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NEW QUESTION 97
An internal auditor is reviewing purchases made through the organization's corporate credit card program.
Which of the following statements best describes a root cause of a deficiency?
- A. Company policy limits card use to $500 per transaction.
- B. Sample testing found 10% non-compliance with the organization's business travel policy.
- C. A control to detect split purchases has not been activated in the credit card system.
- D. A personal computer was purchased from a non-approved vendor.
Answer: C
NEW QUESTION 98
When me internal audit activity does not have sufficient time to complete its usual root cause analysis which c4 the following is most appropriate?
- A. Internal auditors should Instead perform a Pareto rule analysis
- B. Internal auditors should finish the engagement without conducting the root cause analysis and draft the audit report, though the report would not be considered complete until the analysis is concluded
- C. The chief audit executive may recommend that management conduct further work to identify the root cause and address the issue
- D. internal auditors must adjust their future engagement schedule to ensure that the root cause analysis is always performed before the engagement is concluded
Answer: C
NEW QUESTION 99
In a review of an electronic data interchange application using a third-party service provider, the auditor shoulD.
I.Ensure encryption keys meet International Organization for Standardization (ISO) standards.
II.
Determine whether an independent review of the service provider's operation has been
conducted.
III.
Verify that only public-switched data networks are used by the service provider.
IV.
Verify that the service provider's contracts include necessary clauses, such as the right to audit.
- A. II and IV only.
- B. II and III only.
- C. I and IV only.
- D. I and II only.
Answer: A
NEW QUESTION 100
Which of the following statements is correct regarding the use of a program evaluation and review technique (PERT) model?
* It makes use of a probability model to arrive at a realistic estimate of time necessary for completion of the audit engagement.
* It requires that activities are performed in sequence such that each task is completed before the commencement of the next activity.
* It remains fixed once completed to act as a baseline for measuring the performance of the audit staff following completion of the engagement.
* It begins with the auditor-in-charge identifying the overall scope and then breaking down the audit engagement into identifiable activity units.
- A. 2 and 4 only
- B. 1 and 3 only
- C. 2 and 3 only
- D. 1 and 4 only
Answer: D
NEW QUESTION 101
Controls are implemented to:
- A. Eliminate risk and eliminate potential for loss.
- B. Eliminate risk and reduce the potential for loss.
- C. Mitigate risk and reduce the potential for loss.
- D. Mitigate risk and eliminate the potential for loss.
Answer: C
Explanation:
Section: Volume D
NEW QUESTION 102
An internal auditor using the five-attribute approach to document deficiencies in a warehouse shipping process. Which of the following attributes will be included in the workpapers?
- A. Risk, impact likelihood existing control, recommendation
- B. Condition, cause effect test result
- C. Condition, cause, effect, recommendation
- D. Risk, impact test result recommendation
Answer: C
NEW QUESTION 103
During an audit of the accounts receivable (AR) process, an internal auditor noted that reconciliations are still not performed regularly by the AR staff, a recommendation that was made following a previous audit.
Monitoring by the financial reporting function has failed to detect the shortcoming. Both the financial reporting function and AR report to the controller, who is responsible for implementing action plans. Which of the following supports the internal auditor's decision to combine both observations into one reported finding?
- A. The observation has a common control, and it was noted in a prior audit.
- B. The observation has a common process, and the action plan for the observation has a common owner.
- C. The observation relates to the same control activity within a common process.
- D. The observation was made during the same audit, and the action plan has a common owner.
Answer: B
NEW QUESTION 104
Which of the following factors should a chief audit executive consider when determining the audit universe?
1.Components of the organization's strategic plan.
2.Inputs from senior management and the board.
3.Views of competitors and business associates.
4.Results of exit interviews with departing employees.
- A. 2, 3, and 4
- B. 2 and 4 only
- C. 1 and 2 only
- D. 1, 2, and 4
Answer: C
NEW QUESTION 105
An internal auditor has a recommendation to change operations which could potentially increase profits by
$50,000. The best way to sell this recommendation to management is to:
- A. Carefully work out the details of implementation before presenting it to department management.
- B. Bring it to the audit manager, who should bring it immediately to senior management's attention.
- C. Wait until the exit conference to discuss it in order to ensure all affected parties are present.
- D. Discuss it with operating supervisors who are directly affected by the change, and then with department management.
Answer: D
Explanation:
Section: Volume B
NEW QUESTION 106
The internal audit activity's primary responsibility in a review or examination of the organization by an external regulatory body is to:
- A. Document the responses to the regulator's findings.
- B. Provide follow-up to determine if the regulator's findings are appropriately resolved by management.
- C. Prepare documentation for the regulator.
- D. Verify that regulatory reviews occur with adequate frequency.
Answer: B
Explanation:
Section: Volume C
NEW QUESTION 107
In addition to the internal auditor, which of the following parties should be present at an exit or closing conference?
1. Audit committee members.
2. The external auditor.
3. The management responsible for the areas covered by the engagement.
4. The chief executive officer.
- A. 3 only
- B. 1, 3, and 4 only
- C. 3 and 4 only
- D. 2 only
Answer: A
NEW QUESTION 108
Which of the following is the most important determinant of the objectives and scope of assurance engagements?
- A. The requests of operational and senior management throughout the organization.
- B. The most recent risk assessment conducted by management of the area to be reviewed.
- C. The preliminary risk assessment performed by internal auditors planning the engagement
- D. The organizational chart, business objectives and policies and procedures of the area to be reviewed.
Answer: C
NEW QUESTION 109
Which of the following would most likely cause an internal auditor to consider adding fraud work steps to the audit program?
- A. Incentives and bonus programs.
- B. An employee's reported concerns.
- C. Improper segregation of duties.
- D. Lack of an ethics policy.
Answer: B
NEW QUESTION 110
In preparing to facilitate a control self-assessment session, an auditor would be least likely to ensure that:
- A. Background research is completed to familiarize the auditor with relevant issues.
- B. An independent content expert is available to help settle disagreements.
- C. Management is consulted on the issues and priorities.
- D. Key stakeholders are represented in the group.
Answer: B
Explanation:
Section: Volume B
NEW QUESTION 111
A chief audit executive (CAE) a developing a work program for an upcoming engagement that will review an organization's small contracting services. When of the following would the CAT need to consider most when developing the work program?
- A. The contracting department's staffing changes within the last year
- B. The organization's recent changes to how it processes payments
- C. The certifications held by the internal auditors assigned to the engagement
- D. The internal audit activity's increase n budget and staffing for the year
Answer: B
NEW QUESTION 112
During an operational audit of a chain of pizza delivery stores, an auditor determined that cold pizzas were causing customer dissatisfaction. A review of oven calibration records for the last six months revealed that adjustments were made on over 40 percent of the ovens. Based on this, the auditor:
- A. Must search for another cause since approximately 60 percent of the ovens did not require adjustment.
- B. Needs to conduct further inquiries and reviews to determine the impact of the oven variations on the pizza temperature.
- C. Has enough evidence to conclude that improperly functioning ovens are the cause.
- D. Has enough evidence to recommend the replacement of some of the ovens.
Answer: B
NEW QUESTION 113
Which of the following risks assumes an absence of compensating controls in the area being reviewed?
- A. Detection risk.
- B. Inherent risk.
- C. Control risk.
- D. Sampling risk.
Answer: B
NEW QUESTION 114
While preparing the annual audit plan, the newly assigned chief audit executive (CAE) learns that the organization has not yet implemented a risk framework. Which of the following would be the most appropriate action for the CAE to take regarding potential engagements?
- A. Consult with senior management and the board and make adjustments regarding risk.
- B. Use the previous three-year audit plan to extrapolate potential engagements for the upcoming year's schedule of engagement.
- C. Prioritize the engagements that were not done in previous years and schedule them for the upcoming year.
- D. Review all outstanding recommendations from prior audit engagements and focus on them in the upcoming year.
Answer: A
NEW QUESTION 115
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