IIA IIA-CIA-Part1 Quiz 22 Topic 8 Questions 106-110

Question: 1

Which of the following statements is true about The IIA Global Internal Audit Competency Framework?

AThe core competencies outlined in the framework are not expected of a person undertaking an entry-level position as an internal auditor.

BThe framework is designed to be used primarily by chief audit executives that are developing indicators to measure the performance of the internal audit activity for which they are responsible.

CThe framework lists the core competencies internal auditors should possess before attempting to attain The IIA's Certified Internal Auditor certification.

DThe framework describes competencies needed for individual internal auditors, but not those necessary at the chief audit executive level.

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Question: 2

Which of the following is most likely to enhance an internal auditor's objectivity?

AAn auditor is appropriately able to communicate results.

BAn auditor performs his work free from interference.

CAn auditor is unrestricted in determination of scope.

DAn auditor avoids conflicts of interest.

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Question: 3

According to IIA guidance, which of the following best describes internal auditors' responsibility regarding fraud?

AInternal auditors should take a leading role in investigating all fraud-related cases.

BInternal auditors must have sufficient knowledge to evaluate the risk of fraud.

CInternal auditors should report all fraud cases to law enforcement agents, in accordance with the Code of Ethics.

DInternal auditors are responsible for ensuring that fraud does not occur.

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Question: 4

An organization decides to take no action on one of its financial risks because the cost of implementing the control outweighs the value of the asset being protected. Which of the following best describes this risk strategy?

ARisk avoidance.

BRisk-benefit analysis.

CRisk sharing.

DRisk acceptance.

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Question: 5

According to IIA guidance, which of the following statements is true regarding the reporting of results from an external quality assessment of the internal audit activity?

AThe external assessment results are reported upon completion in confidence directly to the board, and senior management is advised only of the recommendations and improvement action plans.

BThe results of self-assessments with independent external validation are shared with the board upon completion, and monitoring of recommended improvements must be reported monthly.

CThe external assessment results are communicated upon completion to senior management and the board, but action plans for recommended improvements do not have to be reported.

DThe requirements for reporting quality assessment results are the same for external assessments and self-assessments with independent external validation.

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IIA IIA-CIA-Part1 Quiz:22 Topic:8 Questions:106-110