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Free IIA CIA Exam Braindumps (page: 62)

Page 62 of 427
PDF with 1702 Questions

Which of the following is not an appropriate type of coordination between the internal audit activity and regulatory auditors?

  1. Regulatory auditors share their perspective on risk management, control, and governance with the internal auditors.
  2. Internal auditors perform fieldwork at the direction of the regulatory auditors.
  3. Internal auditors review copies of regulatory reports in planning related internal engagements.
  4. Regulatory and internal auditors exchange information about planned activities.

Answer(s): B



An organization's accounts payable function improved its internal controls significantly after it received an unsatisfactory audit report. When planning a follow-up audit of the function, what level of detection risk should be expected if the audit and sampling procedures used are unchanged from the prior audit?

  1. Detection risk is lower because control risk is lower.
  2. Detection risk is lower because control risk is higher.
  3. Detection risk is higher because control risk is lower.
  4. Detection risk is unchanged although control risk is lower.

Answer(s): D



Which of the following is an appropriate role for the board in governance?

  1. Preparing written organizational policies that relate to compliance with laws, regulations, ethics, and conflicts of interest.
  2. Ensuring that financial statements are understandable, transparent, and reliable.
  3. Assisting the internal audit activity in performing annual reviews of governance.
  4. Working with the organization's attorneys to develop a strategy regarding current litigation, pending litigation, or regulatory proceedings governance.

Answer(s): B



According to the International Professional Practices Framework, which of the following are allowable activities for an internal auditor?

I). Advocating the establishment of a risk management function.
II). Identifying and evaluating significant risk exposures during audit engagements.
III). Developing a risk response for the organization if there is no chief risk officer.
IV). Benchmarking risk management activities with other organizations.
V). Documenting risk mitigation strategies and techniques.

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

Answer(s): C






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