Online Access Free IIA.IIA-CIA-Part1.v2025-02-27.q565 Practice Test (Page 41)

IIA-CIA-Part1 Exam Question 196

Which of the following types of policies best helps promote objectivity in the interna! audit activity's work?

A.Policies that are distributed to all members of the internal audit activity and require a signed acknowledgment,

B.Policies that match internal auditors' performance with feedback from management of the area under review.

C.Policies that provide examples of inappropriate business relationships.

D.Policies that keep internal auditors in areas where they have vast audit expertise.

IIA-CIA-Part1 Exam Question 197

A manufacturer of power tools is experiencing regular fluctuations in the price of electrical power which is having a serious impact on the bottom line. Which of the following would be the most effective risk strategy to reduce the impact of these fluctuations?

A.Use an average cost for power to smooth the bottom line.

B.Analyze the amount of power used to produce each power tool.

C.Review the current process to identify opportunities to reduce power usage.

D.Use a forward contract for bulk power purchases

IIA-CIA-Part1 Exam Question 198

A company produces a product that consists of materials X, Y, and Z.
The product is mixed so that:
- The quantity of material X used is one-third more than that of material Y.
- The quantity of material Y used is one-fourth less than that of material Z.
If the company used 24,000 units of material Z during a period, what is a reasonable estimate of the amount of material X used?

A.32,000

B.24,000

C.18,000

D.8,000

IIA-CIA-Part1 Exam Question 199

An internal auditor is providing consulting services on an area he was responsible for three years ago. Part of the consulting scope covers a review of a performance measuring system that the auditor helped to develop. What is the best course of action for the auditor to take concerning the consulting service?

A.Disclose the potential impairment to the customer before accepting the consulting engagement

B.Accept the consulting services only after receiving approval to do so from the board.

C.Refrain from providing the consulting service because he was responsible for that area and his objectivity will be impaired,

D.Accept the consulting services. The objectivity won't be impaired if it has been more than a year since he last worked in the area under review.

IIA-CIA-Part1 Exam Question 200

Which of the following enhances the independence of the internal audit activity?

A.The CAE administratively reports to the board.

B.The chief executive officer approves the internal audit charter.

C.The chief audit executive (CAE) approves the annual internal audit plan.

D.The audit committee approves the CAE's annual salary increase.

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IIA-CIA-Part1 Exam Question 196

IIA-CIA-Part1 Exam Question 197

IIA-CIA-Part1 Exam Question 198

IIA-CIA-Part1 Exam Question 199

IIA-CIA-Part1 Exam Question 200

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