IIA-CIA-PART2 practice questions 351–360

1. Question 351 · 475 in bank

   Which of the following sampling techniques is typically used when an internal auditor wants to test a large sample for fraud?

   • AStratified sampling.
   • BHaphazard sampling.
   • CProbability-proportional-to-size sampling.
   • DDiscovery sampling.

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   Answer: D

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2. Question 352 · 475 in bank

   An internal auditor is testing the success of the IT support department in meeting the service levels guaranteed to small, medium, and large customers. The customer's size classification is based on its annual expenditures with the organization and the nature and extent of services it receives. Which of the following sampling techniques would be the most suitable to select customers for this test?

   • ACluster sampling.
   • BInterval sampling.
   • CStop-and-go sampling.
   • DStratified sampling.

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   Answer: D

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3. Question 353 · 475 in bank

   The chief audit executive is completing the audit plan. According to IIA guidance, which of the following is the best method of selecting the audits to be completed?

   • AA rotational audit plan with core audits being done every two to four years.
   • BA risk-based audit plan that also covers important operational areas.
   • CAn audit plan based upon the previous audit results and findings.
   • DAn audit plan based upon responses from management on key risk areas.

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   Answer: D

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4. Question 354 · 475 in bank

   Which of the following is the primary reason for internal auditors to conduct interim communications with management of the area under review?

   • ATo demonstrate good project oversight.
   • BTo provide timely discussion of results.
   • CTo demonstrate internal auditor proficiency.
   • DTo follow up on previously requested information.

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   Answer: B

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5. Question 355 · 475 in bank

   Which of the following internal audit staffing models is most likely to further an auditor’s continuing development an IT knowledge, in support of the organization’s rapidly evolving use of IT technology?

   • ARotational model.
   • BCo-sourcing model.
   • CCareer model.
   • DCenter of competence model.

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   Answer: D

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6. Question 356 · 475 in bank

   When internal auditors perform a risk assessment, they generally focus on which of the following types of risk?

   • AInherent risk.
   • BAudit risk.
   • CDetection risk.
   • DControl risk.

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   Answer: A

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7. Question 357 · 475 in bank

   According to IIA guidance, which of the following is most important for the internal audit activity to evaluate regarding management’s remediation plans to address audit findings?

   • AWhether the adequacy of remediation plans is sufficient to address the risk.
   • BWhether the timeliness of remediation plans is reasonable considering business unit priorities.
   • CWhether the costs associated with remediation plans outweigh the risk impact.
   • DWhether the parties responsible for remediation have adequate competencies to execute the actions.

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   Answer: C

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8. Question 358 · 475 in bank

   The chief audit executive (CAE) has made a significant change to the internal audit plan and is preparing to present a formal update to the board. According to IIA guidance, which of the following represents the most appropriate approach for the CAE to take?

   • AInform the board of the change before the presentation, and conduct a discussion session at the time of the presentation to answer questions.
   • BInform senior management of the change and seek their approval before the presentation, then seek approval from the board at the time of the presentation.
   • CInform senior management and the board of the change via the presentation, then solicit discussion, and finally seek the approval of only the board.
   • DInform senior management and the board of the change via the presentation; to approvals are necessary.

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   Answer: D

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9. Question 359 · 475 in bank

   According to IIA guidance, which of the following objectives was most likely formulated for a non-assurance engagement?

   • AThe internal audit activity will assess the effects of changes in maintenance strategy on the availability of production equipment.
   • BThe internal audit activity will inform management on the possible risks of moving the data warehouse to a cloud server maintained by a third party.
   • CThe internal audit activity will ascertain whether the data center security arrangements are compliant with agreed terms.
   • DThe internal audit activity will ensure equipment downtime risks have been managed in accordance with the internal policy.

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   Answer: B

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10. Question 360 · 475 in bank

    An internal auditor accessed accounts payable records and extracted data related to fuel purchased for the organization’s vehicles. As a first step, she sorted the data by vehicle and used spreadsheet functions to identify all instances of refueling on the same or sequential dates. She then performed other tests. Based on the auditor’s actions, which of the following is most likely the objective of this engagement?

    • ATo identify whether fuel was purchased for work-related purposes.
    • BTo estimate future fuel costs for the organization’s fleet of vehicles.
    • CTo determine trends in average fuel consumption by vehicle.
    • DTo determine whether the organization is paying more than the industry average for fuel.

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    Answer: A

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IIA-CIA-PART2 practice, question 351. 475 questions available.