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Exam Name:	Essentials of Internal Auditing
Exam Code:	IIA-CIA-Part1 Dumps
Vendor:	IIA	Certification:	CIA
Questions:	227 Q&A's	Shared By:	tiffany

Question 28

During an assurance engagement, an internal auditor reviews a tender inviting vendors to submit bids to supply financial services software to the organization. She suspects that the tender was tailored for the bidder who eventually won the contract. What should the auditor do next?

Options:

Review payments made for the financial services software.

Confront a procurement specialist with the suspicion.

Submit an anonymous tip to the whistleblower hotline.

Analyze technical terms and conditions of the tender.

Discussion

Question 29

Which of the following practices is generally most effective to protect internal audit objectivity?

Options:

Ensuring regular documentation of auditor skills and experience in the workpapers.

Basing performance evaluations heavily on customer satisfaction surveys.

Prohibiting auditors from accepting gifts from audit clients or potential clients.

Ensuring that auditors have a balance of both operational and internal audit responsibilities.

Discussion

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Question 30

According to IIA guidance, which policy, established by the chief audit executive, would most likely ensure internal audits are conducted with due professional care?

Options:

The initial review of workpapers should be conducted after the final engagement report is issued.

Independent internal assessments of the internal audit activity should be performed by entry-level staff as part of on-the-job training.

Internal audit staff should be informed regularly of changes to policies and procedures.

Training documents should be destroyed at the end of the year to create space for the next year's training documents.

Discussion

Question 31

The same internal auditor has audited the regional purchasing department annually for the last three years. The audits have shown several significant control deficiencies that have not been corrected by management. New management is in charge of this regional purchasing department, and it is time to audit the department again. What concerns should be considered prior to assigning the audit to the same auditor?

Options:

Intimidation threats may compromise the auditor's objectivity due to multiple negative audit reports completed by the auditor.

The auditor has reviewed the department annually for the last three years, leading to familiarity, which can impact the internal audit activity's independence.

A negative cognitive bias may be in place that affects the employee's objectivity due to the recent audits with uncorrected control deficiencies.

The auditor may have formed a cultural bias, as the department under review is in the auditor's geographic area.

Discussion

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