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NEW QUESTION 109
Which of the following definitions best describes enterprise risk management?
- A. Enterprise risk management is narrower than internal control and focuses on managing the risk of loss resulting from external events.
- B. Enterprise risk management is broader than internal control and focuses on risk identification and management, and assurance that business objectives will be met.
- C. Enterprise risk management is narrower than internal control and focuses on risk mitigation strategies across the enterprise.
- D. Enterprise risk management 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.
Answer: B
NEW QUESTION 110
To identify those components of a telecommunications system that present the greatest risk, an internal auditor should first:
- A. Review the open systems interconnect network model.
- B. Determine the business purpose of the network.
- C. Identify the network operating costs.
- D. Map the network software and hardware products into their respective layers.
Answer: B
NEW QUESTION 111
According to the International Professional Practices Framework,a review team must express an opinion on which of the following when performing an external assessment of an internal audit activity?
I.Conformance with the Standards and IIA Code of Ethics.
II.Effectiveness of continuous improvement activities.
III.Feedback from internal audit customers and other stakeholder groups.
IV.Efficiency and effectiveness of the internal audit activity's administration processes.
- A. IIIonly
- B. I and IIonly
- C. Ionly
- D. II and IVonly
Answer: C
NEW QUESTION 112
An internal auditor makes a series of observations when performing an analytical review of division operations.
The auditor notes the following things: the current ratio is increasing and the quick ratio is decreasing, sales and current liabilities have remained constant, and the number of day sales in inventory is increasing. Which conclusion should the auditor draw from this data?
- A. The division produced fewer items this year than in prior years.
- B. Cash or accounts receivable has decreased.
- C. The gross margin has decreased.
- D. The gross margin has increased.
Answer: B
Explanation:
Section: Volume E
Explanation/Reference:
NEW QUESTION 113
A high-volume retailer of consumer goods has used point-of-sale data to record sales and update inventory records for several years. When price changes are scheduled, corporate headquarters downloads a price change file to a computer server system at each store. Each store's assistant manager is responsible for checking the server for downloads and running the program that updates the store's price file at the authorized price update time. In comparison with having headquarters initiate the price update centrally, this approach to price updating will most likely:
- A. Increase the risk that customers will be undercharged consistently for sales items.
- B. Decrease the risk that item prices will sometimes be inaccurate.
- C. Decrease the risk that customers will be undercharged consistently for sales items.
- D. Increase the risk that item prices will sometimes be inaccurate.
Answer: D
NEW QUESTION 114
During a review of data center physical security and environmental controls, an auditor should ensure that:
I. Visitors are accompanied by authorized personnel at all times.
II. Only developers and operators have access to the data center.
III. Fire suppression equipment is tested periodically.
IV. Fire and water detectors have been installed.
- A. II and IV only
- B. I, III, and IV only
- C. II, III, and IV only
- D. I and III only
Answer: B
Explanation:
Section: Volume B
NEW QUESTION 115
After being terminated due to downsizing, an internal auditor finds a different job with an organization in the same industry. Which of the following actions would violate the IIA Code of Ethics?
- A. At the new organization, the auditor is asked to develop forms to implement probability-proportional-to- size sampling. Although unsure of how to perform this type of sampling, the auditor proceeds without asking for assistance.
- B. To determine audit priorities in the new job, the auditor uses the audit risk approach that the auditor's previous employer used, without receiving permission to do so.
- C. In the first week at the new organization, the auditor discovers a high fraud risk surrounding the organization's database and suggests that the information technology department implement a new password system to prevent fraudulent actions before they occur.
- D. In preparing for an audit at the previous organization, the auditor had conducted a great deal of research on the Internet at home to identify best practices for the management of a treasury function.
The auditor has retained much of the research and uses it to conduct an audit of the new employer's treasury function.
Answer: A
NEW QUESTION 116
When planning an audit engagement, what should an internal auditor first consider when assessing the risk of fraud in the area to be audited?
- A. Organizational structure.
- B. Management's risk appetite.
- C. Existence of evidence of fraud.
- D. Impact of and exposure to fraud.
Answer: D
NEW QUESTION 117
-- --
Which of the following controls within a spreadsheet would address the risk of logic errors?
The spreadsheet contains formulas that foot and cross-foot data.
The spreadsheet is locked to protect cell formulas from being inadvertently
changed.
Spreadsheets are included in nightly backup processes.
Check-in and check-out software is used to manage version control.
- A. 1 and 2 only.
- B. 3 and 4 only.
- C. 1 and 3 only.
- D. 2 and 4 only.
Answer: A
NEW QUESTION 118
Which of the following activities is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?
- A. Interrogating a suspected fraudster.
- B. Planning an engagement of the area in which fraud is suspected.
- C. Completing a process review to improve controls to prevent fraud.
- D. Employing audit tests to detect fraud.
Answer: D
NEW QUESTION 119
When developing an effective risk-based plan to determine audit priorities, an internal audit activity should start by:
- A. Identifying risks to the organization's operations.
- B. Prioritizing known risks.
- C. Reviewing organizational objectives.
- D. Observing and analyzing controls.
Answer: C
Explanation:
Section: Volume B
NEW QUESTION 120
An internal auditor for a large computer company suspects that returned computer systems are being repackaged as new products and shipped to other customers before the defects have been repaired. Which of the following would be the most persuasive piece of evidence in support of the auditor's suspicions?
- A. Evidence of returned goods in the shipping and receiving area.
- B. An unusual number of customer complaints.
- C. The results of a complete physical inventory taken at year end.
- D. Credit memos issued after year end for goods shipped before year end.
Answer: B
Explanation:
Section: Volume D
Explanation
NEW QUESTION 121
Which of the following are typical management control activities?
- A. Reconciliation, inquiry, and documentation.
- B. Reconciliation, planning, and documentation.
- C. Planning, inquiry, and documentation.
- D. Reconciliation, planning, and inquiry.
Answer: A
NEW QUESTION 122
A candidate has applied for an entry level internal audit position. The candidate holds a CISA (Certified Information Systems Auditor) designation, and has six months of audit experience, but limited knowledge of accounting principles and techniques. According to the IIA guidance, which of the following is the most relevant reason for the chief audit executive to consider this candidate?
- A. Accounting skills can be learned over time with appropriate training.
- B. Other internal auditors possess sufficient knowledge of accounting principles and techniques.
- C. The candidate's information systems knowledge and real-world experience in internal auditing.
- D. An entry level position does not require expertise in any particular area.
Answer: C
Explanation:
Section: Volume E
NEW QUESTION 123
The internal audit activity's role in the risk assessment and management processes of an organization is determined by the:
- A. Board of directors.
- B. Chief audit executive.
- C. Risk management department.
- D. External auditors.
Answer: A
NEW QUESTION 124
Which of the following represents the most effective governance structure?
I.
Operating
Executive
Internal
Management
Management
Auditing
Responsibility for risk
Oversight role
Advisory role
II.
Oversight role
Responsibility for risk
Advisory role
III.
Responsibility for risk
Advisory role
Oversight role
IV.
Oversight role
Advisory role
Responsibility for risk
- A. IV
- B. II
- C. I Only
- D. III
Answer: C
NEW QUESTION 125
---
Which of the following might alert an internal auditor to the possibility of fraud in a division?
The division is not scheduled for an external audit this year.
Sales have increased by 10 percent.
A significant portion of management's compensation is directly tied to reported net
income of the division.
- A. 1 only.
- B. 1 and 2 only.
- C. 3 only.
- D. 1, 2, and 3.
Answer: C
NEW QUESTION 126
Which of the following statements is correct regarding risk analysis?
- A. Risk analysis must be reduced to quantitative terms in order to provide meaningful comparisons across an organization.
- B. The highest risk assessment should always be assigned to the area with the largest potential loss.
- C. 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.
- D. The highest risk assessment should always be assigned to the area with the highest probability of occurrence.
Answer: C
Explanation:
Section: Volume B
NEW QUESTION 127
Which of the following should be the first step that an internal auditor takes to establish data integrity when building an audit working copy of a large database?
- A. Verify that all required data was downloaded.
- B. Search for anomalies in the extracted information.
- C. Ensure that the data is efficiently organized within the database.
- D. Review the data for statistical patterns.
Answer: A
NEW QUESTION 128
During an engagement, an internal auditor decided to use variance analysis as an auditing techniques. Which of the following steps should the auditor pursue if he discovers unexpected deviations of actual results from budget?
- A. Conclude that the budget was unreasonably set and accept the deviations.
- B. Perform alternative forms of analytical procedures which provide no deviations.
- C. Gather additional information to determine the cause of the deviations.
- D. Report the deviations immediately to the audit committee.
Answer: C
NEW QUESTION 129
Which of the following statements is not true about red flags?
- A. It can be challenging to quantify red flags.
- B. There is a scarcity of established literature on red flags.
- C. Red flags can point auditors to intentional wrongdoing, errors and omissions, inefficiency, and conflicts of interest.
- D. Red flags do not necessarily mean that fraud exists.
Answer: B
NEW QUESTION 130
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What is IIA-CIA-Part1 Exam
The revised CIA Part 1 exam is well aligned with the IIA's International Specialized Practice Framework (IPPF) and also includes 6 areas that cover the fundamentals of internal accounting; autonomy and neutrality; efficacy and appropriate specialized treatment; quality assurance and renewal programs; governance, threat tracking and even control; and even the threat of fraud. The first part examines the understanding, skills and also the capabilities of the perspectives associated with the International Specifications for Household Accounting Specialized Technique, in particular the characteristic standards (1000, 1100, 1200 and 1300 series), as well as the criteria performance 2100.
Aspects of the IPPF are included such as the purpose of internal auditing and the basics of expert internal auditing technique. The program offers a higher rating with the IIA performance standards. The test covers the distinctions between obtaining and seeking advice from compromises. The review is about the appropriate disclosure of consistency with respect to non-conformance to specifications. The most important area is “Threat Governance, Management and Control”, which represents 35% of the audit. Part of the exam requires candidates to demonstrate a basic understanding of the concepts; another section requires candidates to demonstrate mastery of their knowledge, skills, and abilities.
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