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Free IIA-CIA-Part1 Exam Braindumps (page: 20)

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PDF with 1068 Questions
View Related Case Study

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



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Which of the following would be the least desirable criteria against which to judge current operations of a company's treasury function?

  1. The operations of the treasury function as documented during the last audit engagement.
  2. Company policies and procedures delegating authority and assigning responsibilities.
  3. Finance textbook illustrations of generally accepted good treasury function practices.
  4. Codification of best practices of the treasury function in relevant industries.

Answer(s): A



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A bakery chain has a statistical model that can be used to predict daily sales at individual stores based on a direct relationship to the cost of ingredients used and an inverse relationship to rainy days. What conditions would an auditor look for as an indicator of employee theft of food from a specific store?

  1. On a rainy day,total sales are greater than expected when compared to the cost of ingredients used.
  2. On a sunny day,total sales are less than expected when compared to the cost of ingredients used.
  3. Both total sales and cost of ingredients used are greater than expected.
  4. Both total sales and cost of ingredients used are less than expected.

Answer(s): B



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To promote a positive image within an organization, a chief audit executive (CAE) adjusted the audit plan to focus on assurance engagements that highlighted potential costs to be saved. Negative observations were to be omitted from engagement final communications. Which action taken by the CAE would be considered a violation of the Standards?

  1. The focus of the audit function was changed without modifying the audit charter or notifying the audit committee.
    II. Negative observations were omitted from the engagement final communications.
    III. Cost savings and recommendations were highlighted in the engagement final communications.
  2. IIonly
  3. I and IIonly
  4. I and IIIonly
  5. I,II,and III.

Answer(s): B






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