IIA IIA-CIA-Part1 Quiz 73 Topic 2 Questions 361-365

Question: 1

A chief audit executive (CAE) submits internal audit activity (IAA) plans and information about significant interim changes to senior management and the board for review. Which other piece of information should the CAE provide to senior management and the board?

AIdentification of proposed consultants and support staff for the IAA.

BThe most recent engagement of each member of the audit staff and its duration.

CThe CAE's preferred statistical analysis methods and relevant software to be utilized.

DResource requirements and resource limitations.

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Question: 2

The chief audit executive is revising policies relating to independence and objectivity of the internal audit activity. Which of the following would be a part of the revised policies document?

AAny auditor that received high-value gifts from an audit client must report it to their supervisor.

BAny auditor that received gifts of low-value promotional items from an audit client must report it to their supervisor.

CAn auditor does not need to complete an annual conflict of interest form unless the auditor's independence status has changed.

DAn auditor may provide consulting services relating to operations for which they had previous responsibilities.

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Question: 3

The chief audit executive (CAE) wants to ensure that there are sufficient resources available to fulfill the responsibilities of the internal audit activity in the coming year. Which statement describes the most logical sequence of events for the CAE to undertake in order to achieve this objective?

AConfirm audit plan; confirm budget; review existing resources; identify outstanding resource requirements.

BReview prior year audit plan; review existing resources; confirm new audit plan; confirm budget.

CConfirm budget; review existing resources; obtain any new resources required; confirm new audit plan.

DReview results of prior year audit plan; adjust current plan accordingly; hire required resources; confirm budget.

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Question: 4

In which of the following circumstances is it apparent that the internal auditor exercised due professional care in carrying out his duties?

1. The internal auditor weighed the cost of the engagement against its potential benefits.

2. The internal auditor used anonymous information from a whistleblower to report the existence of fraudulent activity.

3. The internal auditor found minor and major instances of fraud and highlighted only the major instances in its report, in consideration of the board's limited time.

4. The internal auditor decided to use new auditing software to assist with the statistical analysis required during the engagement.

A1 and 2 only

B2 and 3 only

C3 and 4 only

D1 and 4 only

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Question: 5

Which of the following is not a typical objective of any training plan developed for internal audit activity staff?

AConsistency.

BEconomy.

CQuality.

DRelevance.
Topic 4, Volume D

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IIA IIA-CIA-Part1 Quiz:73 Topic:2 Questions:361-365