[Free] Download New Updated (October 2016) IIA IIA-CIA-Part3 Real Exam 101-110

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QUESTION 101

A key advantage of developing a computer application by using the prototyping approach is that it:

 

A.

Does not require testing for user acceptance.

B.

Allows applications to be portable across multiple system platforms.

C.

Is less expensive since it is self-documenting.

D.

Better involves users in the design process.

 

Correct Answer: D

 

 

QUESTION 102

According to IIA guidance, which of the following corporate social responsibility (CSR) evaluation activities may be performed by the internal audit activity?

 

1. Consult on CSR program design and implementation.

 

2. Serve as an advisor on CSR governance and risk management.

 

3. Review third parties for contractual compliance with CSR terms.

 

4. Identify and mitigate risks to help meet the CSR program objectives.

 

A.

1, 2, and 3

B.

1, 2, and 4

C.

1, 3, and 4

D.

2, 3, and 4

 

Correct Answer: A

 

 

QUESTION 103

Import quotas that limit the quantities of goods that a domestic subsidiary can buy from its foreign parent company represent which type of barrier to the parent company?

 

A.

Political.

B.

Financial.

C.

Social.

D.

Tariff.

 

Correct Answer: A

 

 

QUESTION 104

Which of the following is a role of the board of directors in the governance process?

 

A.

Conduct periodic assessments of the organization’s governance systems.

B.

Obtain assurance concerning the effectiveness of the organization’s governance systems.

C.

Implement an effective system of internal controls to support the organization’s governance systems.

D.

Review and approve operational goals and objectives.

 

Correct Answer: B

 

 

QUESTION 105

During the last year, an organization had an opening inventory of $300,000, purchases of $980,000, sales of $1,850,000, and a gross margin of 40 percent. What is the closing inventory if the periodic inventory system is used?

 

A.

$170,000

B.

$280,000

C.

$300,000

D.

$540,000

 

Correct Answer: A

 

 

QUESTION 106

A chief audit executive (CAE) was asked to participate in the selection of an external auditor. Which of the following would not be a typical responsibility for the CAE?

 

A.

Evaluate the proposed external auditor fee.

B.

Recommend criteria to be used in the selection process.

C.

Develop appropriate performance metrics.

D.

Monitor the work of the external auditors.

 

Correct Answer: C

 

 

QUESTION 107

An internal auditor has been asked to conduct an investigation involving allegations of independent contractor fraud. Which of the following controls would be least effective in detecting any potential fraudulent activity?

 

A.

Exception report identifying payment anomalies.

B.

Documented policy and procedures.

C.

Periodic account reconciliation of contractor charges.

D.

Monthly management review of all contractor activity.

 

Correct Answer: B

 

 

QUESTION 108

Which of the following is true regarding an organization’s relationship with external stakeholders?

 

A.

Specific guidance must be followed when interacting with nongovernmental organizations.

B.

Disclosure laws tend to be consistent from one jurisdiction to another.

C.

There are several internationally recognized standards for dealing with financial donors.

D.

Legal representation should be consulted before releasing internal audit information to other assurance providers.

 

Correct Answer: D

 

 

QUESTION 109

An organization decided to install a motion detection system in its warehouse to protect against after-hours theft. According to the COSO enterprise risk management framework, which of the following best describes this risk management strategy?

 

A.

Avoidance.

B.

Reduction.

C.

Elimination.

D.

Sharing.

 

Correct Answer: B

 

 

QUESTION 110

According to Porter, which of the following is associated with fragmented industries?

 

A.

Weak entrance barriers.

B.

Significant scale economies.

C.

Steep experience curve.

D.

Strong negotiation power with suppliers.

 

Correct Answer: A

 

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