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[Apr 11, 2023] IIA-CIA-Part1 Exam Dumps – IIA Practice Test Questions

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QUESTION 239
Which of the following statements is correct regarding risk analysis?

The extent to which management judgments are required in an area could serve as a risk factor in assisting the auditor in making a comparative risk analysis.

The highest risk assessment should always be assigned to the area with the largest potential loss.

The highest risk assessment should always be assigned to the area with the highest probability of occurrence.

Risk analysis must be reduced to quantitative terms in order to provide meaningful comparisons across an organization.

QUESTION 240
An internal auditor plans to use an analytical review to verify the correctness of various operating expenses in a division. The use of an analytical review as a verification technique would not be a preferred approach if.

The auditor notes strong indicators of a specific fraud involving this account.

The company has relatively stable operations which have not changed much over the past year.

The auditor would like to identify large, unusual, or non-recurring transactions during the year.

The operating expenses vary in relation to other operating expenses, but not in relation to revenue.

QUESTION 241
Which of the following organizations has reached the most mature level of corporate social responsibility?

An organization that is able to provide goods and services society needs and thus maximizes profit to its owners.

An organization that ensures compliance to legal frameworks of the countries in which it operates and sells its products.

An organization that is willing to make contributions not mandated by law or economics and expects no payback.

An organization that requires its decision makers to act with equity, fairness, and respect for the rights of individuals.

QUESTION 242
Which of the following are generally recognized as essential elements of a corporate social responsibility program?

Human rights and the environment.

Organizational governance and financial reporting.

Fair operating practices and government regulation.

Consumer issues and return on investment.

QUESTION 243
Which of the following would be the most important consideration by the internal audit activity when selecting employees to perform an internal quality assessment?

Their understanding of auditing standards.

Previous experience working with the internal audit activity.

Their reporting line within the organization.

The nature of their regular duties and responsibilities.

QUESTION 244
According to NA guidance, which of the following conditions would enhance the independence of the internal audit activity?

The organizational culture rewards critical and objective thinking.

The quality of work performed by the internal audit activity is periodically reviewed,

The organization establishes effective governing body oversight,

Audit assignments are rotated among internal audit staff

QUESTION 245
Which of the following processes or tools can be used as ongoing internal assessments of the performance of the internal audit activity?
1. Analyses of audit plan completion and cost recoveries.
2. Selective peer reviews of work papers by staff involved in the respective audits.
3. Self-assessment of the internal audit activity with on-site validation by a qualified independent reviewer.
4. Feedback from audit customers and stakeholders.

1 only

1 and 2 only

3 and 4 only

1, 2, and 4 only

Section: Volume C

QUESTION 246
During an engagement, an internal auditor decided to use variance analysis as an auditingtechniques. Which of the following steps should the auditor pursue if he discovers unexpected deviations of actual results from budget?

Report the deviations immediately to the audit committee.

Gather additional information to determine the cause of the deviations.

Conclude that the budget was unreasonably set and accept the deviations.

Perform alternative forms of analytical procedures which provide no deviations.

QUESTION 247
Management of a publicly-held organization requires the internal audit activity to be involved with quarterly financial statements, which are made public and used internally. Which of the following explanations of management’s decision is least plausible?

Management may be concerned about its reputation in the financial markets.

Management is following best-practice protocol, as stipulated by the Standards, which states that internal auditors must review quarterly financial statements.

Management may be concerned about potential penalties that could occur if quarterly financial statements are misstated.

Management may perceive that having quarterly financial information examined by the internal auditors enhances the information’s value to internal decision making.

QUESTION 248
In developing an appropriate work program for an audit engagement, the most important factor for an audit supervisor to consider is the:

Availability of records and data.

Potential impact of risks.

Audit personnel’s knowledge and experience.

Time required to complete the engagement.

Section: Volume A

QUESTION 249
Which of the following statements is not true?

The nature of consulting services that are performed by the internal audit activity should be defined in the audit charter.

It is inappropriate for internal auditors to provide consulting services relating to operations for which they had previous responsibilities.

A party outside the internal audit activity should oversee assurance engagements for functions over which the chief audit executive has responsibility.

The chief audit executive should decline a consulting engagement if the internal audit staff lacks the knowledge, skills, or other competencies needed to perform all or a part of the engagement.

QUESTION 250
In which of the following scenarios would the chief audit executive (CAE) be required to decline the assignment?

The CAE would need to procure external services to deliver the internal audit assurance program.

There is no expertise within the internal audit team for detecting and investigating fraud.

There is no expertise within the internal audit team for auditing an IT engagement.

There is no available expertise on the internal audit team to perform a consulting engagement

QUESTION 251
Which of the following definitions best describes enterprise risk management?

Enterprise risk management is narrower than internal control and focuses on managing the risk of loss resulting from external events.

Enterprise risk managment is narrower than internal control and focuses on risk mitigation strategies across the enterprise.

Enterprise risk management is broader than internal control and focuses on risk identification and mangement, and assurance that business objectives will be met.

Enterprise risk mangement is broader than governance and internal control, and focuses on activities designed to ensure that risks are contained at a level acceptable to the enterprise.

QUESTION 252
Which of the following best describes the differences between internal auditors and external auditors?

External auditors are concerned about misstatements in the organization’s financial statements, while internal auditors are concerned about fraudulent activities that could impact the organization’s financial statements

External auditors are required to hold an accounting designation and are responsible for continuing their education, while internal auditors are required to hold an internal audit designation.

External auditors focus on the accuracy and understandability of financial statements, while internal auditors help the organization accomplish its objectives by evaluating and improving the effectiveness of the control process.

External auditors are not employees of the organization, while internal auditors are employees who have in-depth knowledge of the business, making their opinion more reliable to the board and senior management.

QUESTION 253
Which of the following actions would best help the internal audit activity promote continuous improvement in control effectiveness within the organization?

Determining whether management measures and monitors the costs and benefits of controls.

Providing training on controls and ongoing self-monitoring processes.

Developing flowcharts to obtain information about control design adequacy.

Identifying objectives and the risks involved in achieving them.

QUESTION 254
Which of the following is considered to be a threat to the internal auditor’s objectivity?

The auditor drafted the operational procedures of the area that she is currently auditing.

The auditor received a bonus that was approved by the board of directors.

The assigned auditor recommended operational procedures for the organization.

The assigned auditor rotated out of the same business activity three years ago

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[Apr 11, 2023] IIA-CIA-Part1 Exam Dumps – IIA Practice Test Questions [Q239-Q254]

What are the problems facing in writing the IIA-CIA-Part1 Exam