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Free CIA Exam Questions And Answers PDF, CIA Exam Study Materials​

The Certified Internal Auditor (CIA) examination is a prestigious professional certification that validates the expertise of internal audit professionals worldwide. Offered by the Institute of Internal Auditors (IIA), this rigorous certification comprises three comprehensive exam parts that test candidates' knowledge of internal audit principles, risk management, governance, and professional ethics. Candidates seeking to excel in this challenging certification require robust study resources and practice materials. Free exam questions and answers in PDF format provide an invaluable tool for understanding the exam structure, identifying knowledge gaps, and developing effective test-taking strategies. These study materials offer insights into the critical competencies required to successfully navigate the CIA certification process and advance professional credentials.
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Question #1
The most effective way fora supervisor to delegate a task to an employee is to:
A. efine the desired outcome and the approach precisely and in writing
B. efine the desired outcome precisely, discuss possible approaches with the employee, and reach agreement on the approach to be taken
C. et the employee try to perform the task fora defined period of time and then meet to critique the approach, clarify the assignment as needed
D. ive the assignment in very general terms, have the employee develop the desired outcome and approach, and then review and critique the employee's decisions
View answer
Correct Answer: B

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Question #2
Which of the following actions would be considered a violation of the Standards?I). Drafts of engagement communications were reviewed with the audit client to obtain input. The client's comments were considered when developing the engagement final communication.II). An auditor participated as part of a development team to review the control procedures to be incorporated into a major computer application under development.III). Given limited resources, the chief audit executive performed a risk analysis to d
A. I only
B. and III only
C. , II, and III
D. one of the above
View answer
Correct Answer: D
Question #3
In Year 1. Company C introduced a new line of compute '.r products that carry a 2-year warranty against defects and workmanship. The entire/ estimates that the total warranty cost will be 10% of sales, with 40% of the expenditures occurring during the first year and 60% during the second year_ Sales and actual warranty expenditures for Year 1 and Year 2 were as follows:At the end of Year 2, what will the balance in the estimated accrued warranty liability account be?
A. S $24, 000
B. S $46, 000
C. S $58, 000
D. S $28, 000
View answer
Correct Answer: D
Question #4
Which of the following would be the most effective method to prevent installation of new equipment that does not meet environmental permit requirements, or to prevent modification of current processes in such a way that they no longer meet permit requirements?
A. equire that the environmental compliance department perform regular inspections of the manufacturing facility to identify new equipment or process modifications in progress
B. ely on annual inspections by various regulatory agencies to identify equipment or processes that require a permit
C. equire that the staff of the environmental compliance department attend monthly safety meetings in different parts of the facility so that they can hear directly from the workers about any changes
D. nclude the environmental compliance department in the review of proposed process changes and equipment purchases affecting permit requirements
View answer
Correct Answer: D
Question #5
The internal auditor found that the purchasing department has a policy of setting all purchasing lead times to the highest number of days experienced within each product subassembly}, even though some subassemblies required 3 or more months to complete. To address the objective of reducing inventory holding costs related to this policy, the internal auditor should focus on
A. eviewing production requirements for a sample of products to determine at which point in the production process materials and subassemblies are needed
B. valuating whether product-line assignments were rotated among the members of the purchasing department
C. dentifying signature approval authority} among members of the purchasing department in relation to any computer system controls
D. esting those products having the highest sales to determine the average number of days that the completed products were held in inventory
View answer
Correct Answer: A
Question #6
A perpetual inventory system uses a minimum quantity on hand to initiate purchase ordering procedures for restocking. In reviewing the appropriateness of the minimum quantity level established by the stores department, the internal auditor is least likely to consider
A. tockout costs, including lost customers
B. easonal variations in forecasting inventory demand
C. ptimal order sizes determined by the economic order quantities model
D. vailable storage space and potential obsolescence
View answer
Correct Answer: C
Question #7
The carrying amountcost minus accumulated depreciation) of property. plant, and equipment disposed of in Year 2 was
A. S $7, 000
B. S $17, 000
C. S $20, 000
D. S $32, 000
View answer
Correct Answer: A
Question #8
According to the International Professional Practices Framework, risk isI). Defined as the negative effect of events that are expected to occur.II). Measured in terms of consequences.III). Measured in terms of likelihood.
A. only
B. and II only
C. I and III only
D. , II, and III
View answer
Correct Answer: C
Question #9
A firm buys new computer equipment from bankrupt companies and resells it in foreign markets at prices significantly below those charged by competitors. The firm is
A. ngaged in dumping
B. ngaged in price discrimination
C. perating in a gray market
D. perating in a black market
View answer
Correct Answer: C
Question #10
An organization that makes precision castings for the automotive and aerospace industries plans to build a manufacturing plant. The president has formed a small committee of senior managers to evaluate potential plant sites and make the final choice. Which of the following is correct about the president's approach to making this decision?
A. site that receives the committee's unanimous approval can be presumed to be the best choice available
B. he committee's decision will receive greater opposition than a decision made by one executive
C. ommittee members will tend to encourage creative thinking and innovative viewpoints among themselves
D. he fact that the decision was made by a committee obscures the role of personal accountability
View answer
Correct Answer: D
Question #11
According to the Standards, the organizational status of the internal audit activity
A. ust be sufficient to permit the accomplishment of its audit responsibilities
B. s best when the reporting relationship is direct to the board of directors
C. equires the board's annual approval of the audit schedules, plans, and budgets
D. s guaranteed when the charter specifically defines its independence
View answer
Correct Answer: A
Question #12
A Gantt chart
A. hows the critical path for a project
B. s used for determining an optimal product mix
C. hows only the activities along the critical path of a network
D. oes not necessarily show the critical path through a network
View answer
Correct Answer: D
Question #13
The cost of scrap, rework, and tooling changes in a product quality cost system is categorized as a n)
A. raining cost
B. xternal failure cost
C. nternal failure cost
D. revention cost
View answer
Correct Answer: C
Question #14
During the initial audit of a new billing system for a large telephone company, the internal auditors considered downloading several days' worth of transactions to a file for analysis using generalized audit software. The major deficiency of this approach is that
A. here may not be enough data to detect problems that occur infrequently
B. udit software is not designed to work effectively on this much data
C. he required audit techniques would be unfamiliar to the auditors
D. erforming the selection of transactions may interrupt processing too severely
View answer
Correct Answer: A
Question #15
During an audit of a retail organization, an internal auditor found a scheme in which the warehouse director and the purchasing agent diverted approximately $500, 000 of goods to their own warehouse, then sold the goods to third parties. The fraud was not found earlier since the warehouse director updated the perpetual inventory records and then forwarded receiving reports to the accounts payable department for processing. Which of the following procedures would have most likely led to the discovery of the
A. elect a random sample of receiving reports and trace to the recording in the perpetual inventory records
B. elect a random sample of purchase orders and trace to receiving reports and to the records in the accounts payable department
C. ake an annual physical inventory, reconciling amounts with the perpetual inventory records
D. elect a random sample of sales invoices and trace to the perpetual inventory records to see if inventory was on hand
View answer
Correct Answer: C
Question #16
After three years of steadily decreasing profits despite of increased sales and a growing economy, which of the following is the preferred course of action for a chief executive officer to take?
A. et a turnaround goal of significantly increasing profits within two months
B. educe staff by 10 percent in every unit
C. educe staff in the nonvalue-adding functions by 20 percent
D. ncourage innovation at all levels and use an early retirement program to reduce staff size
View answer
Correct Answer: D
Question #17
When a specified level of safety stock is carried for an item in inventory, the average inventory level for that item
A. ecreases by the amount of the safety stock
B. s one-half the level of the safety stock
C. ncreases by one-half the amount of the safety stock
D. ncreases by the amount of the safety stock
View answer
Correct Answer: D
Question #18
Which of the following is not a factor, with respect to pending litigation, that must be considered in determining whether a provision should be recognized?
A. he time period in which the underlying cause of action occurred
B. he probability of an unfavorable outcome
C. he ability to make a reliable estimate of the amount of loss
D. he number of parties involved in the litigation
View answer
Correct Answer: D
Question #19
Which of the following are steps in a customer value analysis (CVA)?I). Determining what customers valueII). Having customers rank the relative significance of the elements of customer valueIII.Evaluating how well the firm and its competitors perform relative to the elements of customer valueIV). Focusing on performance with respect to each element of customer value
A. , Ill, and IV only
B. , II, and Ill only
C. , II, and IV only
D. , II, Ill, and IV)
View answer
Correct Answer: D
Question #20
When conducting audit followup of a finding related to cash management routines, an internal auditor would expect to find that all of the following changes have occurred except
A. he steps being taken are resolving the condition disclosed by the finding
B. nherent risk has been eliminated as a result of resolution of the condition
C. ontrols have been implemented to deter or detect a recurrence of the finding
D. enefits have accrued to the entity as a result of resolving the condition
View answer
Correct Answer: B
Question #21
Paul Hersey and Ken Blanchard developed a situational leadership model with two dimensions:task and relationship behaviors. In this model, a telling leadership style has which dimensions?
A. igh task and high relationship
B. igh task and low relationship
C. ow task and high relationship
D. ow task and low relationship
View answer
Correct Answer: B
Question #22
A company experiences a decrease in unit sales over the long run. It is in a(n):
A. merging industry
B. lobal industry
C. ature industry
D. eclining industry
View answer
Correct Answer: D
Question #23
Which of the following files, when compared with billing records, would provide the best source of information for determining if all goods shipped are billed to customers?
A. renumbered customer invoices
B. ccounts receivable transactions
C. renumbered shipping documents
D. ustomer purchase orders
View answer
Correct Answer: C
Question #24
A firm considering entry into a market abroad may make the selection based on many criteria.For example, a Portuguese firm applying a psychic proximity criterion will most likely choose to enter which market?
A. fghanistan
B. hina
C. ndia
D. razil
View answer
Correct Answer: D
Question #25
An account executive has just designed a Monte Carlo model to estimate the costs of a particular type of project. Validating the model could include all except
A. hecking for errors in the computer programming
B. hecking that assumed probability distributions are reasonable
C. omparing test results with previously validated models
D. pplying the model
View answer
Correct Answer: D
Question #26
In an economic order quantity EOQ) model, both the costs per order and the holding costs are estimates. If those estimates are varied to determine how much the changes affect the optimal EOQ, such an analysis would be called a
A. orecasting model
B. ensitivity analysis
C. ritical path method analysis
D. ecision analysis
View answer
Correct Answer: B
Question #27
In the statement of cash flows, the payment of cash dividends appears in the
A. ption A
B. ption B
C. ption C
D. ption D
View answer
Correct Answer: B
Question #28
When a perpetual inventory system is used and a difference exists between the perpetual inventory amount balance and the physical inventory count. a separate entry is needed to adjust the perpetual inventory amount. Which of the following demonstrates that adjusting entry?
A. nventory over and shortInventory
B. xtraordinary loss due to write-down of inventoryInventory
C. xtraordinary loss due to write-down of inventory Allowance for inventory shortages
D. ost of goods sold Retained earnings appropriated for shortages
View answer
Correct Answer: A
Question #29
Which of the following is not true about simulation models?
A. hey are deterministic in nature
B. he may involve sampling
C. hey mathematically estimate what actual performance would be
D. hey emulate stochastic systems
View answer
Correct Answer: A
Question #30
Which of the following is an indicator of interpersonal skills that are necessary for members of a team?I).Routinely keeps superiors, team members, and other appropriate parties informed of significant developments.II).Spends sufficient time cultivating contacts with peers to obtain timely information or resolve issues outside formal channels.III). Routinely assumes an appropriate amount of work or responsibility for group projects.
A. only
B. and II only
C. I and Ill only
D. , II, and Ill
View answer
Correct Answer: B
Question #31
An auditor used a questionnaire during an interview to gather information about the nature of credit sales processing. The questionnaire did not cover some pertinent information offered by the person being interviewed, and the auditor did not document the potential problems for further investigation. The primary deficiency with the above process is that
A. he auditor failed to consider the importance of the information offered
B. questionnaire was used in a situation where a structured interview should have been used
C. sing a questionnaire precludes the auditor from documenting other information
D. he engagement program was incomplete
View answer
Correct Answer: A
Question #32
A staff auditor, nearly finished with an audit engagement, discovers that the director of marketing has a gambling habit. The gambling issue is not directly related to the existing engagement and there is pressure to complete the current engagement. The auditor notes the problem and forwards the information to the chief audit executive but performs no further followup. The auditor's actions wouldI). Be in violation of the IIA Code of Ethics for withholding meaningful information.II). Be in violation of the
A. only
B. I only
C. II only
D. and II only
View answer
Correct Answer: C
Question #33
The following data are available from the records of a department store for the year ended December 31, Year 1:Using the retail method to approximate valuation at lower of average cost or net realizable value, the department store's merchandise inventory at December 3-1, Year 1 is
A. S $8
B. S T3
C. r $6
D. S $5, 600
View answer
Correct Answer: D
Question #34
A global firm establishes a cost-based price for its product in each country The most likely negative outcome is that this pricing strategy will
A. et too high a price in countries where the firm's costs are high
B. verprice the product in some markets and underprice it in others
C. reate a gray market
D. esult in dumping
View answer
Correct Answer: A
Question #35
An organization's accounts payable function improved its internal controls significantly after it received an unsatisfactory audit report. When planning a follow-up audit of the function, what level of detection risk should be expected if the audit and sampling procedures used are unchanged from the prior audit?
A. etection risk is lower because control risk is lower
B. etection risk is lower because control risk is higher
C. etection risk is higher because control risk is lower
D. etection risk is unchanged although control risk is lower
View answer
Correct Answer: D
Question #36
The use of power in an organization may be defined as the ability to influence employees to do what they would not ordinarily do. The exercise of this power:
A. ffects decisions, behavior, and situations
B. ends to be accepted by employees only when it is based on legitimate power
C. s most likely to be accepted by employees when a manager's source of power is informal
D. equires the authority to manage
View answer
Correct Answer: A
Question #37
The internal auditor of a bank has developed a multiple regression model which has been used for a number of gears to estimate the amount of interest income from commercial loans. During the current year, the auditor applies the model and discovers that the r2 value has decreased dramatically, but the model otherwise seems tc be working okay. Which of the following conclusions is justified by the change?
A. hanging to a cross-sectional regression analysis should cause r- to increase
B. egression analysis is no longer an appropriate technique to estimate interest income
C. ome new factors not included in the model are causing interest income to change
D. linear regression analysis would increase the model's reliability
View answer
Correct Answer: C
Question #38
Management of a company is attempting to build a reputation as a world-class manufacturer of quality products. Which of the following measures would not be used by the firm to measure quality?
A. he percentage of shipments returned by customers because of poor quality
B. he number of parts shipped per day
C. he number of defective parts per million
D. he percentage of products passing quality tests the first time
View answer
Correct Answer: B
Question #39
The data below were gathered on two different machine centers and two products.Which item below would be part of a linear programming formulation of this problem?
A. aximize: Contribution > 4A + 5B
B. ubject to: A < O
C. ubject to: 2
D. ubject to: 4A + 5B < 130
View answer
Correct Answer: C
Question #40
The organizational chart:
A. s used only in centralized organizations
B. s applicable only to profit-oriented companies
C. epicts only line functions
D. epicts the lines of authority linking various positions
View answer
Correct Answer: D
Question #41
Assume that employees confessed to a US $500, u-ui-1i- inventory theft but are not able to make restitution. How should this material fraud be shown in the company's financial statements?
A. lassified as a loss and shown as a separate line item in the income statement
B. nitially classified as an accounts receivable because the employees are responsible for the goods
C. ncluded in cost of goods sold because the goods are not on hand, losses on inventory shrinkage are ordinary, and it would cause the least amount of attention
D. ecorded directly to retained earnings because it is not an income-producing item
View answer
Correct Answer: A
Question #42
Which of the following is not characteristic of a mature industry environment?
A. onsolidation
B. ompetitive interdependence
C. alling demand
D. trategic focus on deterring entry of new competitors into the marketplace
View answer
Correct Answer: C
Question #43
Which of the following factors could interfere with effective problem solving by an internal auditor?I). Reacting to previous experiences with clientsII). Focusing only on the most likely causeIII). Correcting the symptoms of problems
A. only
B. II only
C. and II only
D. , II, and III
View answer
Correct Answer: D
Question #44
Industry structure and competition during the decline phase may result in intense and destructive competition. Which factor is most likely to contribute to this condition?
A. irms do not expect demand to rebound
B. he decline is rapid
C. ttractive substitutes are not available
D. pecialized assets used in the industry have low liquidation values
View answer
Correct Answer: D
Question #45
Which of the following statements regarding organizational governance is not correct?
A. n effective internal audit function is one of the four cornerstones of good governance
B. hose performing governance activities are accountable to the customer
C. ccountability is one of the key elements of organizational governance
D. overnance principles and the need for an internal audit function are applicable to governmental and not-for-profit activities
View answer
Correct Answer: B
Question #46
Which factor signals a favorable structure in the remaining pockets of demand in a declining industry?
A. nnovation
B. igh switching costs
C. hanges in the needs or tastes of customers
D. eduction in the size of a customer group
View answer
Correct Answer: B
Question #47
A company's decisions are made solely by one person, who is the CEO and major shareholder. Which of the following powers is this person least likely to relate to the other individuals to whom the person has delegated some authority?
A. oercive power
B. egitimate power
C. eferent power
D. eward power
View answer
Correct Answer: C
Question #48
Fulford Company applies the target pricing and costing approach. The following information about costs and revenues of Fulford's product are available for the year just ended:Fulford plans to increase unit sales to 80, 000 by reducing the product's unit price to US $320. If Fulford desires a unit target operating income of 12CYo, by what amount must it reduce the full cost per unit?
A. S $32
B. S $38
C. S $70
D. S $80
View answer
Correct Answer: C
Question #49
A new asset with a fair value of US $100.000 and a useful life of 10 years is being leased by an entitylessee). Which ch of the situations below will most likely result in classifying the lease on the lessee's books as a finance lease?
A. he lease term is 7 years
B. he lease term is 8 years
C. he present value of the minimum lease payments is US $60
D. he present value of the minimum lease payments is US $70
View answer
Correct Answer: B
Question #50
An organization receives the most value from an internal audit activity's enterprise-wide risk assessment when the auditor
A. ocuses primarily on enterprise-level risks
B. onsiders activities at all levels of the organization
C. eviews special projects and new initiatives
D. alidates supporting financial and operational data
View answer
Correct Answer: B
Question #51
A characteristic of the basic economic order quantity EOQ) model is that it
A. s relatively insensitive to error
B. hould not be used when carrying costs are large in relation to procurement costs
C. s used when product demand, lead-time, and ordering costs are uncertain
D. hould not be used in conjunction with computerized perpetual inventory systems
View answer
Correct Answer: A
Question #52
What is the last step in Porter's framework for developing a competitive strategy in a fragmented industry?
A. reate a full list of reasons for fragmentation
B. elect the best strategy for operating in a fragmented environment
C. valuate whether a new structure will yield acceptable returns and what position the firm should occupy
D. etermine the industry's structure
View answer
Correct Answer: B
Question #53
While investigating a compromised Web server, an auditor found that the Web server logs had been deleted. The auditor should recommend that the Web server logs be
A. enerated and maintained on a separate secure server
B. ccessible by administrative users only
C. ncrypted to ensure that the logs cannot be deleted
D. estored automatically to the Web server from backup files
View answer
Correct Answer: A
Question #54
Departmentalization may be performed by:I). FunctionII). ProductIII). Geography
A. only
B. I only
C. and II only
D. , II and III
View answer
Correct Answer: D
Question #55
A firm has a strategic business unit (SBU) that has a low market share in a high growth market. To maintain even this low share of the market requires the firm to commit a significant amount of cash. The firm might successfully adopt a build strategy for this unit if the:I). SBU shows a strong potential to grow and obtains a significant share of the market.II). Firm can finance its growth.III). Firm expects a short-term increase in cash flow.IV). Firm is willing to forgo short-term earnings.
A. only
B. I and Ill only
C. ll and IV only
D. , II, and IV only
View answer
Correct Answer: D
Question #56
Which of the following is least likely to be an example of synergy?
A. shopping mall with several businesses providing different products and performing different services
B. car dealership providing warranties on automobile parts to maximize customer value
C. manufacturing company hiring a new manager with technological experience lacking in the company
D. ilitary Humvees being converted into sports utility vehicles for sale to civilians
View answer
Correct Answer: B
Question #57
When conducting research, which of the following is most important?
A. sing computer databases or the Internet to find all relevant sources
B. roviding documentation of the reference sources
C. resenting only those facts that support the conclusion
D. resenting all contrary views to balance the opinion
View answer
Correct Answer: B
Question #58
Copper Co will report year-end total assets of
A. S $800, 000
B. S $890, 000
C. S $950, 000
D. S $1, 010, 000
View answer
Correct Answer: B
Question #59
According to the Standards, which of the following should be defined in the internal audit charter?I). The internal audit activity's position within the organization.II). The audit activities to be performed during the upcoming year.III). The scope of internal audit activities.IV). Management and the board of directors' agreement regarding the roles and responsibilities of the internal audit activity.
A. and IV only
B. I and III only
C. , III, and IV only
D. , II, III, and IV
View answer
Correct Answer: C
Question #60
Which of the following results in a tax base of zero?
A. rade receivables have a carrying amount of US $1
B. loan receivable has a carrying amount of US $1
C. nearned interest revenue has a carrying amount of US $1
D. ccrued expenses have a carrying amount of US $1
View answer
Correct Answer: C
Question #61
Which of the following analysis techniques would be most useful in identifying the causes of adverse conditions?
A. ishbone diagrams
B. antt charts
C. areto diagrams
D. ystem flowcharts
View answer
Correct Answer: A
Question #62
Which of the following is a key to successful total quality management?
A. raining quality inspectors
B. ocusing intensely on the customer
C. reating appropriate hierarchies to increase efficiency
D. stablishing a well-defined quality standard, then focusing on meeting it
View answer
Correct Answer: B
Question #63
An audit of customer accounts receivable found that outstanding receivables as a percentage of revenue had increased significantly during the past two years. The increase was attributed to the extension of credit, at the urging of the marketing department, to a number of companies that were not creditworthy. Which of the following would be least useful in monitoring the disposition of this finding?
A. esponses from the manager of accounts receivable regarding collection of outstanding receivables
B. eriodic updates from the controller regarding the status of corrective actions
C. nformation from the credit and marketing personnel assigned the responsibility for reevaluating credit policies
D. pdates from the information technology division regarding implementation of a new accounts receivable system
View answer
Correct Answer: D
Question #64
KW Ltd. leased equipment under a 4-year. noncancelable lease properly classified as a finance lean-, The lease does not transfer ownership or contain a bargain purchase option. The equipment had an estimated economic life of 5 years and an estimated residual value of US $20.000. Terms of the lease included a guarantees:] residua value of US $50, 000. KW initially recorded the leased equipment at US $240, 000. and its depreciation polity for owned assets is to use the straight-line method. Thus, the amount o
A. S $55, 000B
B. S $47, 500
C. S $44, 000
D. S $38, 000
View answer
Correct Answer: B
Question #65
On the year-end financial statements, the company will report cost of goods sold of
A. S $440, 000
B. S $620, 000
C. S $670
D. S $900, 000
View answer
Correct Answer: A
Question #66
Checklists used to assess audit risk have been criticized for all of the following reasons except
A. roviding a false sense of security that all relevant factors are addressed
B. nappropriately implying equal weight to each item on the checklist
C. ecreasing the uniformity of data acquisition
D. eing incapable of translating the experience or sound reasoning intended to be captured by each item on the checklist
View answer
Correct Answer: C
Question #67
During the past few gears, Wilder Company has experienced the following average number of power outages:Each power outage results in out-of-pocket costs of U $300. For U $1, 000 per month, At US $800 can lease generator to provide power during outages. If Wilder leases a generator in the coming year, the estimated savings or additional expense) for the year will be
A. $ 15, 200)
B. S $ 1, 267)
C. $3, 200
D. $7, 200
View answer
Correct Answer: C
Question #68
Which strategy for a global marketing organization balances local responsiveness and global integration?
A. lobal
B. ultinational
C. local
D. ransnational
View answer
Correct Answer: C
Question #69
Which of the following reasons best justifies the time spent coordinating the work of the internal and external auditors?I). Coordination improves overall audit coverage.II). Coordination assures the quality of internal audit work.III). Coordination encourages compliance with the Standards.IV). Coordination minimizes duplication of audit effort.
A. and II only
B. and IV only
C. I and III only
D. II and IV only
View answer
Correct Answer: B
Question #70
A firm buys like-new computer equipment from bankrupt companies and resells it in foreign markets at prices significantly below those charged by competitors. The firm is
A. ngaged in dumping
B. ngaged in price discrimination
C. perating in a gray market
D. perating in a black market
View answer
Correct Answer: C
Question #71
Which of the following management actions would be most effective in order to strengthen ethical awareness within an organization?
A. equire employees to certify that they have read and understand the organization's code of conduct
B. nsure that all employees pass a criminal background check prior to being hired
C. andate that employees follow documented departmental procedures and processes
D. equest that the internal audit activity test departments with a higher risk of employee fraud
View answer
Correct Answer: A
Question #72
Just-in-time JIT) inventory systems have been adopted by large manufacturers to minimize the carrying costs of inventories. Identify the primary vulnerability of JIT systems.
A. omputer resources
B. aterials supply contracts
C. ork stoppages
D. mplementation time
View answer
Correct Answer: C
Question #73
The following facts are presented for an entity that uses the retail inventory method_What is the forgone sales revenue from inventory shrinkage?
A. S $3
B. S $5
C. S $35
D. S $45
View answer
Correct Answer: B
Question #74
During the planning phase of an audit of suspected overbilling on contracts for security services, an auditor should perform all of the following except
A. nterviewing an official of the security services company to determine the cause of recent increases in billings for services
B. nterviewing the manager who requested the audit engagement
C. btaining a copy of the contract between the two organizations
D. reparing an engagement program
View answer
Correct Answer: A
Question #75
Which of the following would be a violation of the IIA Code of Ethics?
A. eporting information that could be damaging to the organization, at the request of a court of law
B. ncluding an issue in the final audit report after management has resolved the issue
C. articipating in an audit engagement for which the auditor does not have the necessary experience or training
D. ccepting a gift that is a commercial advertisement available to the public
View answer
Correct Answer: C
Question #76
Which of the following observations concerning quality control is most accurate?
A. rocess quality control is used when examining the quality of goads or services that already exist
B. rocess quality control is used to prevent defects, and product quality control is used primarily to identify defects after the fact
C. roduct quality control is designed to balance the marketability of higher quality against the cast of attaining higher quality
D. roduct quality control is more important than process quality control
View answer
Correct Answer: B
Question #77
In evaluating threats to an organization's network communication system, which of the following transmission media would an auditor recommend as most reliable and effective in thwarting intruders?
A. ptical fiber cable
B. atellite microwave
C. adio frequency
D. nfrared
View answer
Correct Answer: A
Question #78
Which inventory pricing method generally approximates current cost for each of the following?
A. ption A
B. ption B
C. ption C
D. ption D
View answer
Correct Answer: C
Question #79
In addition to data protection, which of the following is a control that is typically used by companies to safeguard the privacy rights of their customers?I). End-user computing.II). Encryption of data.III). Spyware.IV). Intrusion detection.
A. I only
B. and III only
C. I and IV only
D. , II, and IV only
View answer
Correct Answer: C
Question #80
A chief executive officer CEO) believes that a major competitor may be planning a new campaign. The CEO sends a questionnaire to key personnel asking for original thinking concerning what the new campaign may be. The CEO selects the best possibilities then sends another questionnaire asking for the most likely option. The process employed by the CEO is called the
A. east squares technique
B. elphi technique
C. aximum likelihood technique
D. ptimizing of expected payoffs
View answer
Correct Answer: B
Question #81
A tax consultancy agency retains sensitive personal information regarding its clients. Which of the following is a violation of acceptable privacy practices?
A. opies of printed client information not used by the agency are shredded
B. mployees share client information with coworkers with the permission of the client
C. he agency only releases client information with management's approval
D. he agency advises clients of their privacy rights before they commence business with the agency
View answer
Correct Answer: C
Question #82
A company sells a diverse line of cookies. Its acquisition of another company, a maker of cake mixes, is most likely an example of
A. ertical integration
B. orizontal diversification
C. oncentric diversification
D. onglomerate diversification
View answer
Correct Answer: B
Question #83
A project is expected to result in the following adjustments over the next year:· Cash sales increase by US $400, 000.· Expensesexcept depreciation) increase by US $180, 000 · Depreciation increases by US $80, 000.Assume the corporate tax rate is 34%. The total relevant net cash flows during that year are
A. S $92, 400
B. S $140, 000
C. S $172, 400
D. S $220, 000
View answer
Correct Answer: C
Question #84
Which of the following are intermediaries between sellers and buyers?I). AgentII). BrokerIII). Consignee Consumer
A. and II only
B. and III only
C. , II, and III only
D. , II, III, and Isl
View answer
Correct Answer: C
Question #85
When reviewing operational risk for a department whose manager adopts a laissez-faire style of leadership, it is most important for the internal auditor to verify that
A. mployee decisions follow department and company guidelines
B. he manager considers employees' input when designing new procedures
C. mployees are empowered to deal with unusual or emergency situations
D. anagement has adopted an open-door policy to assist with communication
View answer
Correct Answer: A
Question #86
A manager believes that positive reinforcement is the most appropriate way to deal with employees. Which of the following actions demonstrates the principle of positive reinforcement?
A. mployees are given 2-day suspension without pay if errors exceed a predefined level
B. mployees are praised when the detected error rate in their work stays below a predefined level
C. ime budgets, which have forced employees to rush and consequently make errors, are eliminated
D. mployees are not required to work overtime if errors stay below a predefined level
View answer
Correct Answer: B
Question #87
When assessing the risk associated with an activity, an internal auditor should
A. etermine how the risk should best be managed
B. rovide assurance on the management of the risk
C. odify the risk management process based on risk exposures
D. esign controls to mitigate the identified risks
View answer
Correct Answer: B
Question #88
A firm considering entry into an emerging industry must be aware of many strategic factors.Thus, the firm must anticipate that:
A. arly mobility barriers are likely to persist
B. arly commitment to suppliers is a strategic trap
C. he high cost of opening the market favor early entry
D. he nature of entrants may change
View answer
Correct Answer: D
Question #89
Which of the following would provide the most reliable information on the risk associated with an auditable activity?
A. vent scenarios with regression analysis
B. ast audit findings and instances of management failures
C. onsequences and economic predictability of loss
D. anagement assessment and corroboration by the internal audit activity
View answer
Correct Answer: D
Question #90
Advantages of decentralization include all of the following except:
A. ecisions are more easily made
B. anagers' motivation increases
C. reater uniformity in decisions
D. roblems can be dealt with on the spot
View answer
Correct Answer: C
Question #91
A project coordinator for a large capital project used a brainstorming session of the senior project managers to decide how to get the project back on schedule. A disadvantage of this approach is that:
A. esponsibility for the decision will be unclear
B. nly situational factors will be addressed
C. reativity will be decreased
D. iversity of views will be decreased
View answer
Correct Answer: A
Question #92
A chief audit executive agrees to conduct an engagement that will focus on customers' perceptions of the quality of the organization's products and services. Which of the following issues should be addressed first?
A. ost effectiveness
B. uality control
C. ustomer complaints
D. upplier deliveries
View answer
Correct Answer: C
Question #93
Which of the following is an example of sampling risk?
A. verlooking material errors
B. ailing to analyze results properly
C. hecking invoices that are not representative of the population
D. sing audit procedures that are not appropriate for the given audit objective
View answer
Correct Answer: C
Question #94
When an organization depends to a great extent on its environment, which of the following statements best characterizes the relationship among an organization's environment, the level of uncertainty it faces, and its structure? The more dynamic and complex the environment, the
A. ore uncertainty the organization will face and the more organic the structure should be
B. ore uncertainty the organization will face and the more mechanistic the structure should be
C. ess uncertainty the organization will face and the more autocratic the structure should be
D. ess uncertainty the organization will face and the more organic the structure should be
View answer
Correct Answer: A
Question #95
Which of the following factors should be considered when determining the staff requirements for an audit engagement?I). The internal audit activity's time constraints.II). The nature and complexity of the area to be audited.III). The period of time since the area was last audited.IV). The auditors' preference to audit the area.V). The results of a preliminary risk assessment of the activity under review.
A. and IV only
B. , II, and V only
C. I, III, and V only
D. , II, III, IV, and V
View answer
Correct Answer: B
Question #96
Suppose that an entity has paid one of its liabilities t ice during the year. in error The effects of this mistake would be
A. ssets
B. ssets, net income, and equity are unaffected
C. ssets and liabilities are understated
D. ssets and profit and equity} are understated, and liabilities are overstated
View answer
Correct Answer: C
Question #97
A distribution channel moves goods from producers to customers. Suppose a channel has four producers, each serving the same four customers, and no middlemen. If a distributor is introduced, the number of contacts among producers, customers, and the distributor) in the channel will
A. e unaffected
B. ecrease from 8 to 4
C. ncrease from 8 to 16
D. ecrease from 16 to 8
View answer
Correct Answer: D
Question #98
Which of the following is true with respect to the risk assessment process?
A. he ethical climate should not be included since this factor cannot be measured quantitatively
B. ore than one risk factor may have to be used to ensure that the risk assessment is comprehensive
C. ach risk factor should be given equal weighting in order to reduce the opportunity for bias
D. he risk assessment process should be conducted at least every three years
View answer
Correct Answer: B
Question #99
A contingent asset is
A. ecognized when condemnation awards are probable or can be reliably estimated
B. ecognized when damages to be awarded in a copyright infringement suit are highly probable
C. ecognized when disclosure in the notes to financial statements only could be misleading
D. ot recognized under any circumstances
View answer
Correct Answer: D
Question #100
Quality control programs employ many tools for problem definition and analysis. A scatter diagram is one of these tools. The objective of a scatter diagram is to
A. isplay a population of items for analysis
B. how frequency distribution in graphic form
C. ivide a universe of data into homogeneous groups
D. how the vital trend and separate trivial items
View answer
Correct Answer: A
Question #101
Impediments to global competition may increase direct costs, make management more difficult, be imposed by governments or other institutions, or consist of resource limitations. Which of the following is most likely to be an impediment to global competition?
A. certain nation has a competitive advantage regarding the cost of producing a product
B. roprietary technology provides a competitive advantage regarding the quality of a product
C. he product is highly differentiated
D. roduct needs vary from country to country
View answer
Correct Answer: D
Question #102
Using the information collected, the organization should focus on
A. he total number of personal computer complaints that occurred
B. he number of computer complaints associated with CD-ROM problems and new software usage
C. he number of computer complaints associated with the lack of user knowledge and hardware problems
D. he cost to alleviate all computer complaints
View answer
Correct Answer: C
Question #103
According to the International Professional Practices Framework, which of the following are allowable activities for an internal auditor?I). Advocating the establishment of a risk management function.II). Identifying and evaluating significant risk exposures during audit engagements.III). Developing a risk response for the organization if there is no chief risk officer.IV). Benchmarking risk management activities with other organizations.V). Documenting risk mitigation strategies and techniques.
A. V and V only
B. , II, and III only
C. , II, IV, and V only
D. I, III, IV, and V only
View answer
Correct Answer: C
Question #104
While analyzing substantial increases in the cost of goods sold, an auditor for a retail organization notes that payments to certain vendors appear to be unusually high. Which of the following procedures would be least effective in investigating possible kickbacks to purchasing agents?
A. onfirm all contract terms and specifications with vendors
B. nalyze, by purchasing agent, all increases in costs of procured goods from specific vendors
C. elect a statistical sample of goods purchased and compare purchase prices with those of other sources of similar goods
D. onsider any changes in the lifestyles or individual consumption habits of the purchasing agents
View answer
Correct Answer: A
Question #105
Under "groupthink, "
A. here is a tendency to conform to the majority's will and to ignore relevant individual input that is at variance with group opinion
B. he group is not required to reach consensus
C. he extent of groupthink is proportional to the size of the group
D. here are too many alternatives to facilitate decision making
View answer
Correct Answer: A
Question #106
Regarding an organization's decision to retain an external audit firm, the chief audit executive (CAE) should
A. ork with the organization's chief financial officer to evaluate the external auditor's performance and together make the decision
B. ot be involved in this decision process as it would compromise the CAE's objectivity
C. valuate the external auditor's performance and retain the external auditor if quality and cost criteria are met
D. ssist the audit committee by facilitating the development of an appropriate evaluation process
View answer
Correct Answer: D
Question #107
The defined post employment benefit obligation of an entity includes benefit obligations to employees at salary levels. List A List B
A. ption A
B. ption B
C. ption C
D. ption D
View answer
Correct Answer: D
Question #108
A recently appointed chief audit executive (CAE) learns that the audit plan for the upcoming year prepared by the CAE's predecessor has only been reviewed by the audit committee. Which of the following would be the most appropriate action for the CAE to take next in order to gain management support for the audit plan?
A. end a copy of the entire audit plan to management of the areas to be audited, with specific assigned dates when the engagements will be conducted
B. eet with management of each area to be audited and explain the purpose and scope of the audit engagement in their area
C. lan for formal entry meetings and engagement letters at the beginning of each engagement and ensure that management understands all work to be undertaken
D. roceed with the audit plan because it is already approved
View answer
Correct Answer: B
Question #109
If a manufacturer has established a limit on the number of defects that are tolerable in the final assembly of its product, which of the following quality control procedures should be employed?I). Inspect completed goods for compliance with established tolerances.II). Review sales returns for defects not detected during the final inspection process.III). Compare materials and machinery specifications with original product designs.IV). Establish a quality circle that includes management and subordinates to d
A. , III, and I
B. I and III only
C. , II, and III
D. II and IV only
View answer
Correct Answer: C
Question #110
Which of the following statements regarding the review of workpapers is correct?
A. ngagement workpapers should be approved by the client after completion
B. orkpapers that pertain to legal issues should be reviewed to ensure that all audit opinions and details are recorded
C. orkpaper review notes should be retained for all engagements
D. orkpapers should be initialed and dated by the reviewer as evidence of supervisory review
View answer
Correct Answer: D
Question #111
When the internal audit activity lacks the expertise to perform a specific engagement, the chief audit executive (CAE) should
A. egotiate with management to remove from the scope any portion of the audit that the staff is unable to perform
B. se external resources with sufficient expertise to accomplish the engagement
C. ostpone the engagement until the CAE can hire a new internal auditor with the relevant skills
D. ontinue with the engagement but rely on management's self-assessment in the areas where the audit staff lacks expertise
View answer
Correct Answer: B
Question #112
Whenever an entity must use net realizable value rather than cost to value an inventory item, the inventory account is reduced and the account "expense due to decline of inventory to net realizable value" is increased. The balance of this account is reflected as a separate item on the
A. alance sheet as a deduction from inventory
B. ncome statement as an extraordinary loss
C. ncome statement as a deduction from gross profit on sales
D. ncome statement as an operating expense
View answer
Correct Answer: C
Question #113
One of the main reasons total quality management TOM) can be used as a strategic weapon is that
A. he cumulative improvement from a company's 'QM efforts cannot readily be copied by competitors
B. ntroducing new products can lure customers away from competitors
C. educed costs associated with better quality can support higher shareholder dividends
D. QM provides a comprehensive planning process for a business
View answer
Correct Answer: A
Question #114
When a right of return exists, an entity may recognize revenue from a sale of goods at the time of sale only if
A. he amount of future returns can be reliably estimated
B. he seller retains the risks and rewards of ownership
C. he buyer resells the goods
D. he seller believes returns will not be material
View answer
Correct Answer: A
Question #115
Which of the following can be a limiting factor associated with group decision making?
A. roups generally do not analyze problems in enough depth
B. t is very difficult to get individuals to accept decisions made by groups
C. roups have a difficult time identifying the important components of decision making
D. ccountability is dispersed when groups make decisions
View answer
Correct Answer: D
Question #116
A recent survey indicated that residents of a small town take the train to a nearby city eight times per month, on average. The same survey showed that the number of train trips that a resident takes per month (y) is determined by the number of days per month that the resident works in the nearby city (x), according to the equation y = 2 + 2x. A person who never works in the nearby city is expected to take the train
A. ero times per month
B. wo times per month
C. our times per month
D. ight times per month
View answer
Correct Answer: B
Question #117
An engagement to review an organization's budget process has revealed that department heads frequently circumvent budget controls by actions such as padding their budgets and concealing opportunities to cut costs. One of the engagement recommendations involves forming a group composed of department heads to find a solution for this problem. Which one of the following methods is likely to generate a high level of commitment to the solution among members of the group?
A. he brainstorming technique in which group members orally identify as many alternatives as possible without criticism from other members
B. mandate from top management
C. he Delphi technique in which a series of questionnaires is used to arrive at a consensus
D. n open discussion of the problem and potential solutions until a consensus is reached
View answer
Correct Answer: D
Question #118
In what form of organization does an employee report to multiple managers?
A. ureaucracy
B. atrix
C. epartmental
D. echanistic
View answer
Correct Answer: B
Question #119
Usually, the cheapest way to gain market share is by targeting what class of competitors?
A. lose competitors
B. istant competitors
C. eak competitors
D. ad competitors
View answer
Correct Answer: C
Question #120
Which of the following is not a characteristic of informal groups?
A. nformal groups are developed to establish friendships
B. nformal groups tend to be small and very complex
C. embership in informal groups lasts longer than membership in formal groups
D. nformal groups develop their own leaders
View answer
Correct Answer: C
Question #121
According to the International Professional Practices Framework, which of the following should be stated in the internal audit charter?I) Authorization for access to records.II) The internal audit activity's position within the organization.III) The relationship between the internal audit activity and the board.IV) The scope of internal audit activities.
A. and IV only
B. I and III only
C. , II, and IV only
D. , II, III, and IV
View answer
Correct Answer: C
Question #122
A company's product has an expected 4-year life cycle from research, development, and design through its withdrawal from the market. Budgeted costs areThe company plans to produce 200, 000 units and price the product at 125°!a of the whole- life unit cost. Thus, the budgeted unit selling price is
A. S $15
B. S $31
C. S $36
D. S $45
View answer
Correct Answer: D
Question #123
The manager of customer service checking at the bank is most likely to encounter conflicts) because of:
A. he department's reliance on the savings manager and the money market manager
B. he manager of customer service checking providing services for customers who do not have checking accounts
C. he requirement that the manager of customer service checking must report directly to both the president and the vice president for customer accounts
D. potential disagreement with the director of personnel about a subordinate's performance appraisal
View answer
Correct Answer: D
Question #124
At January 1, Year 1, a sole proprietorship's assets totaled U`? $710, 900, and its liabilities amounted to US $120, 000_ During Year 1, owner investments amounted to US $72, 000, and owner withdrawals totaled US $75, 000. At December 31, Year 1, assets totaled US $270, 000 and liabilities amounted to US $171, 000. The amount of profit for Year 1 was
A. S $0
B. S $6, 000
C. S $9, 000
D. S $12, 000
View answer
Correct Answer: D
Question #125
The value of retaining employees is determined by
A. uman asset accounting
B. inancial accounting
C. ost accounting
D. uman resource planning
View answer
Correct Answer: A
Question #126
Which of the following is a characteristic of total quality management TQM)?
A. anagement by objectives
B. n-the-job training by other workers
C. uality by final inspection
D. ducation and self-improvement
View answer
Correct Answer: D
Question #127
An auditor is scheduled to audit payroll controls for a company which has recently outsourced its processing to an information service bureau. What action should the auditor take, considering the outsourcing decision?
A. eview the controls over payroll in both the company and the service bureau
B. eview only the company's controls over data sent to and received from the service bureau
C. eview only the controls over payments to the service bureau based on the contract
D. ancel the engagement because the processing is being performed outside of the organization
View answer
Correct Answer: A
Question #128
Under the balanced scorecard concept, employee satisfaction and retention are measures used under which of the following perspectives?
A. ustomer
B. nternal business
C. earning and growth
D. inancial
View answer
Correct Answer: C
Question #129
On a balanced scorecard, which of the following is not a customer measure?
A. arket share
B. conomic value added
C. ervice response time
D. arranty expense
View answer
Correct Answer: B
Question #130
A shortest-route algorithm is used in network models to
A. dentify bottlenecks in a network and hence identify the longest path
B. inimize total travel time from one site to each of the other sites in a transportation system
C. aximize throughput in networks with distinct entry source node) and exit sink node) points
D. dentify the set of connecting branches having the shortest combined length
View answer
Correct Answer: B
Question #131
An annual audit plan would be the primary method of identifying the internal audit activity's
A. uthority
B. esource needs
C. eporting requirements
D. ndependence
View answer
Correct Answer: B
Question #132
A means of limiting production delays caused by equipment breakdown and repair is to
A. chedule production based on capacity planning
B. lan maintenance activity based on an analysis of equipment repair work orders
C. re-authorize equipment maintenance and overtime pa}
D. stablish a preventive maintenance program for all production equipment
View answer
Correct Answer: D
Question #133
By using an appropriate method of selecting sample items from the population, an auditor
A. educes sampling risk
B. educes nonsampling risk
C. ncreases the sample size
D. educes the sample size
View answer
Correct Answer: A
Question #134
What should the company focus on to achieve quality more economically?
A. ppraisal costs
B. revention costs
C. nternal failure costs
D. xternal failure costs
View answer
Correct Answer: B
Question #135
For an entity with a defined postemployment benefit plan, the fair value of plan assets at the beginning of the year was US $500, 000. No unrecognized net cumulative actuarial gain or loss existed. On the last day of the fiscal year. the fair value of plan assets was US $620.000. Benefits paid equaled US $100, 000. and the entity made US $120.000 in contributions. The discount rate was 10%. and the expected long-term rate of return on plan assets was 12%. The actual return on plan assets was
A. S $50, 000
B. S $60, 000
C. S $75, 000
D. S 100, 000
View answer
Correct Answer: D
Question #136
An extraordinary gain occurs in the second fiscal quarter. How should the gain be accounted for?
A. ecognized in full in the second quarter
B. ecognized equally over the second, third, and fourth quarters
C. ecognized only in the annual financial statements
D. ecognized equally in each quarter, by restating the first quarter
View answer
Correct Answer: A
Question #137
If an entity employs the sum-of-the-years'-digitsSYD) method of depreciation for an asset with an estimated useful life of 4 years, the percentage of the total depreciable cost that will be expensed in the third year is
A. 0%
B. 5%
C. 0%
D. 0%
View answer
Correct Answer: C
Question #138
Plantation should treat Lease B as a(n)
A. inance lease with an initial asset amount of US $10, 960
B. inance lease with an initial asset value of US $10, 200
C. perating lease
D. inance lease with an initial asset value of US $9, 590
View answer
Correct Answer: D
Question #139
The optimal span of control of a manager is contingent upon several situational variables. For instance, a manager supervising workers within the same work area who are performing identical tasks that are simple and repetitive would best be able to supervise:
A. n unlimited number of employees
B. nly a few workers a narrow span of control)
C. relatively large number of employees a wide span of control)
D. ewer workers than if the workers were geographically dispersed
View answer
Correct Answer: C
Question #140
Which of the following is not true about the advantages of adopting ISO 9000 standards?
A. doption of ISO 9000 standards may allow the company to sell products in foreign markets
B. SO registration makes customers more comfortable with the supplier's products and services
C. SO 9000 allows companies to understand who internal customers and users are without sharing private information
D. SO registration may help companies discover internal process and quality improvements
View answer
Correct Answer: C
Question #141
In addition to risk materiality, which of the following should be considered during the process of ranking and validating an organization's risk priorities?
A. ossible financial loss
B. ompetency of internal audit staff
C. ikelihood of risk occurrence
D. iquidity of assets
View answer
Correct Answer: C
Question #142
The use of pre-employment background checks is what type of control?
A. reventive
B. etective
C. orrective
D. irective
View answer
Correct Answer: A
Question #143
When performing a quality audit engagement in a factory, an internal auditor should first review
A. omparisons of actual outputs to planned outputs
B. evels of rework and scrap
C. osts of materials purchased
D. ulfillment of production quotas
View answer
Correct Answer: B
Question #144
Physical distribution is the moving of finished products to
A. etail outlets
B. hipping point
C. onsumers
D. arehouses
View answer
Correct Answer: C
Question #145
An advantage of using bar codes rather than other means of identification of parts used by a manufacturer is that
A. he movement of all parts is controlled
B. he movement of parts is easily and quickly recorded
C. endors can use the same part numbers
D. endors use the same identification methods
View answer
Correct Answer: B
Question #146
An entity with total aside t, of US $100, 000, 000 and profit of US purchases staplers with an estimated life of 10 years for US $1, 000. In connection with the purchase, the company debits miscellaneous expense. This scenario is most closely associated with which of the following cone opts or principles?
A. ateriality and going concern
B. elevance and neutrality
C. eliability and comparability
D. ateriality and the balance between cost and benefit
View answer
Correct Answer: D
Question #147
Which of the following actions can management take to build trust with groups?
A. isclose information, emotions, and opinions
B. ngaging in timely and accurate communication
C. howing respect to the group
D. ll of the answers are correct
View answer
Correct Answer: D
Question #148
A claimed advantage of decentralizing is:
A. oncentration of authority
B. anager development
C. limination of duplication of effort
D. epartmentalization
View answer
Correct Answer: B

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