Free IIA-CIA-Part1-3P Exam Questions - Easiest Way for Success

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Total 951 Questions | Updated On: Sep 11, 2024

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Question 1

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

Answer: B

Question 2

An internal auditor is reviewing the accounts receivable when she discovers account balances more than three years old. The auditor was previously supervising the area during this time, and she subsequently advises the chief audit executive (CAE) of a potential conflict.

Which of the following is the most appropriate course of action for the CAE to take?

A : Replace the auditor with another audit staff member.

B : Continue with the present auditor, as more than one year has passed.

C : Withdraw the audit team and outsource the financial audit of the division

D : Work with the division's management to resolve the situation.

Answer: A

Question 3

It is important for a chief audit executive to seek formal approval from the board regarding an internal audit charter so that:

A : The effectiveness of the internal audit activity can be measured.

B : The status of the internal audit activity can be more clearly established

C : There is assurance that all internal audit activities will be completed

D : Improvements can be implemented in internal audit processes.

Answer: B

Question 4

Which of the following statements is true regarding an organization’s code of ethics?

A : It should be written with primary consideration given to using a rule-based approach.

B : It should be of two variations: one applicable internally and one applicable for third parties.

C : Its operational effectiveness cannot be tested using traditional audit and rating systems such as maturity models.

D : It should require an annual attestation of compliance with the code of conduct by all employees

Answer: D

Question 5

The largest risks facing an organization should be mitigated by which type of controls?

A : Entity-level.

B : Activity-level.

C : Transaction-level.

D : Process-level.

Answer: A

Page: 1 / 191

Total 951 Questions | Updated On: Sep 11, 2024

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