TEST IIA-CIA-PART1 SIMULATOR & IIA-CIA-PART1 RELIABLE EXAM BOOK

Test IIA-CIA-Part1 Simulator & IIA-CIA-Part1 Reliable Exam Book

Test IIA-CIA-Part1 Simulator & IIA-CIA-Part1 Reliable Exam Book

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Real IIA IIA-CIA-Part1 Exam Questions: Ensure Your Success

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IIA Essentials of Internal Auditing Sample Questions (Q349-Q354):

NEW QUESTION # 349
The results of an internal control questionnaire revealed that all investment activity exceeding $10, 000 must be approved by the assistant treasurer. A sample of these transactions with a five-percent acceptable error rate found that 98 of the 100 items tested included the assistant treasurer's approval. Based on this data, the auditor should:

  • A. Confirm all investment activity with the firm's broker since errors in approval had occurred.
  • B. Contact the corporate finance department to verify all of the investments held.
  • C. Perform an analytical review of investment transactions in comparison with prior years to identify significant fluctuations.
  • D. Decide not to perform further testing of investment authorizations.

Answer: D


NEW QUESTION # 350
A chief audit executive (CAE) is obtaining information required by a regulatory oversight body and discovers a situation that requires management to take immediate corrective action.
What is the best course of action for the CAE to take?

  • A. Check with legal counsel to determine whether the situation can be reported to management before all information has been submitted to the oversight body.
  • B. Wait until all of the information has been gathered and reported to the oversight body before reporting the situation to management.
  • C. Report the situation to management immediately.
  • D. Schedule an engagement to explore the situation in depth, before reporting to either management or the oversight body.

Answer: C


NEW QUESTION # 351
Which of the following data collection strategies systematically tests the effects of various factors on an outcome?

  • A. Content analysis.
  • B. Modeling.
  • C. Evaluation synthesis.
  • D. Sampling.

Answer: B

Explanation:
Section: Volume C


NEW QUESTION # 352
The audit committee chair requested that the chief audit executive include in his annual report to the audit committee information related to how the internal audit activity meets its requirement for due professional care.
Which of the following statements would be appropriate to include in the report?

  • A. During engagements, the identified risks were appropriately addressed with necessary audit procedures to ensure that any risk that threatened the company's objectives was adequately mitigated, regardless of cost.
  • B. To meet its mission of enhancing and protecting organizational value and to demonstrate appropriate support for management, the internal audit activity planned to accept all proposed management consulting engagements.
  • C. During engagements, internal auditors considered various data analysis techniques and relevant technology-based audit procedures, and used these techniques and procedures when applicable.
  • D. Due professional care was exercised during the conduct of each engagement so that all risks were identified and ranked, and assurance procedures were designed to address each risk accordingly.

Answer: D

Explanation:
Due professional care is the care and skill expected of a reasonably prudent and competent internal auditor2. It requires internal auditors to follow the International Professional Practices Framework (IPPF) issued by the Institute of Internal Auditors (IIA), which includes the Code of Ethics and the Standards3. One of the aspects of due professional care is to perform risk-based audits, which means identifying and assessing the risks that may affect the organization's objectives, and designing and executing audit procedures that provide reasonable assurance on the effectiveness of risk management and internal control4. Therefore, option B is an appropriate statement to include in the report to demonstrate how the internal audit activity meets its requirement for due professional care.
References:
1: Standard 1220 - Due Professional Care
2: Due professional care definition
3: What is due professional care in internal audit?
4: Standard 1220 - Due Professional Care - The Institute of Internal Auditors or The IIA


NEW QUESTION # 353
An internal auditor is testing the controls of a large and complex food production process where quality assurance is critical. Management provides process charts and documentation, but the auditor quickly determines that this information is incomplete and out of date. Which of the following would be the most appropriate course of action for the auditor to follow?

  • A. Amend the engagement objectives recognizing that important information is not available to protect the engagement's integrity.
  • B. Defer the audit until management can provide updated charts and documentation as this is their responsibility.
  • C. Use the documentation but use observation during the engagement to provide missing information.
  • D. Use the documentation but meet with the production supervisor to obtain updated information before proceeding.

Answer: D


NEW QUESTION # 354
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