Online Access Free IIA.IIA-CIA-Part1.v2022-06-03.q167 Practice Test (Page 35)

IIA-CIA-Part1 Exam Question 166

A company's chief audit executive determines that the internal audit staff does not have the requisite skills to conduct an audit of the financial derivatives area. Which of the following actions would be the least acceptable?

A.Determine the requisite knowledge needed and obtain the proper training for auditors if such training is available within the appropriate time framework outlined by the audit committee.

B.Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.

C.Notify the audit committee of the problem and consult with them regarding outsourcing the audit engagement to a qualified external auditing firm.

D.Notify the audit committee of the problem and assign the most competent auditors to perform the audit engagement.

IIA-CIA-Part1 Exam Question 167

When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?

A.The exposure to risks following management's risk responses.

B.The extent and degree of interdependency for identified key risks.

C.The boundaries established to manage the amount of risk taken.

D.The amount of risk that an organization is willing to seek or accept.

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IIA-CIA-Part1 Exam Question 166

IIA-CIA-Part1 Exam Question 167

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