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NEW QUESTION 1
Which of the following statements is true with regard to conducting an effective quality assurance and improvement program?

  • A. The IIA's Quality Assessment Manual for the Internal Audit Activity must be used as the basis for periodic assessments.
  • B. Members of the internal audit activity are not permitted to perform quality assessments, as they would not be independent.
  • C. Periodic internal assessments provide the most current and independent recommendations for improvement.
  • D. The conclusions of periodic internal assessments are intended to assist in achieving conformity to the Standards.

Answer: D

NEW QUESTION 2
In which of the following functions would fraud be most likely to occur?

  • A. Maintaining custody of inventory records.
  • B. Collecting payments on accounts.
  • C. Approving changes to employee records.
  • D. Preparing customer statements.

Answer: B

NEW QUESTION 3
Which of the following is the best way to detect fraud?

  • A. Conduct anti-fraud training.
  • B. Perform background investigations.
  • C. Implement process controls.
  • D. Activate a whistleblower hotline.

Answer: D

NEW QUESTION 4
Which of the following would be considered a violation of The IIA's mandatory guidance on independence?

  • A. The chief audit executive (CAE) reports functionally to the board and administratively to the chief financial officer.
  • B. The board seeks senior management's recommendation before approving the annual salary adjustment of the CAE.
  • C. The CAE confirms to the board, at least once every five years, the organizational independence of the internal audit activity.
  • D. The CAE updates the internal audit charter and presents it to the board for approval periodically, not on a specific timeline.

Answer: B

NEW QUESTION 5
Which of the following is an example of a management control technique?

  • A. A budget.
  • B. A risk assessment.
  • C. The board of directors.
  • D. The control environment.

Answer: A

NEW QUESTION 6
Which of the following statements accurately describes the responsibility of the internal audit activity regarding IT governance?
* 1. The internal audit activity does not have any responsibility because IT governance is the responsibility of the board and senior management of the organization.
* 2. The internal audit activity must assess whether the IT governance of the organization supports the organization's strategies and objectives.
* 3. The internal audit activity may assess whether the IT governance of the organization supports the organization's strategies and objectives.
* 4. The internal audit activity may accept requests from management to perform advisory services regarding how the IT governance of the organization supports the organization's strategies and objectives.

  • A. 1 only.
  • B. 4 only.
  • C. 2 and 4.
  • D. 3 and 4.

Answer: A

NEW QUESTION 7
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annua snowfall for the coming winter. Which of the following best describes this type of risk?

  • A. Residual.
  • B. Net.
  • C. Inherent.
  • D. Accepted.

Answer: C

NEW QUESTION 8
A chief audit executive (CAE) reports functionally to the CEO and administratively to the chief financial officer, both of whom serve on the company's board of directors. According to IIA guidance, which of the following would offer the greatest protection for the independence of the internal audit activity?

  • A. Appoint the CAE as a member of the board.
  • B. Move the CAE's functional reporting to an executive who is not on the board.
  • C. Obtain full board approval of the internal audit activity's annual audit plan.
  • D. Move the CAE's functional reporting to the audit committee.

Answer: D

NEW QUESTION 9
An internal auditor is using a spreadsheet application to review a cash flow forecast prepared by management. Which of the following correctly identifies the type of evidence this information represents?

  • A. Competent, corroborative evidence of future working capital requirements.
  • B. Sufficient, analytical evidence of the cash flow position at a given point of time in the future.
  • C. Competent, documentary evidence of future cash flow changes within the organization.
  • D. Sufficient, circumstantial evidence of the future solvency of the organization.

Answer: C

NEW QUESTION 10
A government agency maintains a system of internal control, according to the COSO model, and has made a change to its employee performance reviews and rewards program. This change relates to which of the following components of COSO's internal control framework?

  • A. Control environment.
  • B. Control activities.
  • C. Information and communication.
  • D. Monitoring activities.

Answer: A

NEW QUESTION 11
According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization's social responsibility program is effective?

  • A. Senior management.
  • B. Internal audit activity.
  • C. All employees.
  • D. Board of directors.

Answer: D

NEW QUESTION 12
Which of the following are components of the ISO 31000 risk management process?
* 1. Setting the context.
* 2. Risk treatment.
* 3. Risk avoidance.
* 4. Communication.

  • A. 1 and 2 only.
  • B. 2 and 3.
  • C. 3 and 4.
  • D. 1,2, and 4.

Answer: A

NEW QUESTION 13
A former line supervisor from the Financial Services Department has completed six months of a two-year development opportunity with the internal audit activity (IAA). She is assigned to a team that will audit the organization's payroll function, which is managed by the Human Resources Department. Which of the following statements is most relevant regarding her independence and objectivity with respect to the payroll audit?

  • A. She may participate, but only after she has completed one year with the IAA.
  • B. She may participate, because she did not previously work in the Human Resources Department.
  • C. She may participate, but she must be supervised by the auditor in charge.
  • D. She may participate for training purposes, to build her knowledge of the IAA.

Answer: B

NEW QUESTION 14
Which of the following best demonstrates the authority of the internal audit activity?

  • A. Suggesting alternatives to decision makers.
  • B. Improving the integrity of information.
  • C. Determining the scope of internal audit services.
  • D. Achieving engagement objectives.

Answer: C

NEW QUESTION 15
Which of the following actions would be characterized as a preventive control to safeguard inventory from the risk of theft?
* 1. Locking doors and physically securing inventory items.
* 2. Independently observing the receipt of materials.
* 3. Conducting monthly inventory counts.
* 4. Requiring the use of employee ID badges at all times.

  • A. 1 and 3.
  • B. 1 and 4.
  • C. 2 and 3.
  • D. 2 and 4.

Answer: B

NEW QUESTION 16
Which of the following actions best demonstrates that an internal auditor is exercising due professional care?

  • A. The auditor performs thorough reviews and provides absolute assurance of regulatory compliance.
  • B. The auditor is alert to the possibility of fraud and activities where irregularities are most likely to occur.
  • C. The auditor recommends improvements for all of the organization's procedures and practices.
  • D. The auditor is cognizant of reducing travel expenses by combining a personal vacation with a business trip.

Answer: B

NEW QUESTION 17
An organization has implemented a software system that requires a supervisor to approve transactions that would cause treasury dealers to exceed their authorized limit. This is an example of which of the following types of controls?

  • A. Preventive controls.
  • B. Detective controls.
  • C. Soft controls.
  • D. Directive controls.

Answer: A

NEW QUESTION 18
While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditor's relative. Which course of action should the auditor take?

  • A. Proceed with the audit engagement, but do not include the relative's information.
  • B. Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.
  • C. Disclose in the engagement final communication that the relative is a customer.
  • D. Immediately withdraw from the audit engagement.

Answer: B

NEW QUESTION 19
Which of the following options is the most cost-effective and efficient way for internal auditors to keep current with the latest developments in the internal audit profession?

  • A. Attending annual professional conferences and seminars.
  • B. Participating in on-the-job training in various departments of the organization.
  • C. Pursuing as many professional certifications as possible.
  • D. Maintaining membership in The HA and similar professional organizations and subscribing to relevant email updates or news feeds.

Answer: D

NEW QUESTION 20
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