Quiz IIA - IIA-CIA-Part1 - Accurate Internal Audit Fundamentals Related Exams

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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Objectives
Topic 1: Independence and Objectivity	- Organizational independence - Individual objectivity and impairment
Topic 2: Quality Assurance and Improvement Program (QAIP)	- External quality assessments - Internal quality assessments - Continuous improvement of internal audit function
Topic 3: Foundations of Internal Auditing	- Internal audit role in governance, risk, and control - IIA Standards and Code of Ethics overview - Internal audit definition, purpose, and value
Topic 4: Proficiency and Due Professional Care	- Competence and skills requirements - Due professional care in engagements

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IIA Internal Audit Fundamentals Sample Questions (Q250-Q255):

NEW QUESTION # 250
Which of the following would the chief audit executive be required to disclose in the communication of quality assessment results to senior management and the board?

A. A potential conflict of interest of the assessment team.
B. Any assumptions made by the assessment team
C. The assessment team's execution plan of relevant procedures.
D. The cost and frequency of both internal and external assessments.

Answer: A

Explanation:
The chief audit executive is required to disclose any potential conflicts of interest of the assessment team in the communication of quality assessment results to senior management and the board. This disclosure is crucial to maintain the credibility and integrity of the quality assessment process, ensuring that the results are viewed as objective and reliable.
IIA Standard on Quality Assurance and Improvement Program

NEW QUESTION # 251
Which of the following activities should the chief audit executive perform to ensure compliance with an organization's code of conduct?

A. Review and adjudicate all violations of the code of conduct.
B. Act as an advisor to the committee responsible for reviewing violations of the code.
C. Lead the committee responsible for the oversight of the code.
D. Implement a system of procedures to inform all employees of the code.

Answer: B

Explanation:
To ensure compliance with an organization's code of conduct, the chief audit executive should act as an advisor to the committee responsible for reviewing violations of the code. This role allows the CAE to contribute expertise and oversight without directly managing the process, which helps maintain the necessary independence and objectivity of the internal audit function.
IIA guidance on the role of the internal audit in governance, particularly relating to compliance with codes of conduct.

NEW QUESTION # 252
The results of an internal audit activity's (IAA) quality assurance and improvement program are favorable and an external assessment was completed within the last five years. Which of the following statements may the IAA use to describe its work?

A. "Conforms with the International Standards for the Professional Practice of Internal Auditing."
B. "Certified 100% accuracy, per the International Standards of External Assessment."
C. "Completed with the advance certification of the External Assessors Association for Auditing Review."
D. "Compliant with all domestic and international legal statutes, and certified quality assured for ten years."

Answer: A

NEW QUESTION # 253
An internal auditor audited a department store's cash function. Which of the following actions would indicate a lack of due professional care by the auditor?

A. The auditor informed appropriate authorities within the organization about suspected wrongdoing but did not inform external authorities.
B. Based on a well-designed system of internal controls over the cash function, the audit report assured senior management that no irregularities existed.
C. A flowchart of the entire cash function was developed but only samples of transactions were tested.
D. The audit report included a well-supported recommendation for a reduction in staff even though such a reduction might adversely impact morale.

Answer: B

Explanation:
Section: Volume C
Explanation/Reference:

NEW QUESTION # 254
According to the Standards, which of the following must an internal auditor take into consideration when performing an assurance engagement of treasury operations?
I.The audit committee has requested assurance of the treasury department's compliance with a new policy on the use of financial instruments.
II.
Treasury management has not instituted any risk management policies.
III.
Due to the recent sale of a division, the amount of cash and marketable securities managed by the treasury department has increased by 350 percent.
IV.
The external auditors have indicated some difficulties in obtaining account confirmations.

A. I and IV only.
B. I and II only.
C. I, II, and III only.
D. II, III, and IV only.

Answer: C

NEW QUESTION # 255
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