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IIA IIA-CIA-Part1 Exam
CIA Part 1 - Essentials of Internal Auditing (Page 44 )

Updated On: 1-Feb-2026
Page 23 of 115
PDF with 1175 Questions

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



Due to urgent requests from management, a busy internal audit activity finds that it can no longer meet all of its commitments contained in the annual audit plan. The best course of action for the chief audit executive to take would be to:

  1. Continue with the plan and seek opportunities to adjust priorities and reallocate resources.
  2. Advise senior management and request that they reconsider these additional requests using more rigorous risk assessment and prioritization factors.
  3. Advise the board and senior management and request a reassessment of the plan.
  4. Advise the board immediately and seek their support for additional resources to meet the needs of the plan.

Answer(s): C



The chairperson of an organization's audit committee has obtained a risk management report that identifies significant industry concerns that impact the organization. The chairperson has asked the chief audit executive (CAE) to review these concerns and advise if they are relevant to the organization. How should the CAE respond?

  1. Accept the engagement but communicate only with the audit committee to protect the confidentiality of the request.
  2. Decline the engagement because it is outside of the scope of the internal audit charter.
  3. Decline the engagement because it impairs the internal audit activity's independence.
  4. Accept the engagement but inform senior management of the request.

Answer(s): D



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