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The IIA provides two main global certifications: Certified Internal Auditor (CIA) and Certification in Risk Management Assurance (CRMA). The CIA is the first accreditation and classification for internal auditors that the IIA suggests that all internal auditors pursue and have. The CIA not only shows your credibility as an internal audit expert, but it also gives you a competitive advantage over your peers. The CIA is a three-part exam that covers the understanding, skills, and abilities required by today’s internal listeners.
As a professional accountant or auditor seeking to energize your profession, you may have considered earning an audit certification. But you have several options for qualifying in accounting, so which one should you choose? if you intend to go down the path of an internal auditor, after that, Certified Internal Auditor (CIA) is the certification for you.
NEW QUESTION 63
Which of the following is the most appropriate outcome measure for assessing safety operations?
- A. Reduction in machine down time due to accidents.
- B. Number of operations observed.
- C. Number of inspections conducted.
- D. Tests made of equipment.
Answer: A
NEW QUESTION 64
An organization has a policy requiring two signatures on all checks written for amounts in excess of $10, 000. When evaluating controls over disbursements, an auditor would conclude that a greater risk exists if.
- A. The auditor located two checks for $9, 000 each that contained one authorized signature.
- B. The $10, 000 was an immaterial amount to the organization and very few cash disbursements required an amount in excess of $10, 000.
- C. The director of accounting was not one of the authorized signers.
- D. There were several instances in which successively numbered checks for amounts between $5, 000 and $10, 000 were made payable to the same vendor.
Answer: D
NEW QUESTION 65
Which of the following risk assessment tools would best facilitate the matching of controls to risks?
- A. Control flowchart.
- B. Program evaluation and review technique (PERT) analysis.
- C. Internal control questionnaire.
- D. Control matrix.
Answer: D
NEW QUESTION 66
An internal auditor is conducting an engagement in the accounts payable department,which includes expressing an opinion at the micro level. According to IIA guidance,which of the following statements is true regarding micro-level opinions?
1.They are most effective when using a combination of current and prior engagement findings to draw conclusions.
2.They typically are based on defined procedures such as those found in an accounts payable reconciliation process.
3.They are discrete and not normally shared with senior management or the board.
4.They can rely on evidence taken from the work of other assurance activities across the organization.
- A. 1 and 2.
- B. 2 and 3.
- C. 1 and 3.
- D. 3 and 4.
Answer: B
NEW QUESTION 67
An internal auditor is testing whether payments to outside contractors have been charged to the proper account. Which of the following sampling methods would be most useful in completing this task?
- A. Attribute sampling.
- B. Haphazard sampling.
- C. Judgmental sampling.
- D. Probability-proportional-to-size sampling.
Answer: A
Explanation:
Section: Volume D
NEW QUESTION 68
According to the International Professional Practices Framework, which of the following is the appropriate division of responsibilities for the coordination of internal and external audit efforts?
I. Oversight of Work Coordination of Activities Chief audit executive Senior management
II. Board Chief audit executive
III.
Chief financial officer
Chief audit executive
IV.
Board
Chief financial officer
- A. III.
- B. I
- C. II.
- D. IV.
Answer: C
NEW QUESTION 69
When performing benchmarking during the planning phase of a performance audit, an internal auditor should:
- A. Identify comparative organizations.
- B. Determine the current performance gap.
- C. Develop functional action plans.
- D. Project future performance levels.
Answer: A
NEW QUESTION 70
Which of the following internal controls is likely to prevent pollution from waste disposal before it occurs, rather than detect it after it occurs?
- A. Samples of water and solid waste taken daily with the results recorded in a log.
- B. Formal on-the-job training program conducted by the environmental staff.
- C. Restricted access to environmental department files.
- D. Identification of large budget variances in disposal costs for hazardous chemicals.
Answer: B
Explanation:
Section: Volume B
NEW QUESTION 71
Which of the following controls within a spreadsheet would address the risk of logic errors?
1. The spreadsheet contains formulas that foot and cross-foot data.
2. The spreadsheet is locked to protect cell formulas from being inadvertently changed.
3. Spreadsheets are included in nightly backup processes.
4. Check-in and check-out software is used to manage version control.
- A. 1 and 3 only
- B. 2 and 4 only
- C. 3 and 4 only
- D. 1 and 2 only
Answer: D
Explanation:
Section: Volume D
NEW QUESTION 72
The work papers for an audit of hazardous-materials handling and disposal at an engineering research facility provide evidence that the following procedures were performeD.
- Drums of hazardous waste not yet shipped off-site were inventoried. The physical count agreed with the company's inventory records. - A sample of hazardous-waste shipments received at the disposal site was compared to bills of lading and company records. No errors were detected. - The audit staff observed engineering personnel during the handling of hazardous materials. No company policy violations were noted.
The reconciliation of waste drums to the inventory records provides evidence that:
- A. Hazardous-waste materials were being disposed of as prescribed by company policy.
- B. The amount of hazardous materials being used was accurately recorded.
- C. All hazardous-waste drums in inventory were accounted for.
- D. Records of drums shipped to the waste disposal site were being maintained.
Answer: C
NEW QUESTION 73
Which of the following scenarios would represent the greatest threat to the authority of the internal audit activity (IAA)?
- A. An internal auditor was informed by the chief financial officer that client survey results would be unfavorable unless the auditor changed a finding in the report.
- B. Responsibility for risk management processes were removed from the IAA and placed under a newly created chief risk officer.
- C. A change was implemented requiring the IAA to report administratively to the organization's chief legal counsel rather than the board.
- D. The IAA was denied access to expenditure and budget requirement reports because the reports were considered to be financial administrative matters.
Answer: D
NEW QUESTION 74
A manufacturer uses a materials requirements planning (MRP) system to track inventory, orders, and raw materials requirements. What condition should an auditor search for in the MRP database if a preliminary assessment indicated that inventory is understated?
I.Item cost set at zero.
II.
Negative quantities on hand.
III.
Order quantity exceeding requirements.
IV.
- A. I and IV only.
- B. II and IV only.
- C. I and II only.
- D. III and IV only.
Inventory lead times exceeding delivery schedule.
Answer: C
NEW QUESTION 75
Which aspect of the audit function would be most impacted by a lack of coordination between an organization's internal and external auditors?
- A. Responsiveness.
- B. Timeliness.
- C. Efficiency.
- D. Effectiveness.
Answer: C
Explanation:
Section: Volume C
NEW QUESTION 76
When conducting a preliminary survey, which of the following audit activities should an internal auditor complete first?
- A. Write detailed audit procedures.
- B. Identify risks and controls intended to prevent associated losses.
- C. Identify client objectives, goals, and standards.
- D. Determine relevant engagement objectives.
Answer: C
Explanation:
Section: Volume D
NEW QUESTION 77
An internal auditor wants to use ratio analysis to examine efficiencies in an organization's accounting department. Which of the following statements identifies a weakness of ratio analysis that should be considered by the auditor?
- A. It utilizes financial information that may not have been checked for validity and reliability.
- B. It is only helpful for making comparisons across industries.
- C. Computer software is required in order to draw conclusions from the data.
- D. It requires a substantial investment of money.
Answer: A
NEW QUESTION 78
Which of the following is characteristic of embezzlement?
- A. Stealing of material of value by unknown persons from outside the organization.
- B. Unlawful conversion of assets that are in the possession of an employee.
- C. Misrepresentation of material facts in order to mislead others to part with something of value.
- D. Favors from a supplier that is attempting to gain advantage when selling its products.
Answer: B
NEW QUESTION 79
In order to be organizationally independent, the chief audit executive should report administratively to the
[List A] and functionally to the [List B].
[List A]
[List B]
- A. Chief executive officer
Board of directors - B. Audit committee
Board of directors - C. Chief executive officer
Chief financial officer - D. Audit committee
Chief financial officer
Answer: A
NEW QUESTION 80
A chief audit executive (CAE) is selecting an internal audit team to perform an audit engagement that requires a high level of knowledge in the areas of finance, investment portfolio management, and taxation. If neither the CAE nor the existing internal audit staff possess the required knowledge, which of the following actions should the CAE take?
- A. Ask the audit committee to decide the course of action.
- B. Select the most experienced auditors in the department to perform the engagement.
- C. Postpone the audit until the CAE hires internal audit staff with the required knowledge.
- D. Hire consultants who possess the required knowledge to perform the engagement.
Answer: D
NEW QUESTION 81
In an assurance engagement of treasury operations, an internal auditor is required to consider all of the following issues except:
- A. Due to the recent sale of a division, the amount of cash and marketable securities managed by the treasury department has increased by 350 percent.
- B. The external auditors have indicated some difficulties in obtaining account confirmations.
- C. The audit committee has requested assurance on the treasury department's compliance with a new policy on the use of financial instruments.
- D. Treasury management has not instituted any risk management policies.
Answer: B
NEW QUESTION 82
An organization that outsources much of its internal audit work to an external service provider is planning for an external quality assessment. Which of the following options would accomplish this task and be in conformance with the Standards?
- A. A team from an independent entity that previously employed the chief audit executive of the organization.
- B. A team under the direction of the organization's chief audit executive with validation by a former manager of the internal audit activity.
- C. The same external service provider because of its competency and experience with the organization.
- D. External industry associate that performed a similar review for a supplier of the organization.
Answer: D
Explanation:
Section: Volume A
NEW QUESTION 83
Which of the following would be the most useful in developing an annual audit plan?
- A. Voting software and hardware.
- B. Risk assessment software.
- C. Flowcharting and data capture software.
- D. General purpose audit software.
Answer: B
Explanation:
Section: Volume A
Explanation
NEW QUESTION 84
In which of the following scenarios would a customer service hotline receive a high volume of complaints regarding payments not being applied to customers' accounts?
- A. An employee is tampering with customer checks.
- B. The customer service department is not forwarding complaints to the accounts receivable department.
- C. Invoices are not being mailed to customers.
- D. Employees are submitting fraudulent expense reports.
Answer: A
NEW QUESTION 85
When planning the work program for an assurance engagement, an internal auditor should first review the department's business objectives and then:
- A. Identify risks.
- B. Evaluate vulnerabilities.
- C. Determine scope.
- D. Review controls.
Answer: A
NEW QUESTION 86
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