Iia help2pass passed Exam Today Iia-cia-part1 by Laurie q114 vce pdf

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Exam Name:	Essentials of Internal Auditing
Exam Code:	IIA-CIA-Part1 Dumps
Vendor:	IIA	Certification:	CIA
Questions:	735 Q&A's	Shared By:	laurie

Question 84

Which of the following is the first step in the process of identifying relevant fraud risk factors?

Options:

Identifying preventive and detective controls

Gathering information about the organization’s business activities to gain an understanding of fraud risks

Engaging in strategic reasoning to anticipate the fraud scheme

The use of brainstorming, management interviews, analytical procedures and review of prior frauds.

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Question 85

According to IIA guidance, which of the following best describes the chief audit executive s responsibility for confirming to the board the organizational independence of the internal audit activity'?

Options:

The CAE must do this at least annually

The CAE must do this at least once every five years

The CAE must do this upon completion of each external quality assessment

The CAE should do this periodically in conjunction with a review of the internal audit charter

Discussion

Question 86

An internal auditor performed a risk assessment and concluded that the controls over access privileges to a bank account were appropriate. Later, the auditor learned that a contractor was using a shared password provided by an authorized user of the account. Which of the following statements best describes the auditor's application of due professional care?

Options:

Due professional care was exercised, despite the auditor’s failure to identify the significant risk.

Due professional care was not exercised because the auditor failed to identify all the significant risks during the risk assessment.

Due professional care was not exercised because the residual risk from the possibility of authorized users sharing their passwords was not considered.

Due professional care was not exercised because the auditor failed to conduct interviews to obtain testimonial evidence of possible password sharing

Discussion

Question 87

Following a quality assurance review of a small internal audit activity, the external reviewer and the chief audit executive (CAE) cannot agree on the importance of several deficiencies noted during the review. Which of the following would be the most appropriate next step for the reviewer to take?

Options:

Remove the areas of disagreement from the scope of the engagement and seek informal compromises with the CAE.

Issue the report to senior management, noting the deficiencies for immediate resolution.

Issue the report, noting the deficiencies with comments that address the areas of disagreement.

Request arbitration from the audit committee to resolve discrepancies prior to issuing the final report