Question # 1
An internal auditor notes that employees continue to violate segregation-of-duty controls in several
areas of the finance department, despite previous audit recommendations. Which of the following
recommendations is the most appropriate to address this concern?
| | A. Recommend additional segregation-of-duty reviews.
| | B. Recommend appropriate awareness training for all finance department staff.
| | C. Recommend rotating finance staff in this area.
| | D. Recommend that management address these concerns immediately |
B. Recommend appropriate awareness training for all finance department staff.
Question # 2
Which of the following situations justifies the release of an interim report to management and the
board?
• The internal auditor is convinced that the audit observations require immediate attention.
• The internal auditor would like to communicate a change in engagement scope for the activity
under review.
• The internal auditor notes that the engagement may extend over a longer time period.
• The audit supervisor believes that issuing interim reports eases supervisory review and controls
over working papers.
| | A. 1 and 3 only
| | B. 2 and 3 only
| | C. 1, 2, and 3 only
| | D. 2, 3, and 4 only |
Question # 3
Which of the following would constitute a violation of the IIA Code of Ethics?
| | A.
An internal auditor, who has recently joined the organization, has accepted an assignment to
audit the electronics manufacturing division. The auditor previously served as senior auditor for the
external audit of that division and has audited many electronics companies during the past two
years.
| | B. An internal auditor has accepted an assignment to audit the warehousing function six months
from now. The auditor has no expertise in that area but has signed up for courses in warehousing
that will be completed before the assignment begins.
| | C. An internal auditor has no ambitions for promotion and has not engaged in training or other
professional development activities during the last three years. The auditor's performance
assessments indicate consistent quality of work.
| | D. An internal auditor discovered an internal financial fraud during the year, and the financial
statements were adjusted to properly reflect the loss associated with the fraud. The auditor
discussed the fraud with the external auditor during the external auditor's review of the working
papers detailing the incident. |
C. An internal auditor has no ambitions for promotion and has not engaged in training or other
professional development activities during the last three years. The auditor's performance
assessments indicate consistent quality of work.
Question # 4
The internal audit activity performs the following sequence of risk management activities:
identification, analysis, and evaluation. According to IIA guidance, which of the following
assurance approaches does this describe?
| | A. Process elements approach | | B. Enterprise-wide risk management approach.
| | C. Key principles approach.
| | D. Maturity model approach |
A. Process elements approach
Question # 5
Which of the following would be a red flag that indicates the possibility of inventory fraud?
I. The controller has assumed responsibility for approving all payments to certain vendors.
II. The controller has continuously delayed installation of a new accounts payable system, despite
a corporate directive to implement it.
III. Sales commissions are not consistent with the organization's increased levels of sales.
IV. Payments to certain vendors are supported by copies of receiving memos, rather than
originals.
| | A. I and II only
| | B. II and III only
| | C. I, II, and IV only
| | D. I, III, and IV only |
Question # 6
An internal auditor submitted a report containing recommendations for management to enhance
internal controls related to investments. To follow up, which of the following is the most appropriate
action for the internal auditor to take?
| | A. Observe corrective measures.
| | B. Seek a management assurance declaration.
| | C. Follow up during the next scheduled audit.
| | D. Conduct appropriate testing to verify management responses |
D. Conduct appropriate testing to verify management responses
Question # 7
According to IIA guidance, which of the following statements is true regarding the authority of the
chief audit executive (CAE) to release previous audit reports to outside parties?
| | A. The CAE can release prior internal audit reports with the approval of the board and senior
management.
| | B. The CAE can employ judgment and release prior audit results as they deem appropriate and
necessary.
| | C. The CAE can only release prior information outside the organization when mandated by legal or
statutory requirements.
| | D. The CAE can release prior information provided it is as originally published and distributed within the organization. |
B. The CAE can employ judgment and release prior audit results as they deem appropriate and
necessary.
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