Iia passguide cia Iia-cia-part1 Passing Score by Aila q159 vce pdf

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Exam Name:	Essentials of Internal Auditing
Exam Code:	IIA-CIA-Part1 Dumps
Vendor:	IIA	Certification:	CIA
Questions:	721 Q&A's	Shared By:	aila

Question 64

Which of the following would be a red flag for potential issues in the control environment?

Options:

Segregation of duties during preparation of the financial statements

Compensation structures that are based on commissions

A low rate of turnover in key financial positions

The presence of a whistleblower policy and fraud hotlinea

Discussion

Question 65

Which of the following statements is true regarding organizational culture and an audit of the control environment?

Options:

For multinational organizations it is important to ensure that the organizational culture is consistent at all locations

Because the chief audit executive (CAE) is part of the organizational culture, external auditors should be engaged to evaluate the control environment

If there are unresolved scope restrictions, the CAE should consider whether to pursue the audit and note the scope restrictions in the audit report

Because it will create a conflict of interest relating to the control environment, senior management should not be consulted during the audit

Discussion

Question 66

According to IIA guidance, which of the following statements is true regarding internal auditors' knowledge, skills and other competencies?

Options:

The chief audit executive (CAE) must obtain competent advice and assistance if the internal audit activity lacks the knowledge, skills, or other competencies needed to complete the audit engagement

Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization and should have the expertise of a fraud investigator

Internal auditors need to have basic knowledge of key IT risks and controls and available technology-based audit techniques in order to perform their assigned work

The CAE must refuse a consulting engagement if the internal audit activity lacks the knowledge, skills, or other competencies needed to perform all or part of the engagement

Discussion

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Question 67

According to IIA guidance, which of the following threats to objectivity is described as familiarity'?

Options:

An internal auditor is a close friend or relative of the manager or an employee of the audit client

An internal auditor has a long-term business relationship with the audit client.

An internal auditor has an economic stake in the performance of the organization

An internal auditor is exposed to or perceived to be exposed to pressures from external parties