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IIA Internal Audit Fundamentals Sample Questions (Q466-Q471):

NEW QUESTION # 466
Which of the following factors is not likely to affect the level of inherent risk associated with an application system?

A. Controls over the system appear reliable.
B. The system is not a critical operating system.
C. The system is strategic.
D. The system uses complex technology.

Answer: A

NEW QUESTION # 467
Which of the following is an example of an impairment to an internal auditor's independence?

A. Following the restructuring of the organization, the internal audit activity now reports functionally to the chief financial officer
B. Believing there must be errors in a given balance sheet account the internal auditor decides to expand his testing
C. An internal auditor delays reporting material financial statement audit findings until after his parents sell all of their stock in the company
D. A new member of the internal audit activity, who was the accounts payable supervisor for two years, is asked to consult on the implementation of a new accounts payable system

Answer: A

Explanation:
The internal audit activity reporting functionally to the chief financial officer (CFO) can impair an internal auditor's independence. Functionally reporting to the CFO, who may be responsible for areas under audit, could create a conflict of interest and affect the auditor's ability to act independently. This arrangement can compromise the objectivity required for the internal audit function as outlined in the IIA standards.
References: IIA Standard 1110 - Organizational Independence

NEW QUESTION # 468
Suspecting fraud, the chief financial officer (CFO) asked the internal audit activity to investigate a significant increase in travel related expenditures. Work was performed by a qualified internal auditor. Following the completion of the engagement, the chief audit executive (CAE) reported to the CFO that no violations were found and no fraud had occurred.
According to the Standards, which of the following principles did the CAE violate?

A. Individual objectivity.
B. Organizational independence.
C. Proficiency.
D. Due professional care.

Answer: D

Explanation:
Section: Volume E

NEW QUESTION # 469
In a manufacturing organization, all sales prices are determined centrally and are electronically sent to the distribution centers to update their sales price tables. Any pricing deviations must be approved by central headquarters. To determine how this process is functioning, an internal auditor should:

A. Document the flow of sales price information, and determine how the table is accessed and updated.
B. Obtain a copy of the existing flowchart for the computer program to determine how price data are accessed.
C. Identify who approves the shipment of goods and how the goods are priced.
D. Develop a flowchart of the sales order process to determine how orders are taken and priced.

Answer: A

Explanation:
Section: Volume A

NEW QUESTION # 470
A newly hired chief audit executive is reviewing available documentation to provide evidence of conformance with the standard for continuing professional development. Which of the following documents is the most reliable source for this purpose?

A. In house training manual
B. A list of auditors who requested to attend the next audit conference.
C. The organization's training policy.
D. Self-assessments against an internally developed audit benchmark

Answer: D

NEW QUESTION # 471
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