QUESTION: 133 Topic 2, Volume B

An organization receives the most value from an internal audit activity's enterprise-wide risk assessment when the auditor:

Focuses primarily on enterprise-level risks.
Considers activities at all levels of the organization.
Reviews special projects and new initiatives.
Validates supporting financial and operational data.

Answer(s): B

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QUESTION: 134 Topic 2, Volume B

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:

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

Answer(s): C

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QUESTION: 135 Topic 2, Volume B

The audit committee has asked the chief audit executive (CAE) to assist in the selection of a new external audit firm. Which of the following is an appropriate action by the CAE?

The CAE and two managers from the audit staff review the bids and select one firm to meet with the audit committee for the committee's approval.
The CAE develops a formal set of criteria for the audit committee to use in selecting the external auditor.
The CAE,chief financial officer,and controller review the bids,interview two firms,and recommend one of the two firms to the audit committee for its approval.
The CAE declines to participate in the process because providing this assistance would result in compromising the internal audit activity's objectivity.

Answer(s): B

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QUESTION: 136 Topic 2, Volume B

An internal audit activity's work schedule should always provide sufficient information to the audit committee to enable it to determine whether the proposed engagements:

Support the organization's objectives.
Include sufficient fraud awareness.
Will likely result in the detection of any major risk exposures.
Are likely to detect control deficiencies.

Answer(s): A

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Free IIA-CIA-Part1 Exam Braindumps (page: 34)

QUESTION: 133 Topic 2, Volume B

QUESTION: 134 Topic 2, Volume B

QUESTION: 135 Topic 2, Volume B

QUESTION: 136 Topic 2, Volume B