IIA IIA-CIA-Part2 Quiz 66 Topic 6 Questions 326-330

Question: 1

According to IIA guidance, which of the following is the least appropriate role for the internal audit activity in the organization's risk management program?

AConducting full investigations of suspected fraud.

BMonitoring the organization's whistle-blower hotline.

CAssessing the risk of fraudulent activity in the organization.

DProviding ethics training sessions to organization staff.

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Question: 2

According to the Standards, which of the following would have the least direct interest in the draft report of a compliance review of the purchasing function?

APurchasing staff.

BPurchasing manager.

CDirector of finance.

DAudit committee.

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Question: 3

The chief audit executive (CAE) notes during review of the final report of an assurance engagement that management has decided to accept the risks of two significant exposures identified by the audit. Which of the following actions by the CAE would be least prudent in these circumstances?

AImplement follow-up procedures to monitor the potential impact of those risks.

BReview the working papers and conclusions as to the perceived residual risk.

CMeet with senior management to consider their reasoning for the decision.

DMeet with the auditor-in-charge to review the conclusions.

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Question: 4

According to the International Professional Practices Framework, which of the following is correct regarding conducting and reporting follow-up activities by the internal audit activity (IAA)?

ADue to management changes, the IAA is advised by management that no further work will be done. Further follow-up work is not required as management has accepted the related risk.

BA newly appointed auditor immediately proceeds to conduct follow-up testing based on previous work performed for the engagement and then reports the results to the chief audit executive (CAE).

CManagement has stopped implementing several key recommendations citing a growing disagreement with their effectiveness. The auditor communicates the situation to the CAE who then escalates the matter to senior management.

DIn situations where the identified risk may have a significant impact to the business and senior management has accepted the risk, it is not necessary for the CAE to inform the board of the decision.

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Question: 5

When approving the final engagement report, which of the following is most critical?

AOpinions are adequately supported.

BConclusions are reached for all objectives.

CReport is distributed to appropriate parties.

DReport is clear and concise.

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IIA IIA-CIA-Part2 Quiz:66 Topic:6 Questions:326-330