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Question # 1



Which of the following factors should be considered when determining the appropriate combination of manual techniques and computer-assisted audit techniques (CAATs) to be used during an audit?

1.Acceptance of CAATs findings by entity management.
2.Computer knowledge and expertise of the auditor.
3.Time constraints.
4.Level of audit risk.
A.

1 and 4

B.

2 and 3 only

C.

1,2,and 3

D.

2,3,and 4




D.   

2,3,and 4






Question # 2



Which of the following is not an objective of internal control?
A.

Compliance.

B.

Accuracy.

C.

Efficiency.

D.

Validation.




D.   

Validation.






Question # 3



An internal auditor is using a spreadsheet application to review a cash flow forecast prepared by management. Which of the following correctly identifies the type of evidence this information represents?
A.

Competent,corroborative evidence of future working capital requirements.

B.

Sufficient,analytical evidence of the cash flow position at a given point of time in the future.

C.

Competent,documentary evidence of future cash flow changes within the organization.

D.

Sufficient,circumstantial evidence of the future solvency of the organization.




C.   

Competent,documentary evidence of future cash flow changes within the organization.






Question # 4



Which of the following best ensures the independence of the internal audit activity?
1.The CEO and audit committee review and endorse any changes to the approved audit plan on an annual basis.
2.The audit committee reviews the performance of the chief audit executive (CAE) periodically.
3.The internal audit charter requires the CAE to report functionally to the audit committee.
A.

3 only

B.

1 and 2 only

C.

2 and 3 only

D.

1,2,and 3




C.   

2 and 3 only






Question # 5



An internal audit team is performing an audit of workplace accident claims. Which of the following actions by the audit team best demonstrates due professional care?
A.

Having an occupational health officer on the engagement team.

B.

Determining that the claims have been classified properly.

C.

Placing reliance on medical reports from the injured worker's doctor.

D.

Reviewing claims to ensure all accidents actually occurred in the workplace.




A.   

Having an occupational health officer on the engagement team.






Question # 6



According to IIA guidance,which of the following is not a responsibility of the chief audit executive pertaining to documenting information to support internal audit engagement results and conclusions?
A. Rating each engagement record to assess its relevance and accessibility for the organization's board.
B. Controlling access to engagement records,including access by senior management.
C. Developing retention requirements for engagement records that are consistent with organizational guidelines.
D. Forming policies governing the custody and retention of consulting engagement records before their release to other parties.



A.   Rating each engagement record to assess its relevance and accessibility for the organization's board.




Question # 7



Which of the following is a common type of payroll fraud?
A.

Unauthorized overtime.

B.

Fictitious employees.

C.

Unearned bonuses or commissions.

D.

Skimming.




B.   

Fictitious employees.






Question # 8



An internal auditor is performing analytical reviews as part of an audit of a supermarket's merchandising department. Because the economy has declined since midyear,the auditor can expect to encounter which of the following?
A.

Higher inventory turnover.

B.

Higher operating margin.

C.

Lower obsolete stock disposal.

D.

Lower sales volume.




D.   

Lower sales volume.






Question # 9



An organization invests its savings in a volatile stock with the potential for high gains rather than a mutual fund with a lower expected return and lower volatility. This best describes which of the following risk concepts?
A.

Risk identification.

B.

Risk appetite.

C.

Risk capacity.

D.

Risk tolerance.




D.   

Risk tolerance.






Question # 10



Which of the following control methods is effective in reducing the risk of purchasingscheme fraud?
1.Periodically reviewing the vendor list for unusual vendors and addresses.
2.Segregating duties for amount purchasing,receiving,shipping,and accounting.
3.Validating sequential integrity of purchase orders.
4.Verifying the validity of invoices with post office box addresses.
A.

1 and 2 only

B.

3 and 4 only

C.

1,2,and 4 only

D.

1,2,3,and 4




B.   

3 and 4 only





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Certified Internal Auditor - Part 1 -The Internal Audit Activitys Role in Governance -Risk -and Control Exam Dumps


Exam Code: IIA-CIA-Part1
Exam Name: Certified Internal Auditor - Part 1 -The Internal Audit Activitys Role in Governance -Risk -and Control

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