IIA IIA-CIA-Part2 Quiz 48 Topic 1 Questions 236-240

Question: 1

Which of the following audit planning activities adds the least value in understanding the current risk exposures facing the corporation?

AReview of organizational strategic plans and operational plans.

BConsultation with senior management and the audit committee.

CReview of the external auditor's risk assessment.

DReview of corporate performance reporting and benchmarking.

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Question: 2

Inadequate risk assessment would have the strongest negative impact in which of the following phases of an audit engagement?

ADetermining the scope.

BReviewing internal controls.

CTesting.

DEvaluating findings.

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Question: 3

Which of the following is the most common method management can use to manage risk within its risk appetite?

AImplementation of controls.

BUse of risk registers and dashboard.

CFrequent communication of risk appetite for operating personnel.

DContinuous evaluations and audits.

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Question: 4

Which of the following is an effective way for an internal auditor to improve communications with the client during a contentious audit?

AEncourage the client to participate as a partner in the decision-making process to determine the changes that need to be made.

BClearly explain to the client the role of the internal audit activity in the change process.

CObtain the support of the board of directors for proposed changes before discussing the changes with operating management.

DSpeak privately with key client personnel immediately after proposed changes are announced to address their concerns.

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Question: 5

The chief audit executive's responsibility regarding control processes includes:

AAssisting senior management and the audit committee in the development of an annual assessment about internal control.

BOverseeing the establishment of internal control processes.

CMaintaining the organization's governance processes.

DEnsuring that the internal audit activity assesses all control processes annually.

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IIA IIA-CIA-Part2 Quiz:48 Topic:1 Questions:236-240