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Total 951 Questions | Updated On: Nov 18, 2024

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Question 1

Why is the concept of residual risk important?

A : Because residual risk is difficult to measure.

B : Because residual risk is all of the risk that remains after controls are established.

C : Because the cost-benefit analysis supporting control design is part of the measure of residual risk.

D : Because the risk that remains after control design and implementation needs to be acceptable to senior management.

Answer: D

Question 2

According to IIA guidance, which of the following is an appropriate role for the internal audit activity?

A : Coaching management in responding to risks.

B : Implementing risk responses on management's behalf.

C : Imposing risk management processes.

D : Setting the risk appetite.

Answer: A

Question 3

Management has implemented a segregation-of-duties policy for handling inventory. Which of the following fraud risks would be more concerning to an internal auditor following the implementation of this new policy?

A : The risk of collusion between parties.

B : The risk of falsified reconciliations.

C : The risk of low-liquidity inventory.

Answer: B

Question 4

Which of the following is least likely to be considered material in an audit of a medium-sized organization?

A : A $1, 000 overstatement of the accrued-vacation payable account

B : A violation of a government statute

C : Fraud resulting in a cash loss to the organization.

D : An underpayment to the employee pension fund

Answer: A

Question 5

Which of the following is not a benefit of using information technology in solving audit problems?

A : It helps reduce audit risk.

B : It improves the timeliness of the audit engagement

C : It increases audit opportunities.

D : It improves the auditor's judgment.

Answer: D

Page: 1 / 191

Total 951 Questions | Updated On: Nov 18, 2024

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