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Free IIA IIA-CIA-Part1 Exam Questions (page: 42)

Page 28 of 142
PDF with 1175 Questions

To enhance the independence of both the internal and external audit functions, audit committees should be composed of:

  1. A rotating subcommittee of the board of directors or its equivalent.
  2. A combination of external members of the board of directors and company officers.
  3. Members from all important constituencies,specifically including representatives from banking,labor,regulatory agencies,shareholders,and officers.
  4. Only external members of the board of directors or other similar oversight committees.

Answer(s): D



Which of the following is not true with regard to the internal audit charter?

  1. It defines the authorities and responsibilities of the internal audit activity.
  2. It specifies the minimum resources needed for the internal audit activity.
  3. It provides a basis for evaluating the internal audit activity.
  4. It should be approved by senior management and the board.

Answer(s): B



The primary objective of risk-based auditing is to assess the:

  1. Economy of controls.
  2. Compliance with controls.
  3. Adequacy of controls.
  4. Efficiency of controls.

Answer(s): C



Which of the following would be most relevant regarding the internal control environment?

  1. Assessing controls over computerized applications.
  2. Documenting the organizational structure.
  3. Comparing and validating internal performance with external benchmarking.
  4. Maintaining and reviewing detailed financial records.

Answer(s): B



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