Online Access Free IIA.IIA-CIA-Part1.v2022-06-03.q167 Practice Test (Page 9)

IIA-CIA-Part1 Exam Question 36

Which of the following statements is correct regarding risk analysis?

A.The extent to which management judgments are required in an area could serve as a risk factor in assisting the auditor in making a comparative risk analysis.

B.The highest risk assessment should always be assigned to the area with the highest probability of occurrence.

C.The highest risk assessment should always be assigned to the area with the largest potential loss.

D.Risk analysis must be reduced to quantitative terms in order to provide meaningful comparisons across an organization.

IIA-CIA-Part1 Exam Question 37

According to IIA guidance, which of the following is an area in which the internal auditor should be proficient?

A.Fundamentals of accounting, economics, and finance.

B.Computerized information systems.

C.Internal audit standards, procedures, and techniques.

D.Management principles.

IIA-CIA-Part1 Exam Question 38

Which of the following best describes the details that must be included in the quality assurance and improvement program (QAIP) report to senior management and the board?

A.The scope and cost of the QAIP. frequency of internal and external assessments, and conclusions of the assessor.

B.The scope, findings, risks, recommendations, and agreed-upon improvement actions.

C.The scope and frequency of internal and external assessments as well as the qualifications and independence of the assessor.

D.The number and types of people involved in the assessment, costs, and duration of the QAIP

IIA-CIA-Part1 Exam Question 39

An internal auditor is performing analytical reviews as part of an audit of a supermarket's merchandising department. Because the economy has declined since midyear, the auditor can expect to encounter which of the following?

A.Higher operating margin.

B.Higher inventory turnover.

C.Lower sales volume.

D.Lower obsolete stock disposal.

IIA-CIA-Part1 Exam Question 40

A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?

A.Establish the degree of risk appetite for management to accept.

B.Coordinate and facilitate risk workshops for management to attend.

C.Set risk indicators and mitigation plans for management to implement.

D.Determine the number of significant risks for management to report to the board.

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IIA-CIA-Part1 Exam Question 36

IIA-CIA-Part1 Exam Question 37

IIA-CIA-Part1 Exam Question 38

IIA-CIA-Part1 Exam Question 39

IIA-CIA-Part1 Exam Question 40

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