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Exam Number/Code: IIA-CIA-Part1
Exam name: Certified Internal Auditor - Part 1, The Internal Audit Activitys Role in Governance, Risk, and Control
n questions with full explanations
Certification: IIA Certification
Last updated on Global synchronizing
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Q91. Which of the following would not be a red flag for fraud?
A. Several recent,large expenditures to a new vendor have not been documented.
B. A manager has bragged about multiple extravagant vacations taken within the last year,which are excessive relative to the manager's salary.
C. A weak control environment has been accepted by management to encourage creativity.
D. New employees occasionally fail to meet established project deadlines due to staffing shortages.
Q92. Continuing Professional Education (CPE) hours for Certified Internal Auditors may be achieved by:
A. Attending audit staff meetings.
B. Verifying that all completed audit tests are fully documented.
C. Publishing an article on the company's internal audit department.
D. Obtaining experience on the job.
Q93. Which of the following is not an appropriate control related to sales in a manufacturing company?
A. Customers' orders are recorded promptly.
B. Goods shipped are matched with valid customer orders.
C. Goods returned are inspected for damage by the sales department and then entered into
D. Credit department approval is required for credit sales transactions.
Q94. Which of the following audit findings would have the least impact (either positive or negative) on a department's control environment?
A. The department makes long-term investment risk decisions to maximize return on investment.
B. The department manager sets and demonstrates a tone of honesty and integrity in all business dealings.
C. Many department functions are duplicated or verified by other department employees.
D. Deficiencies were found in the appropriate authorization of transactions.
Q95. The chief audit executive (CAE) of a mid-sized pharmaceutical organization has operational responsibility for the regulatory compliance function. The audit committee requests an assessment of regulatory compliance. According to IIA guidance, which of the following is the CAE's best course of action?
A. Have a proficient internal audit staff member perform the assessment and disclose the impairment in the audit report and to the board.
B. Have a regulatory compliance staff member perform a self-assessment,to be reviewed by a proficient internal auditor.
C. Have a proficient internal audit staff member perform the audit and report the results of the assessment directly to senior management and the board.
D. Contract with a third-party entity or external auditor to complete the assessment and report the results to senior management and the board.
Q96. 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.
Determine relevant engagement objectives.
Q97. Which of the following reporting relationships results in the greatest impairment to the independence of the chief audit executive (CAE)?
A. The CAE reports administratively and functionally to the president.
B. The CAE reports administratively to the president and functionally to the board.
C. The CAE reports administratively to the chief financial officer and functionally to the president.
D. The CAE reports administratively to the audit committee and functionally to the chief operating officer.
Q98. According to IIA guidance, which of the following statements is true regarding the reporting of results from a quality assurance and improvement program review of the internal audit activity?
A. A report on the results of the assessment is issued upon completion,and progress on implementing recommended improvements must be reported monthly.
B. The results are reported upon completion in confidence directly to the board,and management is advised only of the recommendations and improvement action plans.
C. The results are shared with the board and management upon completion,and monitoring of recommended improvements must be reported at least annually.
D. The results are communicated upon completion to the board and management,but action plans for recommended improvements do not have to be reported.
303. Feedback on engagements from audit clients, annual benchmarking of the internal audit activity's (IAA's) performance against best practice, and analyses of project budgets and audit plan completion are all tools that can best be used by the IAA for which purpose?
A. Completing internal assessments.
B. Determining the level of residual risk.
C. Identifying conflicts of interest.
D. Developing control processes.
Q99. Which of the following decisions made during the testing phase of a compliance audit requires the most judgment by an internal auditor?
A. Which sampling methodology to select for testing.
B. Which fields to examine on each invoice.
C. Whether an individual expenditure is allowable.
D. What level of noncompliance is acceptable.
Q100. While conducting fieldwork, an internal auditor decides to utilize standard operating procedure (SOP) questionnaires to gather information about a human resources department. Which of the following is an advantage of this method?
A. SOP questionnaires verify that a department is efficient and effective.
B. SOP questionnaires generally do not need to be cleared by management of the audited department.
C. SOP questionnaires are useful in identifying discrepancies and educating clients.
D. SOP questionnaires are the most comprehensive technique for data gathering in fieldwork.