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IIA
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IIA-CRMA-ADV
Certification in Risk Management Assurance Questions and Answers

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Viewing page 6 out of 9 pages

Viewing questions 51-60 out of questions

Questions # 51:

Why is a code of ethics for the internal audit profession necessary?

Options:

It ensures that all members of the profession possess the same level of competence.

It provides auditors with protection from lawsuits.

It guides internal auditors in their service to others.

It requires auditors to exhibit loyalty to their organizations.

Answer

Questions # 52:

A chief audit executive (CAE) learns that the brother-in-law of a senior auditor who audits the procurement process was hired as the head of the procurement department six months prior. Which of the following is the most appropriate action for the CAE to take?

Options:

The CAE should not interfere because there is no evidence that a conflict of interest has occurred.

The CAE should remind the senior auditor of his obligation to be objective and impartial.

The CAE should change the senior auditor's assignment and take corrective action for the auditor's failure to disclose the conflict of interest.

The CAE should require the senior auditor to disclose the relationship in writing before continuing his responsibility for monitoring procurement.

Answer

Questions # 53:

During an engagement, an internal auditor decided to use variance analysis as an auditing techniques. Which of the following steps should the auditor pursue if he discovers unexpected deviations of actual results from budget?

Options:

Report the deviations immediately to the audit committee.

Gather additional information to determine the cause of the deviations.

Conclude that the budget was unreasonably set and accept the deviations.

Perform alternative forms of analytical procedures which provide no deviations.

Answer

Questions # 54:

Which of the following would provide the best guidance to a chief audit executive who is setting internal audit staff requirements?

Options:

A review of audit staff education and training records.

Information about the audit staff size and composition of comparable organizations.

Results from discussions of audit needs with executive management and the audit committee.

The results of the audit staff's most recent performance reviews.

Answer

Questions # 55:

When conducting an interview, an internal auditor is most likely to ask open-ended questions in order to:

Options:

Obtain specific answers and maximize efficiency.

Gather factual data on several different topics.

Determine agreement or disagreement with a stated viewpoint.

Obtain information based on the person's own perspective.

Answer

Questions # 56:

Which of the following risk management activities is most appropriate for an internal auditor to undertake?

Options:

Impose risk management processes.

Coordinate risk management activities.

Implement risk responses on management's behalf.

Review the management of key risks.

Answer

Questions # 57:

While reviewing the workpapers of a new auditor, the auditor in charge discovered that additional audit procedures might be necessary. According to IIA guidance, which of the following would be most relevant for the auditor in charge to consider when making this decision?

Options:

Resource management.

Coordination.

Due professional care.

Engagement supervision.

Answer

Questions # 58:

Which of the following actions indicates a lack of due professional care by an internal auditor performing an audit of a store's cash function?

Options:

The audit report included a well-supported recommendation for a reduction in staff even though such a reduction might adversely impact morale.

The auditor tested samples of transactions to test the cash function's process flows.

After determining that the cash function internal controls were strong, the audit report assured senior management that fraud was not present.

The auditor discovered an instance of potential fraud and reported it immediately to management, but did not alert authorities outside the organization.

Answer

Questions # 59:

An internal auditor finds during an engagement that payment for the organization's general insurance policy is two months overdue. The issue is informally mentioned tothe finance department which immediately submits the invoice for payment. The auditor decides to exclude this finding from the final audit report as the oversight was immediately corrected and there were no consequences because of this late payment.

Which of the following rules of conduct as described in the IIA Code of Ethics, did the auditor fail to uphold?

Options:

Confidentiality.

Objectivity.

Integrity.

Competency.

Answer

Questions # 60:

A new chief audit executive (CAE) of a large internal audit activity (IAA) is dissatisfied with the current amount and quality of training being provided to the staff and wishes to implement improvements. According to IIA guidance, which of the following actions would best help the CAE reach this objective?