IIA-CIA-Part1 Practice Questions

A.  

Recognizing revenue up front rather than over a contract’s life to inflate revenue for the current period

B.  

Requesting reimbursement for overstated travel and entertainment expense amount

C.  

Misstating realized foreign currency transaction gains or losses

D.  

Demanding payment from a vendor for decisions made in the vendor’s favor

A.  

The internal assessment results should be discussed once every five years,

B.  

The rating conclusions and the impact from results of the external assessment should be explained,

C.  

The results of the external assessment should be discussed every seven years,

D.  

The qualifications and independence of the internal assessment team should be discussed

A.  

A monitoring process,

B.  

A risk assessment process.

C.  

A strategic objective-setting process.

D.  

An information and communication process.

A.  

Leadership.

B.  

Documentation.

C.  

Analysis.

D.  

Reporting.

A.  

Include the engineering department on the audit plan, use the available internal audit resources to conduct the review, and exclude procedures that cannot be adequately assessed.

B.  

Advise management to accept the assessed risk until the internal auditors are able to review the area adequately.

C.  

Recruit internal auditors with the required competencies and wait until they are employed before including this audit on the internal audit plan.

D.  

Proceed with a review of the engineering department but supplement the internal audit team with nonauditors from an external engineering company who have the required skills to assist

A.  

Use the current available resources to conduct the review and exclude those procedures that can ' t currently be performed.

B.  

Implement an accelerated training plan to provide the audit staff with the necessary skills and knowledge to conduct the engagement.

C.  

Encourage management to accept the assessed risk until the internal audit activity is able to adequately review the area.

D.  

Obtain assistance for the audit team from other internal assurance providers who possess the requisite expertise in the area.

A.  

An organization has a fiduciary duty to put shareholders ' needs first

B.  

Customers ' needs are the primary responsibility of the organization

C.  

Competitors are considered stakeholders of the organization

D.  

Employees are the organization ' s best assets and primary responsibility

A.  

The internal audit activity should not be responsible for developing the organization ' s risk management framework, even with appropriate safeguards.

B.  

The internal audit activity is typically responsible for alerting operational management to emerging risks and changes in regulatory scenarios

C.  

The internal audit activity may coach management on risk response scenarios if safeguards have been implemented.

D.  

The internal audit activity should avoid giving assurance regarding the accuracy of risk evaluations if safeguards have not been implemented.

A.  

Operational management.

B.  

Board of directors.

C.  

Internal auditors.

D.  

Head of risk management.

A.  

Include the facts m the engagement communications

B.  

Inform me external auditors of the violation.

C.  

Report the violation to the government regulators

D.  

Consult with the legal department