IIA IIA-CIA-Part2 Quiz 65 Topic 8 Questions 321-325

Question: 1

The chief audit executive established an internal audit activity (IAA) performance standard requiring all audit reports to be issued within 48 hours of the exit meeting with the client. Which of the following describes an exit meeting strategy that would best help the IAA meet this performance standard?

AThe objective of the exit meeting is to reach agreement on audit observations.

BThe objective of the exit meeting is to solicit action plans for audit observations.

CThe objective of the exit meeting is to confirm final details of fieldwork.

DThe objective of the exit meeting is to confirm understanding of audit results

Show Answer

Question: 2

Which of the following would not include recommendations for process improvements?

ADue diligence engagement.

BForensic investigation.

CInternal audit engagement.

DConsulting engagement.

Show Answer

Question: 3

According to IIA guidance, which of the following strategies would be the least effective in helping a chief audit executive build a stronger relationship with the board?

AConsider formality and tone of communications to ensure they are appropriate.

BMinimize instances of ad hoc communications with board members.

CConsider the possible repercussions created by commentary on deficiencies.

DAvoid making presumptuous comments without sufficient facts.

Show Answer

Question: 4

According to the International Professional Practices Framework, which of the following would not be considered when performing an initial risk assessment in engagement planning?

AThe reliability of management's assessment of risk.

BManagement's process for monitoring, reporting, and resolving risk issues.

CManagement's methodology for defining risk criteria.

DRisks in related activities relevant to the activity under review.

Show Answer

Question: 5

An airline contracted with an external service provider to perform maintenance on all aircraft ground support equipment. Management then asked the internal audit activity (IAA) to evaluate the controls in place that would permit appropriate oversight of the service provider in maintaining required maintenance standards.

According to the International Professional Practices Framework, which of the following would be the most appropriate course of action for the IAA to undertake to establish the engagement objectives?

ADevelop a draft audit plan and create an appropriate scope and resource schedule.

BDevelop a preliminary audit program and obtain senior management's approval.

CConduct a preliminary assessment of the risks associated with the maintenance contract.

DObtain a copy of the maintenance contract and review the contract for pricing discrepancies.

Show Answer

IIA IIA-CIA-Part2 Quiz:65 Topic:8 Questions:321-325