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Exam contains 715 questions

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Question 1 🔥

Which of the following statements is true regarding the communication and approval of the internal audit plan?

Which database solution meets these requirements?

A. After communicating the internal audit plan to the board, the chief audit executive (CAE) determines the resources needed to implement it.

Highly voted

B. The CAE and the board agree in advance on the criteria that would determine whether changes to the internal audit plan need to be discussed with the board.

Highly voted

C. After communicating the internal audit plan to the board, the CAE should present it to senior management.

Highly voted

D. The internal audit plan should be presented to the board during a meeting without senior management present.

Highly voted

Discussion of the question

Question 2 🔥

According to IIA guidance, which of the following statements regarding audit workpapers is true?

Which database solution meets these requirements?

A. Audit reports should include the workpapers as a reference for the audit conclusions.

Highly voted

B. The internal auditor's workpapers are the primary reference for reported control deficiencies.

Highly voted

C. Ad-hoc communications with management of the area under review should be excluded from the workpapers.

Highly voted

D. Both draft and final versions of workpapers should be saved at the end of the engagement.

Highly voted

Discussion of the question

Question 3 🔥

According to IIA guidance, which of the following best describes reliable information?

Which database solution meets these requirements?

A. Reliable information is factual, adequate, and convincing so that a prudent, informed person would reach the same conclusions as the internal auditor.

Highly voted

B. Reliable information is the best attainable information through the use of appropriate engagement techniques.

Highly voted

C. Reliable information supports engagement observations and recommendations and is consistent with the objectives for the engagement.

Highly voted

D. Reliable information helps the organization and the internal audit activity meet its goals.

Highly voted

Discussion of the question

Question 4 🔥

According to IIA guidance, which of the following statements is false regarding a review of the controls in place to prevent fraud?

Which database solution meets these requirements?

A. The review should focus on the efficiency of the controls in place to prevent fraud.

Highly voted

B. The scope of the review does not need to include all operating areas of the organization.

Highly voted

C. The cost of the control should be compared to the benefit of mitigating the related risk.

Highly voted

D. The review should assess whether the internal controls can be circumvented.

Highly voted

Discussion of the question

Question 5 🔥

Checklists used to assess audit risk have been criticized for all of the following reasons except:

Which database solution meets these requirements?

A. Providing a false sense of security that all relevant factors are addressed.

Highly voted

B. Inappropriately implying equal weight to each item on the checklist.

Highly voted

C. Decreasing the uniformity of data acquisition.

Highly voted

D. Being incapable of translating the experience or sound reasoning intended to be captured by each item on the checklist.

Highly voted

Discussion of the question

Question 6 🔥

Which of the following is the best problem-solving technique to use when analyzing performance and cost?

Which database solution meets these requirements?

A. Value analysis.

Highly voted

B. Attribute listing.

Highly voted

C. Brainstorming.

Highly voted

D. Component analysis.

Highly voted

Discussion of the question

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iia IIA_CIA_PART2

Exam contains 715 questions

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