Online Access Free IIA.IIA-CIA-Part1.v2025-02-27.q565 Practice Test (Page 37)

IIA-CIA-Part1 Exam Question 176

The audit committee has asked the chief audit executive (CAE) to assist in the selection of a new external audit firm.
Which of the following is an appropriate action by the CAE?

A.The CAE and two managers from the audit staff review the bids and select one firm to meet with the audit committee for the committee's approval.

B.The CAE develops a formal set of criteria for the audit committee to use in selecting the external auditor.

C.The CAE declines to participate in the process because providing this assistance would result in compromising the internal audit activity's objectivity.

D.The CAE, chief financial officer, and controller review the bids, interview two firms, and recommend one of the two firms to the audit committee for its approval.

IIA-CIA-Part1 Exam Question 177

Internal auditors can benefit from a strong relationship with the external auditors because external auditors can:

A.Concur with the internal auditors' reports and thus improve the quality of assurance provided to management.

B.Provide internal auditors with an independent and knowledgeable viewpoint.

C.Increase the effectiveness of internal control sampling techniques.

D.Assist the internal auditor by providing information obtained from similar audits with other clients.

IIA-CIA-Part1 Exam Question 178

Which of the following is a component of the internal audit value proposition endorsed by IIA guidance?

A.Insight.

B.Independence.

C.Integrity.

D.Competency.

IIA-CIA-Part1 Exam Question 179

In the annual audit of the financial statements of a company with high inherent risk and a very strong control system, the external auditor may be able to allow detection risk to rise because.

A.Whenever inherent risk is high, control risk is disregarded.

B.Audit risk has been reduced.

C.Control risk has been assessed at a lower level.

D.The company's operations are very susceptible to misstatements.

IIA-CIA-Part1 Exam Question 180

What would be the proper sequence of steps for an internal auditor to take in order to draw a conclusion on internal control effectiveness and adequacy after ascertaining the key controls?

A.Evaluate the adequacy of the controls and then test the controls for effectiveness.

B.Test the controls for effectiveness and then evaluate the adequacy of the controls.

C.Identify risks and then evaluate the controls for effectiveness.

D.Evaluate the controls for effectiveness and then assess the risks in the area.

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IIA-CIA-Part1 Exam Question 176

IIA-CIA-Part1 Exam Question 177

IIA-CIA-Part1 Exam Question 178

IIA-CIA-Part1 Exam Question 179

IIA-CIA-Part1 Exam Question 180

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