Get 100% Success with Latest Certified Internal IIA-CIA-Part1 Exam Dumps Jul 15, 2022 [Q64-Q88]

NO.64 In publicly held companies, management often requires the internal audit activity’s involvement with quarterly financial statements that are made public and used internally. Which of the following is generally not a reason for such involvement?

NO.65 During an account receivables audit, an internal auditor found a significant number of input errors resulting in a $500,000 balance understatement. Which of the following is the most important question the internal auditor should ask to develop an appropriate recommendation for this finding?

NO.66 A company produces a product that consists of materials X, Y, and Z.
The product is mixed so that:
The quantity of material X used is one-third more than that of material Y.
The quantity of material Y used is one-fourth less than that of material Z.
If the company used 24, 000 units of material Z during a period, what is a reasonable estimate of the amount of material X used?

NO.67 A code of business conduct provides?

NO.68 A member of the IT department transfers to the internal audit department. A few months after transferring, the new auditor volunteers to assist in an assurance engagement for the IT department. According to the Standards, how should the chief audit executive respond?

NO.69 A manufacturing firm uses hazardous materials in the production of its products. An audit of the firm’s processes related to hazardous materials should include.
I. Recommending an environmental management system as part of policies and procedures.
II. Verifying the existence of tracking records for these materials from creation to destruction.
III. Using consultants to avoid self-incrimination of the firm in the event illegalities were detected in an environmental audit.
IV. Evaluating the cost provided for in an environmental liability accrual account.

NO.70 Which of the following is not one of the 10 core competencies identified in the IIA Competency Framework?

NO.71 Which of the following is accomplished by the internal audit charter?

NO.72 The manager for an organization’s accounts payable department resigned her post in that capacity. Three months later, she was recruited to the internal audit activity and has been working with the audit team for the last eight months. Which of the following assignments would the newly hired internal auditor be able to execute without any impairments to independence or objectivity?

NO.73 Which of the following would be most effective in determining if the percentage of medication orders containing errors improved after a hospital installed a computerized medication-tracking system?

NO.74 The audit committee has asked the chief audit executive (CAE) to assist in the selection of a new external audit firm. Which of the following is an appropriate action by the CAE?

NO.75 The chief audit executive needs to revise the internal audit activity’s (IAA) charter. The revision must address the element of authority. Which of the following statements meets this requirement?

NO.76 Click the Exhibit.

Internal auditors are asked to keep track of how many hours per day they spend planning the audit, conducting the engagement, and writing the audit report. The data for two days has been collected as follows:
Day 1
Day 2
Planning the audit
2 hours
3 hours
Conducting the engagement
1 hour
1 hour
Writing the audit report
2 hours
4 hours
Which of the following graphs depicts the data accurately?

NO.77 Which of the following would provide the best guidance to a chief audit executive who is setting internal audit staff requirements?

NO.78 An objective for an audit of a medical research corporation is to evaluate management’s controls to ensure that timely reports are submitted to sponsors of contracted research projects. In planning the audit to achieve this objective, the auditor should begin by:

NO.79 Which of the following results from computer assisted audit techniques provides the most significant indication that additional audit work is needed?

NO.80 What is the additional advantage of facilitated workshops, in comparison with structured interviews, used when testing the effectiveness of entity-level controls?

NO.81 According to the IIA guidance, who is responsible for periodically assessing the internal audit activity?

NO.82 Non-statistical sampling does not require which of the following?

NO.83 Which of the following is the most significant disadvantage of using checklists to evaluate internal controls?

NO.84 Which of the following controls within a spreadsheet would address the risk of logic errors?
1. The spreadsheet contains formulas that foot and cross-foot data.
2. The spreadsheet is locked to protect cell formulas from being inadvertently changed.
3. Spreadsheets are included in nightly backup processes.
4. Check-in and check-out software is used to manage version control.

NO.85 All of the following would normally be involved in preparing for and carrying out the internal audit activity’s annual plan except:

NO.86 Which of the following controls within a spreadsheet would address the risk of logic errors?
1.The spreadsheet contains formulas that foot and cross-foot data.
2.The spreadsheet is locked to protect cell formulas from being inadvertently changed.
3.Spreadsheets are included in nightly backup processes.
4.Check-in and check-out software is used to manage version control.

NO.87 According to the Standards, for how long should internal auditors who have previously performed or had management responsibility for an operation wait to become involved in future internal audit activity with that same operation?

NO.88 According to the International Professional Practices Framework,risk is:
I.Defined as the negative effect of events that are expected to occur.
II.Measured in terms of consequences.
III.Measured in terms of likelihood.