IIA-CIA-PART2 practice questions 471–475

1. Question 471 · 475 in bank

   Which of the following analytical tools would best assist an internal auditor in determining the scope of an audit engagement?

   • AAn assurance map.
   • BAn organization chart.
   • CA process map.
   • DA fishbone diagram.

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   Answer: C

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2. Question 472 · 475 in bank

   According to IIA guidance, which of the following is the first step the internal audit activity undertakes in determining the effectiveness of an organization's risk management process?

   • AAssess the appropriateness of the organization's risk responses.
   • BAssess the alignment of the organization's vision and objectives.
   • CIdentify the organization's significant risks.
   • DUnderstand the organization's risk appetite.

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   Answer: C

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3. Question 473 · 475 in bank

   Which of the following statements is true regarding an internal audit team's decision to deploy an internal control questionnaire for the engagement?

   • AThe information that can be obtained using this approach is limited.
   • BThere are complexities with quantifying the information obtained using this approach.
   • CWith this approach, respondents are likely to freely acknowledge inadequacies in the existing internal controls.
   • DThis approach yields reliable results, therefore there would be no need to corroborate information obtained using this approach.

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   Answer: A

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4. Question 474 · 475 in bank

   When performing a preliminary process risk assessment, which action should be taken to determine the likelihood of an employee paying unapproved invoices?

   • ADiscuss the accounts payable process with the organization’s external auditor.
   • BReview supporting documentation of paid invoices for evidence of approval to pay.
   • CReview benchmarks related to the accounts payable process in similar organizations.
   • DDiscuss the accounts payable process with the accounts payable manager.

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   Answer: D

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5. Question 475 · 475 in bank

   Why should internal audit workpapers be presented in a consistent format?

   • AThe internal auditor’s professional judgment regarding the severity of the issue.
   • BThe follow-up requirements as mandated by the internal audit charter.
   • CThe availability of management to meet with the internal auditor.
   • DThe length of time until the next scheduled audit of the area.

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   Answer: B

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IIA-CIA-PART2 practice, question 471. 475 questions available.