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Free IIA CIA Exam Braindumps (page: 50)

Page 50 of 427
PDF with 1702 Questions

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



An organization's external auditor has prepared a list of risks and issues and has recommended to senior management that the internal audit activity focus on these items. Senior management has forwarded the list to the chief audit executive (CAE). The CAE should

  1. Incorporate the external auditor's requirements into the internal audit plan.
  2. Ignore the external auditor's requirements because they are outside of the internal audit activity's planned scope of work.
  3. Consider the issues raised by the external auditor for possible inclusion in the planned scope of work.
  4. Report the risks and issues to the audit committee for possible future attention.

Answer(s): C






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