[Free] Download New Updated (October 2016) IIA IIA-CIA-Part1 Real Exam 341-350

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QUESTION 341

Which of the following is accomplished by the internal audit charter?

 

A.

It establishes the audit committee’s position within the organization.

B.

It authorizes access to records,personnel and physical properties relevant to the performance of engagements.

C.

It defines the scope of internal and external audit activities.

D.

It states the nature of the chief audit executive’s administrative reporting relationship with the board.

 

Correct Answer: B

 

 

QUESTION 342

Which of the following is not part of the five-attribute approach to developing documentation for an audit observation?

 

A.

Condition.

B.

Effect.

C.

Management response.

D.

Recommendation.

 

Correct Answer: C

 

 

 

 

 

QUESTION 343

According to IIA guidance, which of the following is the most likely obstacle to undertaking a quality assurance and improvement program by the internal audit activity?

 

A.

The size of internal audit department under review.

B.

The time commitment to complete.

C.

The lack of independence and objectivity.

D.

The inability to adequately fund the program.

 

Correct Answer: D

 

 

QUESTION 344

An internal auditor is testing the controls of a large and complex food production process where quality assurance is critical. Management provides process charts and documentation,but the auditor quickly determines that this information is in
complete and out of date. Which of the following would be the most appropriate course of action for the auditor to follow?

 

A.

Use the documentation but meet with the production supervisor to obtain updated information before proceeding.

B.

Amend the engagement objectives recognizing that important information is not available to protect the engagement’s integrity.

C.

Defer the audit until management can provide updated charts and documentation as this is their responsibility.

D.

Use the documentation but use observation during the engagement to provide missing information.

 

Correct Answer: A

 

 

QUESTION 345

What information should the internal quality assessment of the internal audit activity communicate to the chief audit executive?

 

A.

Detailed objectives for internal audit engagements.

B.

Confirmation that past audit recommendations have been implemented.

C.

Evaluation of the adequacy of internal audit policies and procedures.

D.

Performance appraisals of the internal audit staff.

 

Correct Answer: C

 

 

QUESTION 346

Which of the following policies exemplifies a control weakness in the approval and oversight of credit sales?

 

A.

The credit department is responsible for approving shipments to all customers.

B.

The head of the sales department can authorize credit lines for large customers.

C.

The finance committee of the board of directors periodically reviews credit standards.

D.

Customers who fail to meet credit requirements must pay cash for shipments upon delivery.

 

Correct Answer: B

 

QUESTION 347

Which of the following best describes the trait that an internal auditor exercises when considering the extent of work needed to achieve the engagement’s objectives?

 

A.

Independence.

B.

Due professional care.

C.

Objectivity.

D.

Proficiency.

 

Correct Answer: B

 

 

QUESTION 348

Which type of control is designed to directly mitigate internal and external risks at the organizationwide level, furthering the achievement of many overall organizational objectives?

 

A.

Process-level control.

B.

Entity-level control.

C.

Transaction-level control.

D.

Complementary control.

 

Correct Answer: B

 

 

QUESTION 349

Which of the following is the best method for testing the accuracy of a computer program’s calculation of shipping charges?

 

A.

Use either test data or parallelsimula-tionto test the computer program.

B.

Use generalized audit software to select a monetary-unit sample of invo
ices that have been billed to customers.

C.

Select transactions from invoices with shipping charges using difference estimation.

D.

Select transactions from invoices with shipping charges using discovery sampling.

 

Correct Answer: A

 

 

QUESTION 350

An internal auditor for a large computer company suspects that returned computer systems are being repackaged as new products and shipped to other customers before the defects have been repaired. Which of the following would be the most persuasive piece of evidence in support of the auditor’s suspicions?

 

A.

Credit memos issued after year end for goods shipped before year end.

B.

Evidence of returned goods in the shipping and receiving area.

C.

An unusual number of customer complaints.

D.

The results of a complete physical inventory taken at year end.

 

Correct Answer: C

 

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