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CIA Challenge Exam Exam Questions and Answers | SPOTO

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Question #1
Which of the following best describes why a chief audit executive might obtain the services of a fraud specialist to assist in a major fraud investigation?
A. Fraud specialists are better at using computer-assisted audit techniques
B. Fraud specialists are better equipped to act as an expert witness in court
C. Fraud specialists are better able to properly apply due professional care
D. Fraud specialists are better at using crime scene investigation techniques
View answer
Correct Answer: B
Question #2
The primary benefit of the balanced scorecard approach is that it:
A. Provides information on the customer’s perspective of the company
B. Links financial and nonfinancial measures of performance
C. Focuses on internal processes
D. Incorporates financial measures at strategic and operating levels
View answer
Correct Answer: B
Question #3
Which of the following is the primary engagement responsibility of an entry-level internal auditor?
A. Leadership
B. Documentation
C. Analysis
D. Reporting
View answer
Correct Answer: B
Question #4
An external assessment of an organization’s internal audit activity was last completed four years ago. Which of the following options would be acceptable this year if the internal audit activity is to fulfill the requirements of the Standards?
A. The internal audit activity conducts a self-assessment that is validated by a qualified and experienced internal auditor and then schedules a qualified, independent external assessor
B. The board nominates an independent individual from senior management in the organization to conduct an assessment of the internal audit activity
C. An external auditor conducts an audit of the organization, which includes information about the internal audit activity
D. The chief audit executive schedules a self-assessment and the board approves the results
View answer
Correct Answer: A
Question #5
Which of the following is essential for ensuring that the internal audit activity's findings and recommendations receive adequate consideration?
A. Reporting results of audits with recommendations to management
B. Providing formal follow-up procedures to ensure that management complies with an action plan or accepted risk of not taking action
C. Reporting quarterly to management that the audit plan is focused on higher exposures of risk
D. Discussing audit findings with independent auditors
View answer
Correct Answer: B
Question #6
When taken by a chief audit executive, which of the following actions would be most likely to prevent division management from exaggerating sales reports 1. Announcing a series of internal audit engagements focusing on compliance with corporate sales-reporting policies. 2. Asking the president and the board to issue a statement of corporate policy stressing the importance of accurate management reporting and the negative consequences of intentional misreporting 3. Setting up a hotline for employees to repor
A. 1 and 2 only
B. 2 and 3 only
C. 2 and 4 only
D. 3 and 4 only
View answer
Correct Answer: C
Question #7
Which of the following would most likely be found in an organization that uses a decentralized organizational structure?
A. There is a higher reliance on organizational culture
B. There are clear expectations set for employees
C. There are electronic monitoring techniques employed
D. There is a defined code for employee behavior
View answer
Correct Answer: A
Question #8
Which of the following statements is true in regard to policies and procedures for guiding the internal audit activity?
A. A small internal audit activity may be managed informally
B. All internal audit activities need formal policies and procedures to guide them regardless of size
D. There is no need for separate policies and procedures if audits are conducted in accordance with The IIA’s International Professional Practices Framework
View answer
Correct Answer: A
Question #9
According to IIA guidance, which of the following actions by the chief audit executive would best ensure that internal auditors demonstrate due professional care?
A. Developing policies and procedures for the internal audit activity
B. Ensuring the internal audit activity is not found fallible during audit engagements
C. Undertaking all engagements that management requests of the internal audit activity
D. Ensuring the internal audit activity reports functionally to the board of directors
View answer
Correct Answer: A

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