IIA IIA-CIA-Part1 Quiz 6 Topic 6 Questions 26-30

Question: 1

Sometimes, internal audit staff may partner with operating managers to rank risks. Which of the following outcomes may be the most beneficial aspects of this strategy?

1. Reappraising risks levels.

2. Providing accurate information to management.

3. Marketing the internal audit activity.

4. Planning safeguards for assets in high-risk areas.

A1 and 2.

B1 and 3.

C2 and 3.

D3 and 4.

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Question: 2

Which of the following is an activity that an internal auditor must not perform?

AEstablish and provide continuing assurance on an anti-money laundering program for new hires.

BSurvey employees for their understanding of anti-money laundering practices.

CProvide assurance for the effectiveness of anti-money laundering training.

DAssess the risk of being fined for ineffective anti-money laundering practices.

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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?

ACompetent, corroborative evidence of future working capital requirements.

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

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

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

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Question: 4

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?

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

BControlling access to engagement records, including access by senior management.

CDeveloping retention requirements for engagement records that are consistent with organizational guidelines.

DForming policies governing the custody and retention of consulting engagement records before their release to other parties.

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Question: 5

The chief audit executive (CAE) of a small internal audit activity (IAA) performs all high-risk engagements on the annual audit plan to make use of his knowledge and experience and to maximize the efficient use of audit resources. Which of the following statements is most relevant regarding this practice?

AThe CAE's work may be reviewed by any other experienced staff member within the IAA.

BThe CAE's work should be reviewed by an individual with the appropriate background and knowledge.

CThe CAE may self-review his work, provided he discloses this practice in the final report.

DThe CAE should avoid performing engagements to ensure he is able to review all audit work objectively.

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IIA IIA-CIA-Part1 Quiz:6 Topic:6 Questions:26-30