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NEW QUESTION 1
According to IIA guidance, which of the following is not a responsibility of the chief audit executive pertaining to documenting information to support internal audit engagement results and conclusions?
- A. Rating each engagement record to assess its relevance and accessibility for the organization's board.
- B. Controlling access to engagement records, including access by senior management.
- C. Developing retention requirements for engagement records that are consistent with organizationalguidelines.
- D. Forming policies governing the custody and retention of consulting engagement records before their release to other parties.
NEW QUESTION 2
An internal auditor uses a predefined macro provided in a popular spreadsheet application to verify the present value of the organization's investments. Which of the following is the most appropriate course of action regarding the auditor's use of this functionality?
- A. The auditor should accept the calculations generated by the function, as any further work or documentation would be inefficient.
- B. The auditor should perform a manual recalculation of several results to validate and document the results.
- C. The auditor should review the programming of the macro before its use to ensure that it is appropriate for the required calculations.
- D. The auditor should tabulate the results in the spreadsheet to ensure the macro has generated the correct results for all calculations.
NEW QUESTION 3
Which of the following must be in existence as a precondition to developing an effective system of internal controls?
- A. A monitoring process.
- B. A risk assessment process.
- C. A strategic objective-setting process.
- D. An information and communication process.
NEW QUESTION 4
An assurance mapping exercise helps an organization do which of the following?
* 1. Provide assurance to stakeholders that risks are managed and reported, and regulatory and legal obligations are met.
* 2. Fulfill best practices in the industry.
* 3. Identify and address any gaps in the risk management process.
* 4. Identify fraud.
- A. 1 and 4.
- B. 1 and 3.
- C. 2 and 3.
- D. 3 and 4.
NEW QUESTION 5
According to The IIA's Code of Ethics, which of the following actions violates the principle of confidentiality?
- A. Accepting a consulting request in the IT department without possessing the requisite experience.
- B. Providing personal tax preparation services for a fee for several employees during the lunch hour.
- C. Providing a friend with the marketing strategic plan, which she will use to prepare her university thesis.
- D. Agreeing to reword an observation to avoid the client complaining directly to the auditor's supervisor.
NEW QUESTION 6
Which of the following is an example of collusion?
- A. An employee includes a faked receipt in his expense claim, and the claim is signed by the employee's manager.
- B. A vendor inflates the price of an item and remits a portion of the excess to the purchasing manager.
- C. A vendor sends a duplicate invoice with a new invoice number, and the accounts payable system fails to detect the duplication.
- D. An employee works with the IT manager to develop a program for identifying duplicate invoice payments.
NEW QUESTION 7
Which of the following is most likely to enhance an internal auditor's objectivity?
- A. An auditor is appropriately able to communicate results.
- B. An auditor performs his work free from interference.
- C. An auditor is unrestricted in determination of scope.
- D. An auditor avoids conflicts of interest.
NEW QUESTION 8
Which of the following control activities is the most effective to ensure users' levels of access are appropriate for their current roles?
- A. The human resources department generates a monthly list of terminated and transferred employees and requests IT to update the user access as required.
- B. Standardized user access profiles are developed and the appropriate access profiles are automatically assigned to new or transferred employees.
- C. System administrator rights are assigned to one user in each department who can update user access of terminated or transferred employees immediately.
- D. Department managers are required to perform periodic user access reviews of relevant systems and applications.
NEW QUESTION 9
Which of the following is a detective control strategy against fraud?
- A. Requiring employees to attend ethics training.
- B. Performing background checks on employees.
- C. Implementing a control self-assessment.
- D. Performing a surprise audit.
NEW QUESTION 10
Which of the following would be the most important consideration by the internal audit activity when selecting employees to perform an internal quality assessment?
- A. Their understanding of auditing standards.
- B. Previous experience working with the internal audit activity.
- C. Their reporting line within the organization.
- D. The nature of their regular duties and responsibilities.
NEW QUESTION 11
An internal auditor is reviewing the accounts receivable when she discovers account balances more than three years old. The auditor was previously supervising the area during this time, and she subsequently advises the chief audit executive (CAE) of a potential conflict.
Which of the following is the most appropriate course of action for the CAE to take?
- A. Replace the auditor with another audit staff member.
- B. Continue with the present auditor, as more than one year has passed.
- C. Withdraw the audit team and outsource the financial audit of the division.
- D. Work with the division's management to resolve the situation.
NEW QUESTION 12
While preparing for an audit of senior management expenses, the chief audit executive (CAE) learns that management is unable to locate a number of original expense claims to support the related disbursements. She decides to defer the engagement until they can be located. Which of the following principles likely guided the CAE's decision?
- A. Objectivity.
- B. Proficiency.
- C. Independence.
- D. Due professional care.
NEW QUESTION 13
According to IIA guidance, the results of a formal quality assessment should be reported to which of the following groups?
- A. The audit committee and senior management.
- B. The audit committee and the external auditors.
- C. Senior management and management of the audited area.
- D. Senior management and the external auditors.
NEW QUESTION 14
An auditor identifies three errors in the sample of 25 entries selected for review (a 12 percent error rate). Based on this result, the auditor assumes that approximately 59 of the total population of 492 entries are incorrect. To reach this assumption, the auditor has used a technique known as which of the following?
- A. Variability tolerance.
- B. Ratio estimation.
- C. Stratification.
- D. Acceptance sampling.
NEW QUESTION 15
An internal audit team is performing an audit of workplace accident claims.
Which of the following actions by the audit team best demonstrates due professional care?
- A. Having an occupational health officer on the engagement team.
- B. Determining that the claims have been classified properly.
- C. Placing reliance on medical reports from the injured worker's doctor.
- D. Reviewing claims to ensure all accidents actually occurred in the workplace.
NEW QUESTION 16
Which two of the following are preventive controls in a check disbursement process?
* 1. Daily reconciliation of the bank account used for check disbursements and prompt follow-up of un-reconciled items.
* 2. Segregation of the following duties: establishing new vendors, approving checks, and reconciling the bank account.
* 3. An activity report detailing who accesses the check disbursement system and the nature of any action taken in the system.
* 4. Evidence of strong access controls ensuring that authorized individuals have access only to the functions related to their responsibilities.
- A. 1 and 3.
- B. 1 and 4.
- C. 2 and 3.
- D. 2 and 4.
NEW QUESTION 17
According to IIA guidance, which of the following statements is true regarding periodic internal assessments of the internal audit activity?
- A. Internal assessments are conducted to benchmark the internal audit activity's performance againstindustry best practices.
- B. Internal assessments must be performed at least once every five years by a qualified assessor.
- C. An internal auditor may perform a peer review of a colleague's workpapers, as long as the auditor wasn't involved in the audit under review.
- D. Follow-up to ensure appropriate improvements are implemented is a recommended, but not mandatory, element of internal assessments.
NEW QUESTION 18
According to IIA guidance, which of the following are considerations of due professional care when an internal auditor conducts a formal consulting engagement?
* 1. The complexity of the work required.
* 2. The needs and expectations of the client.
* 3. The potential value of the engagement compared to the effort.
* 4. Information regarding assumptions and procedures to be employed.
- A. 1 and 4 only
- B. 2 and 3 only
- C. 1, 2, and 3 only
- D. 1, 2, 3, and 4
NEW QUESTION 19
Which of the following is an example of a directive control?
- A. Segregation of duties.
- B. Exception reports.
- C. Incentive compensation plans.
- D. Automated reconciliations.
NEW QUESTION 20
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