IIA IIA-CIA-PART1 Online Practice Questions and Exam Preparation

IIA IIA-CIA-PART1 Online Questions & Answers

• Question 221:

  Which of the following best describes the approach the internal audit activity should take to assess and make appropriate recommendations to improve the organization?

  A. To evaluate an organization's governance processes for making strategic and operational decisions, internal auditors should review the organization's policies and processes related to staff compensation.
  B. To determine how an organization provides oversight of its risk management and control activities, internal auditors should review board meeting minutes and the board policy manual.
  C. To assess how an organization promotes ethics and values, both internally and among its external business partners, internal auditors should review the organization's related objectives, programs, and activities.
  D. To evaluate how an organization ensures effective performance management and accountability, internal auditors should review previously conducted risk assessments.
  B. To determine how an organization provides oversight of its risk management and control activities, internal auditors should review board meeting minutes and the board policy manual.

• Question 222:

  A chief audit executive (CAE) submits internal audit activity (IAA) plans and information about significant interim changes to senior management and the board for review. Which other piece of information should the CAE provide to senior management and the board?

  A. identification of proposed consultants and support staff for the IAA.
  B. The most recent engagement of each member of the audit staff and its duration.
  C. The CAE's preferred statistical analysis methods and relevant software to be utilized.
  D. Resource requirements and resource limitations.
  D. Resource requirements and resource limitations.

• Question 223:

  Which of the following would likely be an indicator that the internal audit activity promotes organizational improvement within an organization?

  A. The high percentage of assurance versus advisory engagements conducted for the year.
  B. The low percentage of advisory versus assurance engagements conducted for the year.
  C. The high number of management requests received for the year.
  D. The high number of audit findings reported for the year.
  C. The high number of management requests received for the year.

• Question 224:

  Which of the following must be considered by the chief audit executive before writing the internal audit charter?

  A. Internal auditors' level of competencies and skills.
  B. The manner in which the internal audit activity is viewed by the board.
  C. Evaluation of staff certifications and continued development.
  D. Effectiveness of the quality assurance and improvement program.
  B. The manner in which the internal audit activity is viewed by the board.

• Question 225:

  Auditors 1, 2, and 3 work out of various offices. Each must be assigned to one, and only one, of three audit locations (A, B, or C). The cost of sending each auditor to each location is listed below:

  Audit Locations Auditor 1 A B

  Auditor 2 $200 $300 $400 Auditor 3 $400 $300 $600 Auditor 4 $200 $200 $500 The minimum cost with which this assignment can be accomplished is:

  A. $800
  B. $900
  C. $1,000
  D. $1,100
  B. $900

• Question 226:

  Which of the following situations would require a disclosure of nonconformance with the Standards?

  A. An internal audit activity has been in existence for at least five years and completed an external assessment.
  B. An internal audit activity has completed an external assessment within the past five years and an internal assessment.
  C. An internal auditor was assigned to an audit engagement but did not meet individual objectivity requirements.
  D. An internal audit activity performed an engagement, with the necessary collective knowledge, skills, and experience to fulfill its responsibilities.
  C. An internal auditor was assigned to an audit engagement but did not meet individual objectivity requirements.

• Question 227:

  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.

  A. 1 only
  B. 1 and 2 only
  C. 3 and 4 only
  D. 1, 2, and 4 only
  D. 1, 2, and 4 only

• Question 228:

  An external quality assurance review which was authorized by the chief audit executive (CAE) indicated significant findings from the Standards. To whom should the final results of the quality assurance review be reported?

  A. Con dentially to the CAE only
  B. The CAE with copies to the board and senior management.
  C. To the board with copies to the external auditor or regulatory oversight body.
  D. To the senior management with a copy to the board.
  B. The CAE with copies to the board and senior management.

• Question 229:

  Which of the following criteria must be met when appointing an external assessor to conduct a quality assessment of an internal audit activity?

  A. The assessor must be evaluated based on experience and knowledge.
  B. The assessor must be able to demonstrate independence to the board.
  C. The assessor must be certified in internal auditing.
  D. A different assessor has to be assigned at least once every five years.
  B. The assessor must be able to demonstrate independence to the board.

• Question 230:

  With regard to external assessments of an internal audit activity (IAA), which of the following is the chief audit executive required to discuss with the board?

  A. External reviewer conflicts of interest, and the need for an external assessment more frequently than once every five years.
  B. External reviewer conflicts of interest, and the timeline of the external assessment.
  C. The need for an external assessment more frequently than once every five years, and the simplest method for the external reviewer to join the IAA's organization.
  D. The simplest way for the external reviewer to join the IAA's organization, and the timeline of the external assessment.
  A. External reviewer conflicts of interest, and the need for an external assessment more frequently than once every five years.