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Latest Update IIA IIA-CIA-PART1 Exam Practice Questions and Answers Online Test

The first stage in the development of a crisis management program is to:
A. Formulate contingency plans.
B. Conduct a risk analysis.
C. Create a crisis management team.
D. Practice the response to a crisis.
Correct Answer: B


An internal auditor is assessing the risk of employees falsifying reimbursement requests for business- related meals or
travel. Which of the following procedures would the internal auditor most likely perform first?
A. Review the supplemental documentation provided for a sample of reimbursement requests.
B. Interview the payroll/accounting supervisor to determine what controls exist to prevent fraud.
C. Determine whether or not the payroll/accounting department has been subject to regular review.
D. Establish a flowchart of the payroll/accounting functions that include any controls currently in place.
Correct Answer: D


Management has asked the chief audit executive (CAE) to provide assurance on the organization\\’s automated control
system related to financial data. The current audit staff does not have the expertise needed to conduct this type of
engagement. Which of the following would be the best response by the CAE?
A. Accept the assignment and use control self-assessment to complete the project.
B. Do not accept the assignment because the internal audit activity lacks the competency to perform the engagement
with due professional care.
C. Accept the assignment and use an external provider with the necessary knowledge and skills to perform the
D. Accept the assignment if the engagement is included in the current audit plan, but inform senior management that the
current audit staff does not have the knowledge and skills required.
Correct Answer: C


According to the International Professional Practices Framework, internal auditors should possess which of the following
I. Proficiency in applying internal auditing standards, procedures, and techniques.
II. Proficiency in accounting principles and techniques.
III. An understanding of management principles.
An understanding of the fundamentals of economics, commercial law, taxation, finance, and quantitative methods.
I only
II only
I and III only
I, III, and IV only
Correct Answer: D


When reviewing management reports to the board of directors, the internal audit activity should:
A. Evaluate the process used to prepare the management reports.
B. Maintain supporting documentation for the management reports.
C. Tie all financial numbers in the reports to the general ledger.
D. Compare to prior-period reports for consistency.
Correct Answer: A


According to the Standards, which of the following statements best describes the required content of the chief audit
executive\\’s (CAE) report to senior management and the board on the internal audit activity (IAA)?
A. The CAE must report on significant risk exposures, control issues, and governance issues.
B. The CAE must report on policies, procedures, and best practices of the IAA.
C. The CAE must report on quality assurance techniques, statistical analysis methods, and other analytical processes
D. The CAE must report on auditors\\’ continuing education activities, staffing changes, and any outsourcing to external
Correct Answer: A


Fraud is most frequently detected by:
A. Following up on tips from employees or citizens.
B. Following up on analytical review of high-risk areas.
C. Performing periodic reconciliations over cash and other assets.
D. Performing unannounced audits or reviews of programs or departments.
Correct Answer: A


A major corporation is considering significant organizational changes. Which of the following groups would not be
responsible for implementing these changes?
A. Employees.
B. Senior management.
C. Common stockholders.
D. Outside consultants.
Correct Answer: C


Which of the following is not an appropriate control related to sales in a manufacturing company?
A. Customers\\’ orders are recorded promptly.
B. Goods shipped are matched with valid customer orders.
C. Goods returned are inspected for damage by the sales department and then entered into inventory.
D. Credit department approval is required for credit sales transactions.
Correct Answer: C


Which of the following would provide the best evidence of errors in the quantities of items received from suppliers?
A. Suppliers\\’ reports of over shipments.
B. Warehouse receiving logs.
C. Purchase requisitions and purchase orders.
D. Observation and inspection of inventory.
Correct Answer: B


Which of the following sources of evidence would be least persuasive regarding potential waste and inefficiency on the
part of a contractor?
A. The contractor\\’s certification that it has not incurred any waste or inefficiencies.
B. A walk-through of the contractor\\’s manufacturing and development facilities.
C. An examination of the nature of contract expenses incurred.
D. A comparison of contract expenses with those of similar projects.
Correct Answer: A


Which of the following represents the most useful function of inventory turnover analysis?
A. Identifying excess inventory, including obsolete inventory.
B. Determining the best supplier of raw materials based on cost comparison.
C. Creating new staffing positions for inventory support.
D. Developing more efficient methods for manufacturing finished products.
Correct Answer: A


To develop greater internal auditing expertise, the chief audit executive (CAE) has been assigning the same relatively
inexperienced team of internal auditors to a series of engagements spanning several months. Is this practice consistent
with the Standards?
A. Yes. The CAE is promoting the professional development of the staff.
B. Yes. The experience will quickly build specialized skills and competencies.
C. No. The team should collectively possess the competencies appropriate for the engagements.
D. No. Teams should be comprised of both experienced and inexperienced auditors.
Correct Answer: C

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