Iia examstrust iia Iia-cia-part3 Online Access by Rylee q34 vce pdf

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Exam Name:	Internal Audit Function
Exam Code:	IIA-CIA-Part3 Dumps
Vendor:	IIA	Certification:	CIA
Questions:	514 Q&A's	Shared By:	rylee

Question 36

Given the information below, which organization is in the weakest position to pay short-term debts?

Organization A: Current assets constitute $1,200,000; Current liabilities are $400,000

Organization B: Current assets constitute $1,000,000; Current liabilities are $1,000,000

Organization C: Current assets constitute $900,000; Current liabilities are $300,000

Organization D: Current assets constitute $1,000,000; Current liabilities are $250,000

Options:

Organization A

Organization B

Organization C

Organization D

Discussion

Question 37

Which of the following scenarios would require the chief audit executive (CAE) to change the internal audit plan and seek approval for the changes from the board?

Options:

The CAE meets with the organization's new CFO to review the internal audit plan. After reviewing the plan, the CFO is satisfied that the plan addressed the top risks facing the organization

The CAE oversees an internal audit function that has one IT auditor on staff. This auditor left the organization eight months ago and the CAE has been unable to hire a suitable replacement

The effective date of a new government regulation occurs during the internal audit plan year. The new regulation and its effective date have been public for several years

The CAE oversees an internal audit function of 15 auditors. An auditor left the organization and was replaced the following week with an auditor who has similar skills and experience

Discussion

Question 38

According to IIA guidance, which of the following are typical physical and environmental IT controls?

Options:

Locating servers in locked rooms with restricted admission.

Applying encryption where confidentiality is a stated requirement.

Allocating and controlling access rights according to the organization's stated policy.

Ensuring a tightly controlled process for applying all changes and patches to software, systems, network components, and data.

Discussion

Question 39

Through meetings with management, an organization's chief audit executive (CAE) learns of a risk that exceeds the established risk tolerance. What would be an appropriate next action for the CAE to take?

Options:

Design and recommend an appropriate response to the risk

Discuss the risk and the implications of the risk with management responsible for the risk area

Schedule an audit of the risk area to assess the risk likelihood and impact

Prepare a memo to report the risk to the board

Discussion

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