[Free] Download New Updated (October 2016) IIA IIA-CIA-Part1 Real Exam 51-60

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QUESTION 51

Which of the following internal control weaknesses would an auditor most likely detect while reviewing a flowchart that depicts the purchasing function of an organization?

 

A.

Purchasing policies have not been updated.

B.

The organization is not taking advantage of quantity discounts available from its suppliers.

C.

Payments for goods received have not been authorized at the appropriate level.

D.

Payments to suppliers are made before goods are received.

 

Correct Answer: D

 

 

QUESTION 52

Which of the following would be the best source of information for a chief audit executive to use in planning future audit staff requirements?

 

A.

Discussions of audit needs with executive management and the audit committee.

B.

Review of audit staff education and training records.

C.

Review of audit staff size and composition of similar-sized companies in the same industry.

D.

Interviews with existing audit staff.

 

Correct Answer: A

 

 

QUESTION 53

Which of the following represents the correct order of the risk management process?

 

A.

Resource allocation, risk management metrics, risk assessment, post-mortem analysis, effective communication.

B.

Risk management metrics, resource allocation, risk assessment, effective communication, post-mortem analysis.

C.

Risk assessment, resource allocation, risk governance and reporting, post-mortem analysis, feedback.

D.

Resource allocation, risk monitoring, risk assessment, feedback, post-mortem analysis.

 

Correct Answer: C

 

 

QUESTION 54

An auditor plans to analyze customer satisfaction,including. (1) customer complaints recorded by the customer service department during the last three months; (2) merchandise returned in the last three months; and (3) responses to a survey of customers who made purchases in the last three months. Which of the following statements regarding this audit approach is correct?

 

A.

Although useful,such an analysis does not address any risk factors.

B.

The survey would not consider customers who did not make purchases in the last three months.

C.

Steps 1 and 2 of the analysis are not necessary or cost-effective if the customer survey is comprehensive.

D.

Analysis of three months’ activity would not evaluate customer satisfaction.

 

Correct Answer: B

 

 

QUESTION 55

Which of the following would provide the most reliable information on the risk associated with an auditable activity?

 

A.

Event scenarios with regression analysis.

B.

Past audit findings and instances of management failures.

C.

Consequences and economic predictability of loss.

D.

Management assessment and corroboration by the internal audit activity.

 

Correct Answer: D

 

 

QUESTION 56

Which of the following factors affects the control risk of a company?

 

A.

Potential problems like technological obsolescence.

B.

Unusual pressures on management.

C.

Complex accounts that require expert valuations.

D.

Segregation of duties.

 

Correct Answer: D

 

 

QUESTION 57

Which of the following is an appropriate consideration by the auditor when preparing an engagement program for a human resource audit?

 

A.

State the work steps in the form of questions.

B.

Use standard audit program for HR from previous years.

C.

Include in the audit program certain audit tests requested by audit client.

D.

Defer preparation of the audit program after the field work.

 

Correct Answer: C

 

 

QUESTION 58

In advance of a preliminary survey, a chief audit executive sends a memorandum and questionnaire to the supervisors of the department to be audited. What is the most likely result of that procedure?

 

A.

It creates apprehension about the audit engagement.

B.

It involves the engagement client’s supervisory personnel in the audit.

C.

It is an uneconomical approach to obtaining information.

D.

It is only useful for audits of distant locations.

 

Correct Answer: B

 

 

QUESTION 59

To assure that the technical proficiency of internal auditors is appropriate for the audit engagements to be performed, a chief audit executiveshould:

 

A.

Consider the scope of work and level of responsibility when establishing criteria for education and experience in filling internal auditing positions.

B.

Ensure that each newly hired auditor is qualified in all of the disciplines needed to accomplish the department’s audit mission.

C.

Oversee a training program that matches the actual training provided with the interests of individual auditors.

D.

Require all of the audit staff to pursue a minimum number of continuing professional education hours each year.

 

Correct Answer: A

 

 

QUESTION 60

Which of the following would be most effective in determining if the percentage of medication orders containing errors improved after a hospital installed a computerized medication-tracking system?

 

A.

Compare the proportion of erroneous medication orders before and after system installation for similar periods.

B.

Compare the number of errors before and after system installation for similar periods.

C.

Compare,after adjusting for the number of patients,the proportion of erroneous medication orders before and after system installation.

D.

Compare,after adjusting for the number of patients,the number of errors before and after system installation for similar periods.

 

Correct Answer: A

 

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