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Free IIA CIA Exam Braindumps (page: 60)

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PDF with 1702 Questions

An organization has developed a large database that tracks employees, employee benefits, payroll deductions, job classifications, and other similar information. In order to test whether data currently within the automated system are correct, an auditor should

  1. Use test data and determine whether all the data entered are captured correctly in the updated database.
  2. Select a sample of data to be entered for a few days and trace the data to the updated database to determine the correctness of the updates.
  3. Use generalized audit software to provide a printout of all employees with invalid job descriptions. Investigate the causes of the problems.
  4. Use generalized audit software to select a sample of employees from the database.
    Verify the data fields.

Answer(s): D



Senior management at a financial institution has received allegations of fraud at its derivatives trading desk and has asked the internal audit activity to investigate and issue a report concerning the allegations. The internal audit activity has not yet developed sufficient proficiency regarding derivatives trading to conduct a thorough fraud investigation in this area. Which of the following courses of action should the chief audit executive (CAE) take to comply with the Standards?

  1. Engage the former head of the institution's derivatives trading desk to perform the investigation and submit a report with supporting documentation to the CAE.
  2. Request that senior management allow a delay of the fraud investigation until the internal audit activity's on-staff certified fraud examiner is able to obtain the appropriate training regarding the analysis of derivatives trading.
  3. Request that senior management exclude the internal audit activity from the investigation completely and instead contract with an external certified fraud examiner with derivatives experience to perform all aspects of the investigation and subsequent reporting.
  4. Contract with an external certified fraud examiner with derivatives experience to perform the investigation and subsequent reporting, with the chief audit executive approving the scope of the investigation and evaluating the adequacy of the work performed.

Answer(s): D



According to the International Professional Practices Framework, internal auditors should possess which of the following competencies?

I). Proficiency in applying internal auditing standards, procedures, and techniques.
II). Proficiency in accounting principles and techniques.
III). An understanding of management principles.
IV). An understanding of the fundamentals of economics, commercial law, taxation, finance, and quantitative methods.

  1. I only.
  2. II only.
  3. I and III only.
  4. I, III, and IV only.

Answer(s): D



Which of the following are acceptable resources for a chief audit executive to use when developing a staffing plan?

I). Co-sourcing arrangements.
II). Employees from other areas of the organization.
III). The organization's external auditors.
IV). The organization's audit committee members.

  1. I only.
  2. I and II only.
  3. II and IV only.
  4. I, II, and IV only.

Answer(s): B






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