[Free] Download New Updated (October 2016) IIA IIA-CIA-Part2 Real Exam 251-260

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QUESTION 251

Which role is not considered a change agent when an organization wants to implement structural changes?

 

A.

Senior management.

B.

Line management.

C.

Independent consultant.

D.

Shareholder.

 

Correct Answer: D

 

 

QUESTION 252

When planning an audit engagement, what should an internal auditor first consider when assessing the ri
sk of fraud in the area to be audited?

 

A.

Impact of and exposure to fraud.

B.

Existence of evidence of fraud.

C.

Organizational structure.

D.

Management’s risk appetite.

 

Correct Answer: A

 

 

QUESTION 253

An organization has developed a large database that tracks employees, employee benefits, payroll deductions, job classifications, and other similar information. The internal auditor reviews the retirement benefits plan and determines that the pension and medical benefits have been changed several times in the past ten years. The auditor wishes to determine whether there is justification to perform further audit investigation. The most appropriate audit procedure would be to:

 

A.

Review the trend of overall retirement expense over the last ten years. If the retirement expense increased, it would indicate the need for further investigation.

B.

Use generalized audit software to select a monetary-unit sample of retirement pay, and determine whether each retired employee was paid correctly.

C.

Review reasonableness of retirement pay and medical expenses on a per-person basis stratified by which plan was in effect when the employee retired.

D.

Use generalized audit software to select an attributes sample of retirement pay, and perform detailed testing to determine whether each person chosen was given the proper benefits.

 

Correct Answer: C

 

 

QUESTION 254

Under what circumstances would internal audit not become involved when intentional misconduct is suspected?

 

A.

Management is involved in wrongdoing.

B.

Management is running a parallel investigation.

C.

Management does not believe a trusted employee could be guilty.

D.

Management does not maintain strong internal controls.

 

Correct Answer: B

 

 

QUESTION 255

An internal auditor notices that a division has recorded uncharacteristically high sales and gross margins for the past three months and now suspects the division is reporting fictitious sales. Which course of action should the auditor follow to determine whether fraud has occurred?

 

A.

Trace a sample of shipping documents to related sales invoices to verify proper billing.

B.

Send accounts receivable balance confirmations to customers.

C.

Compare the division’s sales and gross margins to those of the prior three-month period.

D.

Estimate the sales and cost of goods sold for the three-month period by using regression analysis.

 

Correct Answer: B

 

 

QUESTION 256

Which of the following would most likely contribute to discrepancies between receiving reports and the number of units in a shipment?

 

A.

Failing to compare the quality of goods received with specifications.

B.

Using inadequate vendor selection procedures.

C.

Accepting improper authorization for purchases.

D.

Indicating the quantities ordered on the receiving department’s copy of the purchase order.

 

Correct Answer: D

 

 

QUESTION 257

Which of the following is not likely to be included as an audit step when assessing vendor performance policies?

 

A.

Determine whether agreed-upon lot sizes were sent by vendors.

B.

Determine whether only authorized items were received from vendors.

C.

Determine whether the balances owed to vendors are correct.

D.

Determine whether the quality of the goods purchased from the vendors has been satisfactory.

 

Correct Answer: C

 

 

QUESTION 258

A consumer electronics company is considering acquiring a small flash memory manufacturer. An internal auditor has been assigned to determine if the manufacturer’s accounts payable contain all outstanding liabilities. Which audit procedure is not relevant for this objective?

 

A.

Verify the period of liability of subsequent cash disbursements using related supporting documentation.

B.

Send confirmations, including zero-balance accounts, to vendors with whom the manufacturer normally does business.

C.

Trace receiving reports issued before the period end to the accounts payable list and vendor invoices.

D.

Verify a sample of accounts payable by using related invoices, receiving reports, and purchase orders.

 

Correct Answer: D

 

 

QUESTION 259

The internal audit activity performs the following sequence of risk management activities: identification, analysis, and evaluation. According to IIA guidance, which of the following assurance approaches does this describe?

 

A.

Process elements approach.

B.

Enterprise-wide risk management approach.

C.

Key principles approach.

D.

Maturity model approach.

 

Correct Answer: A

 

 

QUESTION 260

An organization has recently incurred significant cost overruns on one of its construction projects. Management suspects that these overruns were caused by the contractor improperly charging for costs related to contract change orders. Which of the following procedures are appropriate for testing this suspicion?

 

1. Determine if the contractor has received proper approval of change orders from management.

 

2. Determine if the contractor has billed for original contract work cancelled by the change orders.

 

3. Determine if the contractor has charged change orders with costs already billed to the original contract.

 

4. Determine if the contractor has been paid for change orders that have not yet been completed.

 

A.

1 and 2 only

B.

1 and 3 only

C.

2 and 3 only

D.

3 and 4 only

 

Correct Answer: C

 

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