IIA-CIA-Part1 Questions and Answers: Internal Audit Fundamentals & IIA-CIA-Part1 Practice Test

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IIA Internal Audit Fundamentals Sample Questions (Q16-Q21):

NEW QUESTION # 16
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. 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
C. Believing there must be errors in a given balance sheet account the internal auditor decides to expand his testing
D. An internal auditor delays reporting material financial statement audit findings until after his parents sell all of their stock in the company

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 # 17
In which of the following ways could stakeholders be engaged in corporate social responsibility efforts?

A. Auditing of controls and management systems.
B. Involvement in focus groups and complaint management
C. Communication of disclosures and external reporting,
D. Investigation of health and safety incidents.

Answer: C

NEW QUESTION # 18
According to the Standards, for how long should internal auditors who have previously performed or had management responsibility for an operation wait to become involved in future internal audit activity with that same operation?

A. Three months.
B. Six months.
C. One year.
D. Two years.

Answer: C

NEW QUESTION # 19
Which of the following is a legitimate requirement for an internal audit activity's quality assurance and improvement program (QAIP)?

A. All quality assessments should be either conducted or validated by an independent assessment team
B. The results of the QAIP should be communicated to shareholders annually
C. External quality assessments should be conducted every seven years
D. Quality assessments should be performed by individuals with sufficient knowledge of the internal audit practices

Answer: D

Explanation:
The IIA standards specify that quality assurance and improvement programs (QAIP) must include both internal and external assessments. The internal assessments must be conducted continuously, and external assessments must be conducted at least once every five years, not seven. A key aspect of QAIP is that quality assessments should be performed by individuals who have sufficient knowledge of internal audit practices, ensuring the effectiveness and credibility of the audit process.References:
* IIA Standard 1300: "Quality Assurance and Improvement Program"

NEW QUESTION # 20
Which of the following topics would a chief audit executive most likely include with their report to the board?

A. A significant level of senior management turnover throughout the organization.
B. Analyses of recent increases in overtime.
C. The status of labor contract negotiations at the largest manufacturing plant.
D. A recent management hire to oversee labor concerns.

Answer: A

NEW QUESTION # 21
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