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Guide for IIA-IIA-CIA-Part2

Quiz IIA-IIA-CIA-Part2

10/360 Questions|Updated on 2022/11/04
Free Test
/ 10

Quiz

1/10
The final engagement communication contains the following observation: The internal auditor discovered that three of the 10 contracts reviewed failed to meet the organization's competitive bidding requirements Management explained that senior management deemed these purchases to be critical and awarded them as sole-source." Which of the following components is missing in the documentation of the observation?
Select the answer
1 correct answer
A.
Criteria.
B.
Effect
C.
Condition
D.
Cause

Quiz

2/10
According to IIA guidance, which of the following actions might place the independence of the internal audit function in jeopardy?
Select the answer
1 correct answer
A.
Having no active role or involvement in the risk management process.
B.
Auditing the risk management process for reasonableness.
C.
Coordinating and managing the risk management process.
D.
Participating with management in identifying and evaluating risks.

Quiz

3/10
According to IIA guidance, which of the following would not be a consideration for the internal audit activity (IAA) when determining the need to follow-up on recommendations?
Select the answer
1 correct answer
A.
Degree of effort and cost needed to correct the reported condition.
B.
Complexity of the corrective action.
C.
Impact that may result should the corrective action fail.
D.
Amount of resources required to conduct the follow-up activities.

Quiz

4/10
Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?
Select the answer
1 correct answer
A.
Identifying and managing risks in line with the entity's risk appetite.
B.
Ensuring that a proper and effective risk management process exists.
C.
Attaining an adequate understanding of the entity's key mitigation strategies.
D.
Identifying and ensuring that appropriate controls exist to mitigate risks.

Quiz

5/10
Which of the following is a detective control for managing the risk of fraud?
Select the answer
1 correct answer
A.
Awareness of prior incidents of fraud.
B.
Contractor non-disclosure agreements.
C.
Verification of currency exchange rates.
D.
Receipts for employee expenses.

Quiz

6/10
Which of the following is a justifiable reason for omitting advance client notice when planning an audit engagement?
Select the answer
1 correct answer
A.
Advance notice may result in management making corrections to reduce the number of potential deficiencies.
B.
Previous management action plans addressing prior internal audit recommendations remain incomplete.
C.
The engagement includes audit assurance procedures such as sensitive or restricted asset verifications.
D.
The audit engagement has already been communicated and approved through the annual audit plan.

Quiz

7/10
According to IIA guidance, organizations have the most influence on which element of fraud?
Select the answer
1 correct answer
A.
Opportunity.
B.
Rationalization.
C.
Pressure.
D.
Incentives.

Quiz

8/10
The external auditor has identified a number of production process control deficiencies involving several departments. As a result, senior management has asked the internal audit activity to complete internal control training for all related staff. According to IIA guidance, which of the following would be the most appropriate course of action for the chief audit executive to follow?
Select the answer
1 correct answer
A.
Refuse to accept the consulting engagement because it would be a violation of independence.
B.
Collaborate with the external auditor to ensure the most efficient use of resources.
C.
Accept the engagement but hire an external training specialist to provide the necessary expertise.
D.
Accept the engagement even if the audit engagement staff was previously responsible for operational areas being trained.

Quiz

9/10
Which of the following is not a primary reason for outsourcing a portion of the internal audit activity?
Select the answer
1 correct answer
A.
To gain access to a wider variety of skills, competencies and best practices.
B.
To complement existing expertise with a required skill and competency for a particular audit engagement.
C.
To focus on and strengthen core audit competencies.
D.
To provide the organization with appropriate contingency planning for the internal audit function.

Quiz

10/10
Which of the following statements about internal audit's follow-up process is true?
Select the answer
1 correct answer
A.
The nature, timing, and extent of follow-up for assurance engagements is standardized to ensure quality performance.
B.
The actions of external auditors and other external assurance providers is not encompassed by internal audit's follow-up process.
C.
Internal auditors have responsibility for determining if management and the board have implemented the recommended action or otherwise accepted the risk.
D.
The follow-up process must be complete and documented in the working papers in order to conclude the engagement.
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Info quiz:

  • Quiz name:IIA-IIA-CIA-Part2
  • Total number of questions:360
  • Number of questions for the test:50
  • Pass score:80%

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