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IIA Internal Audit Fundamentals - IIA-CIA-Part1 Exam Practice Test

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Total 769 questions

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Question 1

Which of the following tools would be most useful to an internal auditor performing an assessment of the effectiveness of the organization ' s risk responses?

A. Risk register. B. Heat map. C. Risk and control matrix. D. Process map.

Correct Answer: A

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Question 2

Which of the following statements is most likely to be true regarding a consulting engagement involving an organization ' s new payroll system?

A. The internal auditor concluded that the engagement objectives would include assessing the effectiveness of the payroll process controls. B. The internal auditor acknowledged the engagement client's satisfactory performance in the final engagement results that were communicated to senior management and the board. C. The payroll system engagement was scheduled as a result of internal audit ' s risk-based annual planning process. D. The internal auditor and engagement client established an understanding that the scope would include the new payroll system project.

Correct Answer: D

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Question 3

Which of the following is most likely to be considered a control weakness?

A. Vendor invoice payment requests are accompanied by a purchase order and receiving report. B. Buyers promptly update the official vendor listing as new supplier sources become known. C. Department managers initiate purchase requests that must be approved by the plant superintendent. D. Purchase orders are typed by the purchasing department using prenumbered forms.

Correct Answer: C

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Question 4

An internal auditor believes that a weakness exists in the control environment relating to the delegation of authority and responsibility within the management structure. Which of the following actions should the internal auditor first consider in this matter?

A. Develop and communicate the scope and evaluation criteria to be used by management. B. Evaluate the potential Impact on related controls. C. Address the risk with senior management and the board. D. Recommend a control change and obtain management support.

Correct Answer: B

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Question 5

A new internal audit activity is considering the adoption of a risk and control framework. Which of the following is the most appropriate consideration during this process?

A. The framework should always be tailored to the organization B. The framework should apply to individual projects rather than the organization as a whole C. The framework should not be developed by the internal audit activity D. The framework should require fewer resources to implement

Correct Answer: A

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Question 6

When issuing his department's performance report, a sales director in an insurance company knowingly fails to correct the reserves for unearned income that resulted from cancellations of policy subscriptions. This could be considered which of the following types of fraud?

A. Information misrepresentation B. Skimming C. Disbursement fraud D. Asset misappropriation

Correct Answer: A

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Question 7

According to IIA guidance, which of the following is a required aspect of an internal audit charter?

A. Reporting relationships B. Independent review C. Management approval D. Quarterly assessment

Correct Answer: A

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Question 8

Which of the following factors is most important for internal auditors to consider when prioritizing fraud risks?

A. The organization's culture B. The organization's code of conduct. C. The organization's competition. D. The organization's code of ethics.

Correct Answer: A

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Question 9

When a plant manager from within the organization is hired as a rotational internal auditor within the internal audit activity which area should he most likely be trained for immediately?

A. Industry knowledge B. Project management C. Risk assessments D. Leadership skills

Correct Answer: C

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Question 10

For a new board chair who has not previously served on the organization ' s board, which of the following steps should first be undertaken to ensure effective leadership to the board?

A. Chair should determine the appropriateness of the current strategic risks. B. Chair should learn the current risk management system of the company. C. Chair should learn the current organizational culture of the company. D. Chair should gain an understanding of the needs of key stakeholders.

Correct Answer: D

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Question 11

What is expected of internal auditors in regards to due professional care?

A. Auditors perform assurance services to guarantee all significant risks will be addressed B. Auditors perform assurance services needed to achieve the engagement ' s objectives C. Auditors perform assurance services effectively to identify all risks D. Auditors perform assurance services without regard to cost

Correct Answer: B

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Question 12

Which of the following scenarios depicts an appropriate role for the internal audit activity to take regarding an organization ' s risk management process?

A. Internal audit is responsible for safeguarding the organization ' s assets and preventing loss from occurring. B. Internal audit designs and implements the organization ' s controls to help manage risk. C. Internal audit sets the organization ' s risk tolerance and promotes awareness throughout the organization. D. Internal audit assesses whether the organization ' s risk management processes are effective.

Correct Answer: D

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Total 769 questions

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