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IIA CIA Exam
Certified Internal Auditor Exam (Page 40 )

Updated On: 12-Feb-2026
Page 40 of 342
PDF with 1702 Questions

Which of the following risk factors is most subjective?

  1. Changes in staff, systems, or the environment.
  2. Prior audit findings.
  3. Size of the unit being audited.
  4. Competency of operating management.

Answer(s): D



Which of the following would provide the most reliable information on the risk associated with an auditable activity?

  1. Event scenarios with regression analysis.
  2. Past audit findings and instances of management failures.
  3. Consequences and economic predictability of loss.
  4. Management assessment and corroboration by the internal audit activity.

Answer(s): D



The chairperson of an organization's audit committee has obtained a risk management report that identifies significant industry concerns that impact the organization. The chairperson has asked the chief audit executive (CAE) to review these concerns and advise if they are relevant to the organization. How should the CAE respond?

  1. Accept the engagement but communicate only with the audit committee to protect the confidentiality of the request.
  2. Decline the engagement because it is outside of the scope of the internal audit charter.
  3. Decline the engagement because it impairs the internal audit activity's independence.
  4. Accept the engagement but inform senior management of the request.

Answer(s): D



Which of the following would have the least impact (either positive or negative) on an assessment of a department's control environment?

  1. The department managed long-term investments, including investment in derivatives and other financial instruments, to maximize return.
  2. The department manager sets a tone of honesty and integrity in all business dealings and this tone is emulated by department personnel.
  3. Many department functions were duplicated or verified by other department employees as part of the department's normal procedures.
  4. Audit tests designed to verify compliance with control procedures detected a general failure to follow standard procedures for transaction authorization.

Answer(s): A



Which of the following is a benefit from reduced testing during a particular phase of an audit engagement?

  1. The size of the internal audit activity can be reduced.
  2. There is less concern about assessing inherent risk.
  3. The level of planned audit risk is lowered.
  4. Additional audit hours are available for pursuing other engagement objectives.

Answer(s): D






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