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NEW QUESTION # 155
A credit card company detects potential errors in credit card numbers by checking whether all entered numbers contain the correct amount of digits. This is an example of which of the following IT controls?
- A. Logic test.
- B. Balancing control activities.
- C. Data integrity tests.
- D. Check digits.
Answer: A
NEW QUESTION # 156
As a matter of policy, the chief audit executive routinely rotates internal audit staff assignments and periodically interviews the staff to discuss the potential for conflicts of interest. These actions help fulfill which of the following internal audit mandates?
- A. Professional objectivity.
- B. Individual proficiency.
- C. Organizational independence.
- D. Due professional care.
Answer: A
NEW QUESTION # 157
According to The MA Global Internal Audit Competency Framework, which of the following areas of training would best assist the internal audit activity in improving its use of tools and techniques?
- A. Ethics and fraud.
- B. Negotiation and conflict resolution.
- C. Financial accounting.
- D. Project management.
Answer: D
NEW QUESTION # 158
Which of the following control methods is effective in reducing the risk of purchasing-scheme fraud?
1. Periodically reviewing the vendor list for unusual vendors and addresses.
2. Segregating duties for amount purchasing, receiving, shipping, and accounting.
3. Validating sequential integrity of purchase orders.
4. Verifying the validity of invoices with post office box addresses.
- A. 1 and 2 only
- B. 3 and 4 only
- C. 1, 2, and 4 only
- D. 1, 2, 3, and 4
Answer: B
NEW QUESTION # 159
Which of the following statements best explains why internal auditors map processes?
1. To obtain audit evidence to support auditor's observations.
2. To determine scope and objectives of the audit.
3. To facilitate the identification of ownership and responsibility for key risks.
4. To identify potential efficiency improvements.
- A. 1 and 3.
- B. 1 and 2.
- C. 2 and 4.
- D. 3 and 4.
Answer: D
NEW QUESTION # 160
The chief audit executive (CAE) has assigned an internal auditor to an upcoming engagement. Which of the following requirements would most likely indicate that the internal auditor was assigned to an assurance engagement?
- A. The assigned internal auditor must not assume management responsibilities while performing the engagement.
- B. The assigned internal auditor must maintain objectivity while performing the engagement.
- C. The CAE must personally obtain the needed skills, knowledge, or other competencies if the internal auditor does not have them.
- D. The assigned internal auditor must determine the objectives, scope, and techniques of the engagement.
Answer: D
NEW QUESTION # 161
Which of the following actions does not violate the IIA Code of Ethics or Standards?
- A. An internal auditor disclosing details of an audit report to colleagues from a different organization.
- B. An internal auditor performing an audit on procedures that they were responsible for creating.
- C. An internal auditor performing an audit on an operation that they managed less than a year ago.
- D. An internal auditor disclosing confidential information in response to a lawsuit.
Answer: D
NEW QUESTION # 162
An internal auditor finds during an engagement that payment for the organization's general insurance policy is two months overdue. The issue is informally mentioned tothe finance department which immediately submits the invoice for payment. The auditor decides to exclude this finding from the final audit report as the oversight was immediately corrected and there were no consequences because of this late payment.
Which of the following rules of conduct as described in the IIA Code of Ethics, did the auditor fail to uphold?
- A. Confidentiality.
- B. Integrity.
- C. Objectivity.
- D. Competency.
Answer: C
NEW QUESTION # 163
The internal audit activity is planning a procurement audit and needs to obtain a thorough understanding of the subcontracting process, which can involve multiple individuals in multiple countries.
Which of the following internal audit tools would be most effective to document the process and the key controls?
- A. Procurement employee survey.
- B. Internal control checklist.
- C. Segregation of duties matrix.
- D. Cross-functional flow chart.
Answer: D
NEW QUESTION # 164
According to IIA guidance, which of the following is the best example of a system application control?
- A. A system development life cycle control.
- B. A program change management control.
- C. A physical security control over a data center.
- D. An input control over data integrity.
Answer: D
NEW QUESTION # 165
Why is it important for the chief audit executive to periodically review the audit charter and present the results to senior management and the board?
- A. Because changes in the organization may impair the internal audit activity's ability to meet its objectives.
- B. So that there is assurance of the internal audit staff's proficiency to complete audit activities.
- C. Because management requires the review to measure effectiveness of the internal audit activity.
- D. So that the individual objectivity of the internal audit staff can be more clearly established.
Answer: A
NEW QUESTION # 166
According to the COSO internal control framework, which of the following best describes the use of continuous auditing programs by the internal audit activity?
- A. Control activities.
- B. Risk assessment.
- C. Monitoring.
- D. Control environment.
Answer: C
NEW QUESTION # 167
An auditor identifies three errors in the sample of 25 entries selected for review (a 12 percent error rate).
Based on this result, the auditor assumes that approximately 59 of the total population of 492 entries are incorrect. To reach this assumption, the auditor has used a technique known as which of the following?
- A. Stratification.
- B. Ratio estimation.
- C. Variability tolerance.
- D. Acceptance sampling.
Answer: B
NEW QUESTION # 168
Which of the following is an activity that an internal auditor must not perform?
- A. Provide assurance for the effectiveness of anti-money laundering training.
- B. Assess the risk of being fined for ineffective anti-money laundering practices.
- C. Survey employees for their understanding of anti-money laundering practices.
- D. Establish and provide continuing assurance on an anti-money laundering program for new hires.
Answer: D
NEW QUESTION # 169
An internal auditor is reviewing the accounts receivable when she discovers account balances more than three years old. The auditor was previously supervising the area during this time, and she subsequently advises the chief audit executive (CAE) of a potential conflict.
Which of the following is the most appropriate course of action for the CAE to take?
- A. Work with the division's management to resolve the situation.
- B. Continue with the present auditor, as more than one year has passed.
- C. Replace the auditor with another audit staff member.
- D. Withdraw the audit team and outsource the financial audit of the division.
Answer: C
NEW QUESTION # 170
Which of the following enhances the independence of the internal audit activity?
- A. The audit committee approves the CAE's annual salary increase.
- B. The chief executive officer approves the internal audit charter.
- C. The CAE administratively reports to the board.
- D. The chief audit executive (CAE) approves the annual internal audit plan.
Answer: A
NEW QUESTION # 171
Which of the following types of fraud includes embezzlement?
- A. Misappropriation of assets.
- B. Bribery.
- C. Fraudulent statements.
- D. Corruption.
Answer: A
NEW QUESTION # 172
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