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IIA CIA Exam
Certified Internal Auditor Exam (Page 7 )

Updated On: 9-Feb-2026
Page 7 of 342
PDF with 1702 Questions

The chief audit executive for an organization has just completed a risk assessment process, identified the areas with the highest risk, and assigned an audit priority to each. Which of the following statements is true and consistent with the International Professional Practices Framework?

I). Items should be ranked in the order of quantifiable dollar exposure to the organization.
II). The audit priorities should be in order of major control deficiencies.
III). The risk assessment, though quantified, is the result of professional judgments about both exposures and probability of occurrences.

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

Answer(s): B



All of the following would normally be involved in preparing for and carrying out the internal audit activity's annual plan except

  1. Establishing policies and procedures for workpapers and referencing
  2. Providing periodic activity reports to the audit committee on audit engagements in progress
  3. Assessing the amount of risk in major departments
  4. Training audit staff on appropriate audit methodologies for addressing any newly identified risks.

Answer(s): A



Responsibility for the coordination of internal audit and external audit efforts should be documented in the

  1. Engagement work schedule
  2. Internal audit charter
  3. Internal assessment report
  4. Internal audit activity's strategic plan

Answer(s): B



Internal auditors can benefit from a strong relationship with the external auditors because external auditors can

  1. Provide internal auditors with an independent and knowledgeable viewpoint
  2. Concur with the internal auditors' reports and thus improve the quality of assurance provided to management
  3. Increase the effectiveness of internal control sampling techniques
  4. Assist the internal auditor by providing information obtained from similar audits with other clients

Answer(s): A



Coordinating internal and external audit efforts can help reduce the amount of time that the external auditors are on site at an organization because the external auditors can

  1. Copy audit findings from internal audit reports to create the external audit report
  2. Rely on work performed by the internal audit activity
  3. Use risk and control analysis provided by the internal audit activity to guide testing for the external audit staff
  4. Focus on high-risk areas only, as long as an internal audit function exists

Answer(s): B






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