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Q226. According to IIA guidance, which of the following is the least appropriate role for the internal audit activity in the organization's risk management program?
A. Conducting full investigations of suspected fraud.
B. Monitoring the organization's whistle-blower hotline.
C. Assessing the risk of fraudulent activity in the organization.
D. Providing ethics training sessions to organization staff.
Answer: C
Q227. Which of the following should be included in a privacy audit engagement?
1.
Assess the appropriateness of the information gathered.
2.
Review the methods used to collect information.
3.
Consider whether the information collected is in compliance with applicable laws.
4.
Determine how the information is stored.
A. 1 and 3 only
B. 2 and 4 only
C. 1, 3, and 4 only
D. 1, 2, 3, and 4
Answer: D
Q228. Which of the following is the most important concept to be included in a consulting engagement agreement?
A. Define the duties and responsibilities needed from management to perform the engagement.
B. Disclose the fact that auditors who perform the work may not be subject matter experts in the topic of the review.
C. Clarify that matters discovered during the engagement may also be reported to senior management and the audit committee.
D. Disclose the fact that follow-up reviews may be conducted to ensure that recommendations are implemented adequately.
Answer: C
Q229. After the team member who specialized in fraud investigations left the internal audit team, the chief audit executive decided to outsource fraud investigations to a third party service provider on an as needed basis. Which of the following is most likely to be a disadvantage of this outsourcing decision?
A. Cost.B.
Independence.
C. Familiarity.
D. Flexibility.
Answer: C
Q230. Direct staff as a percentage of total staff is an example of which of the following types of efficiency measures?
A. Productivity ratio.B. Productivity index.
C. Operating ratio.
D. Resource utilization rate.
Answer: C
Q231. Which of the following must an auditor establish in order to demonstrate that fraud has occurred?
A. Monetary damage to the victim.
B. The suspect's intent.
C. Existence of an internal control deficiency.
D. Evidence of collusion.
Answer: B
Q232. Questions used to interrogate individuals suspected of fraud should:
A. Adhere to a predetermined order.
B. Cover more than one subject or topic.
C. Move from general to specific.
D. Direct the individual to a desired answer.
Answer: C
Q233. While developing a risk based audit plan, which of the following sources of information would provide the least value to the chief audit executive?
A. Results from the organization's business process management program.
B. User acceptance testing of the organization's enterprise resource planning application.
C. Risk assessments conducted by the board.
D. Key business strategies adopted by the organization in the strategic plan.
Answer: B
Q234. An internal auditor determines that certain information from the engagement results is not appropriate for disclosure to all report recipients because it is privileged. In this situation, which of the following actions would be most appropriate?
A. Disclose the information in a separate report.
B. Distribute the information in a confidential report to the board only
C. Distribute the reports through the use of blind copies.
D. Exclude the results from the report and verbally report the conditions to senior management and the board.
Answer: A
412. For which of the following fraud engagement activities would it be most appropriate to involve a forensic auditor?
A. Independently evaluating conflicts of interests.
B. Assessing contracts for relevant terms and conditions.
C. Performing statistical analysis for data anomalies.
D. Preparing evidentiary documentation.
Answer: D
Q235. The internal auditor is asked to conduct an investigation involving a suspected fraud. According to the Standards, which of the following statements regarding the investigation process is false?
A. The auditor should use anonymous surveys of coworkers to assess the character and behavior of the suspect.
B. The auditor must give consideration to the risk of unidentified co-conspirators whether indications exist or not.
C. The auditor should not limit the collection of information by prejudging its relevance to the investigation.
D. The auditor must consider the risk that audit procedures may inadvertently violate the rights of the suspect.
Answer: A
Q236. According to the Standards, which of the following is applicable to the internal audit activity's quality assurance and improvement program?
A. Periodic monitoring of the internal audit activity should be done.
B. All aspects of the internal audit activity should be evaluated.
C. An external assessment should be obtained every three years.
D. The review of assurance services should be the primary focus.
Answer: B
Q237. Which of the following is not likely to be included as an audit step when assessing vendor performance policies?
A. Determine whether agreed-upon lot sizes were sent by vendors.
B. Determine whether only authorized items were received from vendors.
C. Determine whether the balances owed to vendors are correct.
D. Determine whether the quality of the goods purchased from the vendors has been satisfactory.
Answer: C
Q238. The chief audit executive (CAE) of a small internal audit activity (IAA) plans to test conformance with the Standards through a quality assurance review. According to the Standards, which of the following are acceptable practice for this review?
1.
Use an external service provider.
2.
Conduct a self-assessment with independent validation.
3.
Arrange for a review by qualified employees outside of the IAA.
4.
Arrange for reciprocal peer review with another CAE.
A. 1 and 2
B. 2 and 4
C. 1, 2, and 3
D. 2, 3, and 4
Answer: A
Q239. In a client satisfaction survey for an internal audit engagement, client management should be asked to assess which of the following factors?
I. Audit team's knowledge of the audited area.
II. Usefulness of the audit results.
III. Quality of management of the internal audit activity.
IV.
Clarity of the scope and objectives of the audit engagement.
A.
I and II only
B.
II and IV only
C.
I, II, and IV only
D.
I, III, and IV only
Answer: C
Q240. Senior management of an organization has requested that the internal audit activity provide ongoing internal control training for all managerial personnel. This is best addressed by:
A. A formal consulting engagement.
B. An informal consulting engagement.
C. A performance assurance engagement.
D. An operational assurance engagement.
Answer: A