[Free] Download New Updated (October 2016) IIA IIA-CIA-Part1 Real Exam 281-290

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QUESTION 281

The work papers for an audit of hazardous-materials handling and disposal at an engineering research facility provide evidence that the following procedures wereperformed.

 

clip_image002Drums of hazardous waste not yet shipped off-site were inventoried. The physical count agreed with the company’s inventory records.

clip_image002[1]A sample of hazardous-waste shipments received at the disposal site was compared to bills of lading and company records. No errors were detected.

clip_image002[2]The audit staff observed engineering personnel during the handling of hazardous materials. No company policy violations were noted.

 

The reconciliation of waste drums to the inventory records provides evidence that:

 

A.

Hazardous-waste materials were being disposed of as prescribed by company policy.

B.

The amount of hazardous materials being used was accurately recorded.

C.

Records of drums shipped to the waste disposal site were being maintained.

D.

All hazardous-waste drums in inventory were accounted for.

 

Correct Answer: D

 

 

QUESTION 282

In preparing for an audit of the footwear division of a major retail organization,an internal auditor gathered the following information about the organization’s stores:

 

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In addition to labor costs,the other costs associated with each store are leasing and maintenance expenses. Which of the following is a valid conclusion?

 

A.

Sales per store are directly related to the size of the store.

B.

Employees are less productive in larger stores.

C.

Gross margin is directly related to the size of the store.

D.

Cost of goods sold is directly related to the size of the store.

 

Correct Answer: A

 

 

 

 

 

QUESTION 283

Which of the following is true of a horizontal flowchart as compared to a vertical flowchart?

 

A.

It provides more room for written descriptions that parallel the symbols.

B.

It brings into sharper focus the assignment of duties and independent checks on performance.

C.

It is usually longer.

D.

It does not provide as broad a picture at a glance.

 

Correct Answer: B

 

 

QUESTION 284

An organization that outsources much of its internal audit work to an external service provider is planning for an external quality assessment. Which of the following options would accomplish this task and be in conformance with the Standards?

 

A.

Engaging an external industry associate that per
formed a similar review for a supplier of the organization.

B.

Selecting a team from an independent entity that previously employed the chief audit executive of the organization.

C.

Using a team under the direction of the organization’s chief audit executive, and obtaining validation from a former manager of the internal audit activity.

D.

Using the same external service provider because of its competency and experience with the organization.

 

Correct Answer: A

 

 

QUESTION 285

An engagement manager is reviewing the results of sampling work performed by staff internal auditors. Which interim report statement should immediately give the engagement manager cause for concern about the nature and quality of the sampling procedure?

 

A.

The acceptable risk of assessing control risk too low is 10%, the tolerable deviation rate is 5%, the expected population deviation rate is 1%, sample size is 80 out of a large population.

B.

The acceptable risk of assessing control risk too low is 5%, the tolerable deviation rate is 5%, the expected population deviation rate is 5%, the sample size is 1580.

C.

The acceptable risk of assessing control risk too low is 5%, the tolerable deviation rate is 5%, the expected population deviation rate is 1%, the confidence expressed is 95%.

D.

The acceptable risk of assessing control risk too low is 10%, the tolerable deviation rate is 5%, the true,but unknown population rate is less than 5%, the achieved upper deviation limit is 4.8%.

 

Correct Answer: B

 

 

QUESTION 286

Which of the following is considered a common red flag indicator in helping to uncover fraud?

 

A.

Improper segregation of duties.

B.

Repeated poor performance.

C.

Termination from previous employer.

D.

Experiencing financial difficulty.

 

Correct Answer: D

 

 

QUESTION 287

An internal auditor would most likely judge an error in an account balance to be material if the error involves:

 

A.

A data input function.

B.

A large percentage of net income.

C.

An unverified routine transaction.

D.

An unusual transaction for the company.

 

Correct Answer: B

 

 

QUESTION 288

Which of the following is the best example of a strategic objective?

 

A.

Opening a new product line.

B.

Adhering to laws and regulations.

C.< /span>

Attaining a specified sales target.

D.

Safeguarding assets.

 

Correct Answer: A

 

 

QUESTION 289

Which of the following data collection strategies systematically tests the effects of various factors on an outcome?

 

A.

Content analysis.

B.

Sampling.

C.

Evaluation synthesis.

D.

Modeling.

 

Correct Answer: D

 

 

QUESTION 290

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

 

A.

The status of labor contract negotiations at the largest manufacturing plant.

B.

A significant level of senior management turnover throughout the organization.

C.

A recent management hire to oversee labor concerns.

D.

Analyses of recent increases in overtime.

 

Correct Answer: B

 

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