IIA-CIA-PART1 EXAM PASS4SURE & IIA-CIA-PART1 TORRENT VCE: ESSENTIALS OF INTERNAL AUDITING

IIA-CIA-Part1 Exam Pass4sure & IIA-CIA-Part1 Torrent VCE: Essentials of Internal Auditing

IIA-CIA-Part1 Exam Pass4sure & IIA-CIA-Part1 Torrent VCE: Essentials of Internal Auditing

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IIA Essentials of Internal Auditing Sample Questions (Q480-Q485):

NEW QUESTION # 480
Which of the following audit findings would have the least impact (either positive or negative) on a department's control environment?

  • A. The department makes long-term investment risk decisions to maximize return on investment.
  • B. Deficiencies were found in the appropriate authorization of transactions.
  • C. Many department functions are duplicated or verified by other department employees.
  • D. The department manager sets and demonstrates a tone of honesty and integrity in all business dealings.

Answer: A

Explanation:
Section: Volume B


NEW QUESTION # 481
Which of the following statements is true regarding the quality assurance and improvement program (QAIP)?

  • A. The responsibility for the selection of an external assessor rests with the board
  • B. The reporting of outcomes of the QAIP can be delegated to senior audit staff
  • C. Reporting on the QAIP to the board should occur at least once every five years
  • D. The qualifications of the assessors must be communicated to the board

Answer: D

Explanation:
The qualifications of the assessors must be communicated to the board. This requirement ensures that the board is aware of the credibility and expertise of the external assessors, affirming that the quality assurance review is conducted by professionals with the necessary skills and experience. This is crucial for maintaining trust in the QAIP process and its outcomes.
IIA Standard on Quality Assurance and Improvement Program


NEW QUESTION # 482
In which scenario might it be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function?

  • A. The CAE previously undertook a consulting assignment in that area to improve processes,
  • B. A couple of years ago, the CAE performed accounting functions for the payroll department.
  • C. The assurance review was initiated following issues identified during a consulting assignment requested by management.
  • D. Prior to becoming the CAE, the CAE was the payroll manager.

Answer: D

Explanation:
It would be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function if, prior to becoming the CAE, the CAE was the payroll manager. This scenario poses a conflict of interest and impacts the objectivity required for assurance services, as the CAE might have inherent biases or a conflict due to previous roles and responsibilities within the payroll function.References: The Institute of Internal Auditors (IIA) - Code of Ethics and International Standards for the Professional Practice of Internal Auditing.


NEW QUESTION # 483
According to the COSO Enterprise Risk Management - Integrated Framework, which of the following statements is true regarding the role of risk appetite in an organization?

  • A. Risk appetite is often best measured in the same units as its related objective.
  • B. Risk appetite is determined in part by how an entity allocates its resources.
  • C. A high risk appetite may limit capital investment in high risk areas.
  • D. Risk appetite reflects the organization's risk philosophy and influences its operating style.

Answer: D

Explanation:
Section: Volume D
Explanation/Reference:


NEW QUESTION # 484
After the draft engagement report is issued, the manager of the area that was reviewed is informally interviewed by the engagement supervisor regarding the audit experience. Which of the following is most likely the purpose for this interview?

  • A. The manager's opinion will be used to form the final audit assessment and report rating.
  • B. Feedback from the manager will contribute to the audit team's professional development
  • C. The manager will provide insights into the audited industry's trends
  • D. Such an interview is performed when there is a need to dismiss an internal auditor

Answer: B

Explanation:
The purpose of informally interviewing the manager of the reviewed area after the draft engagement report is issued is to gather feedback that can be used for the audit team's professional development. This feedback can provide insights into how the audit was conducted, how the auditors interacted with the auditee, and the perceived value of the audit. It helps the audit team to identify strengths and areas for improvement, enhancing the quality and effectiveness of future audits.
References:
* IIA Practice Guide: Quality Assurance and Improvement Program
* IIA Standard 1311: Internal Assessments


NEW QUESTION # 485
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