the following is most likely true regarding the engagement?
- A. The results of tie engagement were included m a written report mat was issued to the cleint who requested me engagement
- B. During audit planning the auditor provided the client with the scope of the engagement for their agreement
- C. During audit planning the auditor determined that the engagement scope would include a review of the security and privacy of payroll records
- D. The client requested the review of a new payroll system in order to improve the security of fie system
Answer: C
NEW QUESTION # 19
Which of the following is a control that is used mainly to check the integrity of data entered into a business application, whether the data is entered directly by staff, remotely by a business partner, or through a web-enabled application?
- A. General IT control.
- B. Integrity control
- C. Processing control.
- D. Input control
Answer: B
NEW QUESTION # 20
Which of the following techniques would provide the most compelling evidence that a safety hazard exists within a manufacturing facility?
- A. Review of records involving safety violations,filed by facility production employees.
- B. Analysis of facility operating reports,focusing on instances when breakdowns occurred.
- C. Observation of the facility during operations.
- D. Questioning of facility management,including the facility safety officer.
Answer: C
NEW QUESTION # 21
A dental insurance provider has implemented an electronic claim submission process and is concerned that dentists are submitting claims for services that were not provided. Which of the following control procedures would be most effective in preventing this type of fraud?
- A. Develop a program that identifies procedures performed on an individual which are either in excess of expectations based on the age of the insured or are similar to other procedures recently performed on the individual.
- B. Develop an integrated test facility and submit false claims to verify that the system is detecting such claims on a consistent basis.
- C. Require all submitted claims to be followed by a signed statement by the dentist testifying to the fact that the claimed procedures were performed.
- D. Send confirmations to the dentists requesting them to confirm the exact nature of the claims submitted to the insurance provider.
Answer: A
NEW QUESTION # 22
Which of the following best explains why integrity is a necessary personal quality for internal auditors at all levels?
- A. Internal auditor integrity enables users of internal auditors' work to make important business decisions.
- B. Internal auditor integrity enables stakeholders to constantly question the work of the internal audit activity.
- C. Internal auditor integrity enables the internal audit activity to be able to demonstrate independence.
- D. Internal auditor integrity enables the internal auditor to avoid being challenged by any party in the organization.
Answer: A
NEW QUESTION # 23
Which of the following would provide the best assessment of an organization's ethical climate?
- A. Clarity and consistency of consequences imposed by the board of directors for ethical violations.
- B. Evidence of training provided to the board of directors on ethical issues.
- C. Frequency of fraud reported and results of subsequent investigations.
- D. Number of years that directors have been appointed to the board.
Answer: A
NEW QUESTION # 24
Which of the following combinations of conditions is most likely a red flag for fraud?
- A. A veteran employee in upper management experiencing financial difficulties and recently implemented enhanced controls.
- B. Occasional accounting department overrides and discontinuation of the anonymous fraud hotline due to infrequent use.
- C. The practice of surprise audits and the implementation of an employee support program.
- D. Hiring an employee with a prior fraud conviction and yearly management review.
Answer: B
NEW QUESTION # 25
According to NA guidance, which of the following corporate sociaf responsibility (CSR) evaluation activities may be performed by the internal audit activity?
1. Consult on CSR program design and implementation.
2. Serve as an advisor on CSR governance and risk management.
3. Review third parties for contractual compliance with CSR terms.
4. Identify and mitigate risks to help meet the CSR program objectives.
- A. 1, 3, and 4.
- B. 2, 3, and 4.
- C. 1 2, and 4.
- D. 1,2, and 3,
Answer: D
NEW QUESTION # 26
Which of the following statements regarding organizational governance is not correct?
- A. An effective internal audit function is one of the four cornerstones of good governance.
- B. Accountability is one of the key elements of organizational governance.
- C. Governance principles and the need for an internal audit function are applicable to governmental and not-for-profit activities.
- D. Those performing governance activities are accountable to the customer.
Answer: D
NEW QUESTION # 27
An electric company hires several independent contractors to trim trees that are in close proximity to electricity lines. Which of the following would be the most effective control to mitigate the risk of contractors submitting fraudulent invoices regarding work completed?
- A. Compare actual payments to contractors with budgeted values and analyze discrepancies
- B. Require contractors to submit completed and signed work acceptance sheets
- C. Reconcile invoices and work acceptance sheets submitted by contractors
- D. Utilize unmanned drones to conduct regular flights and photo shoots over the areas where work is performed
Answer: C
NEW QUESTION # 28
Which of the following statements is most likely to be true regarding a consulting engagement involving an organization's new payroll system?
- A. The internal auditor concluded that the engagement objectives would include assessing the effectiveness of the payroll process controls.
- B. The payroll system engagement was scheduled as a result of internal audit's risk-based annual planning process.
- C. The internal auditor acknowledged the engagement client's satisfactory performance in the final engagement results that were communicated to senior management and the board.
- D. The internal auditor and engagement client established an understanding that the scope would include the new payroll system project.
Answer: D
NEW QUESTION # 29
Which of the following statements best explains why internal auditors map processes?
1. To obtain audit evidence to support auditor's observations.
2. To determine scope and objectives of the audit.
3. To facilitate the identification of ownership and responsibility for key risks.
4. To identify potential efficiency improvements.
- A. 3 and 4.
- B. 1 and 2.
- C. 1 and 3.
- D. 2 and 4.
Answer: A
NEW QUESTION # 30
A chief audit executive used risk assessment to prepare the audit work schedule. Which of the following would be the least appropriate reason to modify the schedule?
- A. Change in the relative risk of auditable activities during the year.
- B. Need for coordination of audit activities with the external auditors.
- C. Request for postponement since the audit would be too complicated.
- D. Budget constraints or expansions.
Answer: C
NEW QUESTION # 31
Which of the following is least likely to be considered material in an audit of a medium-sized organization?
- A. A $1, 000 overstatement of the accrued-vacation payable account.
- B. An underpayment to the employee pension fund.
- C. A violation of a government statute.
- D. Fraud resulting in a cash loss to the organization.
Answer: A
Explanation:
Section: Volume C
NEW QUESTION # 32
Which of the following statements is true about The IIA Global Internal Audit Competency Framework?
- A. The framework lists the core competencies internal auditors should possess before attempting to attain The IIA's Certified Internal Auditor certification.
- B. The framework is designed to be used primarily by chief audit executives that are developing indicators to measure the performance of the internal audit activity for which they are responsible.
- C. The core competencies outlined in the framework are not expected of a person undertaking an entry-level position as an internal auditor.
- D. The framework describes competencies needed for individual internal auditors, but not those necessary at the chief audit executive level.
Answer: B
NEW QUESTION # 33
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