[Free] Download New Updated (October 2016) IIA IIA-CIA-Part1 Real Exam 331-340

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QUESTION 331

Which of the following best describes an appropriate form of working paper standardization?

 

A.

Uniform cross referencing system.

B.

Customized layouts for each specific audit area.

C.

Comprehensive data lists from information databases.

D.

Audit client review and approval.

 

Correct Answer: A

 

 

QUESTION 332

According to the C
OSO framework,which of the following is not a principle of internal control?

 

A.

Management’s philosophy and operating style.

B.

Human resource policies and practices.

C.

Integrity and ethical values.

D.

Risk assessment.

 

Correct Answer: D

 

 

QUESTION 333

An internal auditor is assessing the risk of employees falsifying reimbursement requests for business-related meals or travel. Which of the following procedures would the internal auditor most likely perform first?

 

A.

Review the supplemental documentation provided for a sample of reimbursement requests.

B.

Interview the payroll/accounting supervisor to determine what controls exist to prevent fraud.

C.

Determine whether or not the payroll/accounting department has been subject to regular review.

D.

Establish a flowchart of the payroll/accounting functions that include any controls currently in place.

 

Correct Answer: D

 

 

QUESTION 334

Which of the following tools would provide the most useful depiction of a process flow that spans multiple departments in an organization?

 

A.

A vertical flowchart of each department, showing inputs at the top and outputs at the bottom.

B.

A narrative,with a section dedicated to the process of each department.

C.

A combination of a flowchart, which shows the process, and a narrative, which indicates the related department.

D.

A horizontal flowchart, with each department identified across the top and the process flow below.

 

Correct Answer: D

 

 

 

 

 

 

QUESTION 335

Which of the following factors would cause an internal auditor to judge an account balance error to be material?

 

A.

The error involves an unusual transaction for the organization.

B.

The error pertains to an unverified transaction that is routine.

C.

The error concerns a data input function.

D.

The error involves a large percentage of net income.

 

Correct Answer: D

 

 

QUESTION 336

While conducting fieldwork,an internal auditor decides to utilize standard operating procedure (SOP) questionnaires to gather information about a human resources department. Which of the following is an advantage of this method?

 

A.

SOP questionnaires verify that a department is efficient and effective.

B.

SOP questionnaires generally do not need to be cleared by management of the audited department.

C.

SOP questionnaires are useful in identifying discrepancies and educating clients.

D.

SOP questionnaires are the most comprehensive technique for data gathering in fieldwork.

 

Correct Answer: C

 

 

QUESTION 337

Which of the following statements describes a control weakness?

 

A.

Purchasing procedures are well designed and are followed even when the purchasing supervisor wishes to direct otherwise.

B.

Pre-numbered blank purchase orders are secured within the purchasing department.

C.

Normal operational purchases fall in the range from $500 to $1,000, with a single signature required for purchases over $1,000.

D.

The purchasing agent in a personal capacity invests in a publicly-traded mutual fund that lists the stock of one of the company’s suppliers in its portfolio.

 

Correct Answer: C

 

 

QUESTION 338

When conducting a preliminary survey, which of the following audit activities should an internal auditor complete first?

 

A.

Identify risks and controls intended to prevent associated losses.

B.

Write detailed audit procedures.

C.

Identify client objectives, goals, and standards.

D.

Determine relevant engagement objectives.

 

Correct Answer: C

 

 

 

QUESTION 339

According to the COSO Enterprise Risk Management – Integrated Framework, which of the following statements is true regarding the role of risk appetite in an organization?

 

A.

Risk appetite reflects the organization’s risk philosophy and influences its operating style.

B.

A high risk appetite may limit capital investment in high risk areas.

C.

Risk appetite is determined in part by how an entity allocates its resources.

D.

Risk appetite is often best measured in the same units as its related objective.

 

Correct Answer: A

 

 

QUESTION 340

An organization has developed a model to determine the most profitable rate of production. The organization varies the cost of labor in the model to determine how much the changes affect the optimal production level. Which type of analysis does this scenario demonstrate?

 

A.

Forecast.

B.

Sensitivity.

C.

Critical path.

D.

Decision.

 

Correct Answer: B

 

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