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NEW QUESTION 155
Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor's most appropriate next step?
- A. Provide the evidence that was discovered to local law enforcement for possible prosecution of the suspected fraud.
- B. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
- C. Immediately notify management of the area under review and the other internal auditors involved in the engagement.
- D. Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud.
Answer: C
NEW QUESTION 156
Which of the following is not a standard technique that the chief audit executive (CAE) would use to provide evidence of supervisory review of working papers?
- A. The CAE completes an engagement working paper checklist.
- B. The CAE prepares a memorandum discussing the results of the working paper review.
- C. The CAE utilizes an external third party to make an objective recommendation after each working paper review.
- D. The CAE initials and dates every working paper after it has been reviewed.
Answer: C
NEW QUESTION 157
When conducting an interview, an internal auditor is most likely to ask open-ended questions in order to:
- A. Gather factual data on several different topics.
- B. Obtain information based on the person's own perspective.
- C. Determine agreement or disagreement with a stated viewpoint.
- D. Obtain specific answers and maximize efficiency.
Answer: B
NEW QUESTION 158
The director of purchasing, a certified internal auditor (CIA), signs a contract to procure a large order from a supplier whose products provide the best price, quality, and performance. A few days after signing the contract, the supplier presents the CIA with $1, 000 as a gift. Which statement regarding acceptance of the money is correct?
- A. Because the contract was signed before the money was offered, accepting the money would not violate the IIA Code of Ethics.
- B. Accepting the money would be prohibited only if it were non-customary.
- C. Accepting the money would violate the IIA Code of Ethics.
- D. Because the CIA is not acting as an internal auditor, accepting the money would be governed only by the organization's code of conduct.
Answer: C
NEW QUESTION 159
According to IIA guidance, which of the following is least compliant with the requirements regarding an internal auditor's need for objectivity?
- A. An internal auditor performed an assurance engagement for the effectiveness of accounts payable access controls, one of which he previously helped to design.
- B. An internal auditor assessed the effectiveness of controls over payroll software, which he had helped implement with a previous employer.
- C. An internal auditor participated in an audit of controls around absenteeism, despite providing some consultation on controls in this area earlier in the year.
- D. An internal auditor, previously employed in the quality assurance operations area, performed a consulting engagement for the operations manager.
Answer: A
NEW QUESTION 160
What is the additional advantage of facilitated workshops, in comparison with structured interviews, used when testing the effectiveness of entity-level controls?
- A. The testimonial evidence obtained during facilitated workshops is generally considered more reliable.
- B. During facilitated workshops, people more openly say things to internal auditors than during private interviews.
- C. Facilitated workshops create a synergy of discussion that can bring multiple perspectives to the same issue.
- D. Internal auditors do not need other sources of information, as the data gathered during facilitated workshops is sufficient.
Answer: C
NEW QUESTION 161
To fill a critical vacancy, an internal auditor is assigned temporarily to a nonaudit role in the purchasing department, where she worked previously before joining the internal audit activity. According to IIA guidance, which of the following statements is true regarding these circumstances?
- A. Any work performed by the auditor during her temporary assignment must conform to the internal audit charter.
- B. The CAE may conduct audits in the purchasing department during the auditor's temporary assignment.
- C. The chief audit executive (CAE) should review all work performed by the auditor during her temporary assignment to ensure no impairments.
- D. The auditor should obtain the CAE's approval as to the nature and scope of the duties she is permitted to perform during her temporary assignment.
Answer: D
NEW QUESTION 162
What should the internal auditor's role be in assessing the organization's ethical climate?
- A. Perform background checks of potential new employees before they are hired by the organization.
- B. Maintain a whistleblower hotline to identify inappropriate or illegal activity within the organization.
- C. Perform ongoing surveys of the employees, customers, and partners of the organization to assess the organization's ethical climate. ^Evaluate the effectiveness of the organization's strategies and B.
processes for achieving the desired level of legal and ethical compliance.
Answer: B
NEW QUESTION 163
An organization has implemented a software system that requires a supervisor to approve transactions that would cause treasury dealers to exceed their authorized limit. This is an example of which of the following types of controls?
- A. Directive controls.
- B. Preventive controls.
- C. Detective controls.
- D. Soft controls.
Answer: B
NEW QUESTION 164
The manager for an organization's accounts payable department resigned her post in that capacity. Three months later, she was recruited to the internal audit activity and has been working with the audit team for the last eight months. Which of the following assignments would the newly hired internal auditor be able to execute without any impairments to independence or objectivity?
- A. A review of the employees' sports club finances, which are overseen by the chief audit executive.
- B. An operations audit of the accounts payable department.
- C. An assurance review for a sales program on which she previously provided consultation.
- D. A consulting engagement related to a new accounts payable optimization initiative.
Answer: A
NEW QUESTION 165
Management of a publicly-held organization requires the internal audit activity to be involved with quarterly financial statements, which are made public and used internally. Which of the following explanations of management's decision is least plausible?
- A. Management may be concerned about its reputation in the financial markets.
- B. Management may perceive that having quarterly financial information examined by the internal auditors enhances the information's value to internal decision making.
- C. Management may be concerned about potential penalties that could occur if quarterly financial statements are misstated.
- D. Management is following best-practice protocol, as stipulated by the Standards, which states that internal auditors must review quarterly financial statements.
Answer: D
NEW QUESTION 166
Which of the following is most likely to function as a directive control?
- A. Security dogs.
- B. Cycle counts.
- C. Insurance claims.
- D. Alert employees.
Answer: D
NEW QUESTION 167
Reviewing prior audit reports and supporting workpapers before an engagement starts enables an internal auditor to do which of the following?
1. To understand better the activity and processes that will be audited.
2. To identify the audit procedures that will be used during the engagement.
3. To ensure that matters of greatest vulnerability will be addressed.
4. To use the information obtained as evidence in the current engagement.
- A. 2, 3, and 4 only
- B. 1 and 3 only
- C. 4 only
- D. 1 and 4 only
Answer: B
NEW QUESTION 168
Sometimes, internal audit staff may partner with operating managers to rank risks. Which of the following outcomes may be the most beneficial aspects of this strategy?
1. Reappraising risks levels.
2. Providing accurate information to management.
3. Marketing the internal audit activity.
4. Planning safeguards for assets in high-risk areas.
- A. 1 and 2.
- B. 2 and 3.
- C. 3 and 4.
- D. 1 and 3.
Answer: D
NEW QUESTION 169
A computer system automatically locks a user's account after three unsuccessful attempts to log on.
Which type of control does this scenario represent?
- A. Compensating control.
- B. Detective control.
- C. Preventive control.
- D. Corrective control.
Answer: C
NEW QUESTION 170
A fraud investigation was completed by management, and a proven fraud was communicated to relevant authorities. According to MA guidance, which of the following roles would be most appropriate for the internal audit activity to undertake after the investigation?
- A. Determine why The fraud was not detected earlier and design controls to strengthen early detection.
- B. Review the investigation and implement any improvements to the process.
- C. Conduct lessons learned sessions to ascertain how the fraud occurred and which controls failed.
- D. Plan employee sessions and team building strategies for the organization to improve awareness of fraud among employees.
Answer: C
NEW QUESTION 171
An internal auditor is conducting an engagement in the accounts payable department, which includes expressing an opinion at the micro level. According to IIA guidance, which of the following statements is true regarding micro-level opinions?
1. They are most effective when using a combination of current and prior engagement findings to draw conclusions.
2. They typically are based on defined procedures such as those found in an accounts payable reconciliation process.
3. They are discrete and not normally shared with senior management or the board.
4. They can rely on evidence taken from the work of other assurance activities across the organization.
- A. 1 and 2.
- B. 2 and 3.
- C. 3 and 4.
- D. 1 and 3.
Answer: B
NEW QUESTION 172
According to the IIA guidance, who is responsible for periodically assessing the internal audit activity?
- A. Senior management.
- B. The board.
- C. The external auditors.
- D. The chief audit executive.
Answer: D
NEW QUESTION 173
According to IIA guidance, which of the following is the best example of a system application control?
- A. A physical security control over a data center.
- B. An input control over data integrity.
- C. A system development life cycle control.
- D. A program change management control.
Answer: B
NEW QUESTION 174
According to The IIA's Code of Ethics, which of the following is true?
- A. Confidentiality requires that auditors disclose all material facts known to them.
- B. Objectivity requires that auditors perform their work with honesty, diligence, and responsibility.
- C. Integrity requires that auditors perform internal audit services in accordance with the Standards.
- D. Confidentiality requires that auditors be prudent in the use and protection of client information.
Answer: D
NEW QUESTION 175
An internal auditor who is carrying out an engagement to review controls related to corporate tax reporting must possess which of the following competencies?
1. Proficiency in analyzing key IT risks and controls.
2. The ability to recognize significant deviations from good business practices.
3. Knowledge of key indicators of fraud in tax reporting.
4. The ability to recognize the existence of problems related to tax accounting.
- A. 1 and 4 only.
- B. 3 and 4 only.
- C. 2, 3, and 4 only.
- D. 1,2, 3, and 4.
Answer: B
NEW QUESTION 176
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