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NEW QUESTION 113
An employee is more likely to commit fraud if which of the following red flags are present?
1. The employee believes that he is being underpaid and deserves a higher salary.
2. The employee is close to retirement and has expressed a desire to take an expensive trip around the world.
3. The employee has personal financial problems and seems very unhappy.
4. The employee is spending much more time at the office than usual and has been asking about opportunities for professional advancement.
- A. 1 and 2 only
- B. 3 and 4 only
- C. 1 and 3 only
- D. 2 and 4 only
Answer: C
Explanation:
Section: Volume D
NEW QUESTION 114
An organization's senior management team is awarding substantial bonuses if employees meet financial targets. Which of the following motivators to potentially commit fraud would become most likely in this scenario?
- A. Rationalization
- B. Opportunity
- C. Justification
- D. Pressure
Answer: D
NEW QUESTION 115
An organization is beginning to implement an enterprise risk management program. One of the first steps is to develop a common risk language. Which of the following statements about a common risk language is true?
- A. Internal auditors will be able to reduce their sample sizes because controls will be more consistent.
- B. Stakeholders will have more assurance that the risks are assessed consistently.
- C. Management will be able to reduce inherent risk because they will have a better understanding of risk.
- D. Decision makers will understand that the likelihood of missing or ineffective controls will be reduced.
Answer: B
NEW QUESTION 116
Management has asked the chief audit executive (CAE) to provide assurance on the organization's automated control system related to financial data. The current audit staff does not have the expertise needed to conduct this type of engagement. Which of the following would be the best response by the CAE?
- A. Accept the assignment and use control self-assessment to complete the project.
- B. Accept the assignment and use an external provider with the necessary knowledge and skills to perform the engagement.
- C. Accept the assignment if the engagement is included in the current audit plan, but inform senior management that the current audit staff does not have the knowledge and skills required.
- D. Do not accept the assignment because the internal audit activity lacks the competency to perform the engagement with due professional care.
Answer: B
NEW QUESTION 117
Which of the following should an internal auditor possess in order to fulfill the responsibilities of the internal audit activity?
- A. Proficiency in accounting principles in order to conduct fraud investigations.
- B. An understanding of management principles in order to evaluate deviations from good practices.
- C. An appreciation of internal audit standards in order to recognize problems.
- D. Proficiency in applying management principles in order to stand in for the chief financial officer.
Answer: B
Explanation:
Section: Volume C
NEW QUESTION 118
After completing a net present value (NPV) calculation on a proposed project, an analyst explores the change in NPV with changes in the interest rate. This additional analysis is referred to as:
- A. Decision analysis.
- B. Sensitivity analysis.
- C. Simulation.
- D. Variance analysis.
Answer: B
NEW QUESTION 119
During the planning phase of an audit, an internal auditor preliminarily concluded that the controls for a process were adequately designed to manage the associated risk. Under what conditions might this preliminary assessment subsequently prove to be unreliable?
- A. Redundant controls are not in place to enhance well designed controls.
- B. Entity level controls are informal and not consistently enforced.
- C. Process controls were not developed from an existing key control checklist.
- D. Compensating controls from other processes were not present.
Answer: B
NEW QUESTION 120
Auditors 1, 2, and 3 work out of various offices. Each must be assigned to one, and only one, of three audit locations (A, B, or C). The cost of sending each auditor to each location is listed below:
Audit Locations
Auditor 1 A B
Auditor 2 $200 $300 $400
Auditor 3 $400 $300 $600
Auditor 4 $200 $200
$500
The minimum cost with which this assignment can be accomplished is:
- A. $800
- B. $1,000
- C. $1,100
- D. $900
Answer: D
NEW QUESTION 121
A dental insurance provider has implemented an electronic claim submission process and is concerned that dentists are submitting claims for services that were not provided.
Which of the following control procedures would be most effective in preventing this type of fraud?
- A. Develop a program that identifies procedures performed on an individual which are either in excess of expectations based on the age of the insured or are similar to other procedures recently performed on the individual.
- B. Send confirmations to the dentists requesting them to confirm the exact nature of the claims submitted to the insurance provider.
- C. Require all submitted claims to be followed by a signed statement by the dentist testifying to the fact that the claimed procedures were performed.
- D. Develop an integrated test facility and submit false claims to verify that the system is detecting such claims on a consistent basis.
Answer: A
NEW QUESTION 122
What is the primary benefit to the internal audit activity for undertaking an internal quality assessment?
- A. To identify key risks and areas of concern within the organization.
- B. To help the internal audit activity complete its annual assurance plan.
- C. To identify inefficiencies within the internal audit team.
- D. To help improve the overall quality of the internal audit activity's work.
Answer: D
NEW QUESTION 123
An internal auditor is reviewing a new automated human resources system. The system contains a table of pay rates which are matched to the employee job classifications. The best control to ensure that the table is updated correctly for only valid pay changes would be to:
- A. Require a supervisor in the department, who does not have the ability to change the table, to compare the changes to a signed management authorization.
- B. Limit access to the data table to management and line supervisors who have the authority to determine pay rates.
- C. Require that all pay changes be signed by the employee to verify that the change goes to a bona fide employee.
- D. Ensure that adequate edit and reasonableness checks are built into the automated system.
Answer: A
NEW QUESTION 124
Which of the following is the primary concern of an internal auditor in a comprehensive audit of an organization?
- A. Accuracy of reports on the source and use of funds.
- B. Appropriateness of procedures related to the budgeting process.
- C. Extent of achievement of the organization's mission.
- D. Confirmation of compliance with policies and procedures.
Answer: C
NEW QUESTION 125
After being terminated due to downsizing, an internal auditor finds a different job with an organization in the same industry. Which of the following actions would violate the IIA Code of Ethics?
- A. In the first week at the new organization, the auditor discovers a high fraud risk surrounding the organization's database and suggests that the information technology department implement a new password system to prevent fraudulent actions before they occur.
- B. In preparing for an audit at the previous organization, the auditor had conducted a great deal of research on the Internet at home to identify best practices for the management of a treasury function. The auditor has retained much of the research and uses it to conduct an audit of the new employer's treasury function.
- C. At the new organization, the auditor is asked to develop forms to implement probability-proportional-to-size sampling. Although unsure of how to perform this type of sampling, the auditor proceeds without asking for assistance.
- D. To determine audit priorities in the new job, the auditor uses the audit risk approach that the auditor's previous employer used, without receiving permission to do so.
Answer: C
Explanation:
Section: Volume E
Explanation/Reference:
NEW QUESTION 126
A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?
- A. Set risk indicators and mitigation plans for management to implement
- B. Coordinate and facilitate risk workshops for management to attend.
- C. Establish the degree of risk appetite for management to accept.
- D. Determine the number of significant risks for management to report to the board.
Answer: B
NEW QUESTION 127
Sometimes, internal audit staff may partner with operating managers to rank risks. Which of the following outcomes may be the most beneficial aspects of this strategy?
Reappraising risks levels.
Providing accurate information to management.
Marketing the internal audit activity.
Planning safeguards for assets in high-risk areas.
- A. 1 and 3.
- B. 1 and 2.
- C. 3 and 4.
- D. 2 and 3.
Answer: A
NEW QUESTION 128
To promote a positive image within an organization, a chief audit executive (CAE) adjusted the audit plan to focus on assurance engagements that highlighted potential costs to be saved. Negative observations were to be omitted from engagement final communications. Which action taken by the CAE would be considered a violation of the Standards?
I. The focus of the audit function was changed without modifying the audit charter or notifying the audit committee.
II. Negative observations were omitted from the engagement final communications.
III. Cost savings and recommendations were highlighted in the engagement final communications.
- A. I and II only
- B. I and III only
- C. I, II, and III.
- D. II only
Answer: A
Explanation:
Section: Volume A
NEW QUESTION 129
An internal auditor is updating the risk register for risks identified during a recent organizational risk assessment. According to the Standards, which of the following would the auditor include in the risk register?
- A. Discussions with senior management relating to a new revenue stream.
- B. Project manager planned hours versus time spent for all prior year projects
- C. Mitigating controls implemented by the engagement supervisor
- D. Management's acceptance of inadequate controls for cybersecurity risk.
Answer: D
NEW QUESTION 130
Which of the following best describes the details that must be included in the quality assurance and improvement program (QAIP) report to senior management and the board?
- A. The scope, findings, risks, recommendations, and agreed-upon improvement actions.
- B. The number and types of people involved in the assessment, costs, and duration of the QAIP
- C. The scope and frequency of internal and external assessments as well as the qualifications and independence of the assessor.
- D. The scope and cost of the QAIP. frequency of internal and external assessments, and conclusions of the assessor.
Answer: A
NEW QUESTION 131
Which of the following types of fraud includes embezzlement?
- A. Misappropriation of assets.
- B. Bribery.
- C. Corruption.
- D. Fraudulent statements.
Answer: A
NEW QUESTION 132
Which of the following is an example of impairment to internal auditor independence or objectivity'?
- A. Consulting engagements for functions over which the CAE has responsibility are overseen by a party outside the internal audit activity
- B. Internal auditors provide consulting services relating to operations for which they had previous responsibilities
- C. Internal auditors provide consulting services relating to operations for which they have current responsibilities
- D. Assurance engagements for functions over which the chief audit executive (CAE) has responsibility are overseen by a party outside the internal audit activity
Answer: C
NEW QUESTION 133
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 management requires the review to measure effectiveness of the internal audit activity.
- B. So that there is assurance of the internal audit staff's proficiency to complete audit activities.
- C. So that the individual objectivity of the internal audit staff can be more clearly established.
- D. Because changes in the organization may impair the internal audit activity's ability to meet its objectives.
Answer: D
NEW QUESTION 134
During the audit of taxation processes in the organization internal auditors have verified that all employees of the finance department received training on taxation guidelines. The training is mandatory and is automatically assigned via email invitation to all new employees in the department Which type of controls have the auditors tested?
- A. Detective
- B. Directive
- C. Preventive
- D. Automatic
Answer: B
NEW QUESTION 135
To comply with the proficiency standard which of the following would the chief audit executive likely consider as the primary hiring criterion when choosing a new internal auditor?
- A. The auditor's skills compared to those already possessed by other audit staff
- B. The auditor's ability to be self motivated and a good team player
- C. The auditor's demonstrated problem-solving skills
- D. The length and consistency of the auditor's work experience
Answer: A
NEW QUESTION 136
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