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Free IIA-CIA-Part2 Exam Braindumps
Certified Internal Auditor - Part 2, Practice of Internal Auditing Questions 246–250 (page: 51)

Updated On: 10-Feb-2026
Page 51 of 103
PDF with 956 Questions

Which of the following would be the least desirable criteria against which to judge current operations of an organization'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



An internal auditor compared the number of human resources professionals per employee with industry standards. This comparison would assist the auditor in evaluating which of the following areas?

  1. Sufficiency of controls over payroll rate increases.
  2. Current level of performance of the human resources department.
  3. Adequacy of controls over hiring new employees.
  4. Degree of compliance with human resources policies.

Answer(s): B



During an audit of a contract for computer security, a governmental auditor finds that a contractor has developed a system that could be the most advanced in the industry. If it seems that the contractor is charging the government for developmental cost of a system that might be sold to other organizations, what is the auditor's best course of action?

  1. Estimate the cost to develop the advanced security system and inform the contractor that it will be a disallowed cost.
  2. Exclude the observation from the engagement final communication because the contract was vague and the level of security is clearly acceptable.
  3. Estimate the added cost, report it to management, and suggest that management meet with its lawyers and the contractor to resolve differences.
  4. Compare the cost of the security program with previous costs incurred by governmental operations and inform the contractor that the difference will be a disallowed cost.

Answer(s): C



An internal auditor noticed that employees with responsibilities for cash collection had recently issued an unusually large number of credit memos, indicating that the original charges had been made to the wrong customer accounts. From a control standpoint, the auditor would be concerned with the possibility that:

  1. The organization is selling a large number of defective items.
  2. Employees in this function are concealing a theft of cash collected from customers.
  3. Credit memos are not being submitted on a timely basis.
  4. The credit department has not been properly screening customers and, as a result, a large portion of the accounts receivable may not be collectible.

Answer(s): B



After becoming aware of control weaknesses indicating that a fraud could have been committed, which of the following actions should an internal auditor take next?

  1. Issue a written report identifying the control weaknesses.
  2. Perform tests directed toward the identification of other fraud indicators.
  3. Notify external auditors of the suspicion that fraud has been committed.
  4. Recommend that a fraud investigation be conducted involving internal auditors, lawyers, investigators, security personnel, and other specialists, as appropriate.

Answer(s): B



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