[Free] Download New Updated (October 2016) IIA IIA-CIA-Part1 Real Exam 141-150

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QUESTION 141

Which of the following would be most relevant regarding the internal control environment?

 

A.

Assessing controls over computerized applications.

B.

Documenting the organizational structure.

C.

Comparing and validating internal performance with external benchmarking.

D.

Maintaining and reviewing detailed financial records.

 

Correct Answer: B

 

 

QUESTION 142

An internal audit activity’s work schedule should always provide sufficient information to the audit committee to enable it to determine whether the proposed engagements:

 

A.

Support the organization’s objectives.

B.

Include sufficient fraud awareness.

C.

Will likely result in the detection of any major risk exposures.

D.

Are likely to detect control deficiencies.

 

Correct Answer: A

 

 

 

 

 

 

 

 

QUESTION 143

The chief audit executive (CAE) routinely provides activity reports to the board during quarterly board meetings. Senior management has asked to review the CAE’s board presentation before each board meeting so that any issues or questions can be discussed beforehand. The CAE should:

 

A.

Provide the activity reports to senior management as requested and discuss any issues that may require action to be taken.

B.

Not provide activity reports to senior management because such matters are the sole province of the board.

C.

Disclose only those matters in the activity reports that pertain to expenditures and financial budgets of the internal audit activity.

D.

Provide information to senior management that pertains only to completed audit engagements and observations available in published engagement final communications.

 

Correct Answer: A

 

 

QUESTION 144

In a manufacturing company, which department would be the internal audit activity’s most reliable source of information on the controls over minimizing defective goods?

 

A.

Manufacturing.

B.

Quality control.

C.

Research and development.

D.

Inventory management.

 

Correct Answer: B

 

 

QUESTION 145

When developing the annual audit plan and reviewing risk assessment priorities, a chief audit executive should always identify the:

 

A.

Potential recommendations for each auditable activity.

B.

Persons to whom engagement reports will be communicated.

C.

Engagement procedures to be used during the engagements.

D.

Internal audit resources required to achieve the audit plan.

 

Correct Answer: D

 

 

QUESTION 146

Which of the following situations allows for the most objectivity on the part of an internal auditor?

 

A.

Assessing testing procedures in a new computer system.

B.

Performing a risk assessment of a new financial instrument.

C.

Drawing conclusions from a sample of financial transactions.

D.

Comparing current environmental activities against legislation.

 

Correct Answer: D

 

 

QUESTION 147

Which of the following should be the primary objective of an audit of an entity’s business continuity plan?

 

A.

Cost of testing and updating the plan.

B.

Delegation of responsibilities for the plan.

C.

Relationship of the plan to risk exposures.

D.

Efficiency of the planning procedures.

 

Correct Answer: C

 

 

QUESTION 148

In a well-developed management environment,the internal audit activitywould.

 

A.

Report the results of audit engagements to line management as well as to senior management.

B.

Conduct regularly scheduled audits of existing systems and initial audits of new computer systems after they have begun operating.

C.

Interface primarily with senior management, minimizing interactions with line managers who are the subjects of internal audit work.

D.

Focus on the maintenance of accounting controls (such as segregation of the duties of authorization, recording, and custody) and report results to the audit committee.

 

Correct Answer: A

 

 

QUESTION 149

Some of a company’s payroll transactions were batch posted to the payroll file but were not uploaded correctly to the general ledger file on the mainframe. The best control to detect this type of error wouldbe.

 

A.

Edit controls on the payroll file.

B.

Appropriate segregation of duties for batch approval.

C.

Validation of hash totals.

D.

Reconciliation of paychecks to the bank account.

 

Correct Answer: C

 

 

QUESTION 150

Which of the following is the primary concern of an internal auditor in a comprehensive audit of an organization?

 

A.

Accuracy of reports on the source and use of funds.

B.

Extent of achievement of the organization’s mission.

C.

Confirmation of compliance with policies and procedures.

D.

Appropriateness of procedures related to the budgeting process.

 

Correct Answer: B

 

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