Internal Audit Fundamentals IIA-CIA-Part1 Exam Questions with Experts Answers Updated Recently

A.  

Reporting on the QAIP to the board should occur at least once every five years

B.  

The responsibility for the selection of an external assessor rests with the board

C.  

The qualifications of the assessors must be communicated to the board

D.  

The reporting of outcomes of the QAIP can be delegated to senior audit staff

A.  

Vendor invoice payment requests are accompanied by a purchase order and receiving report.

B.  

Purchase orders are typed by the purchasing department using prenumbered forms.

C.  

Buyers promptly update the official vendor listing as new supplier sources become known.

D.  

Department managers initiate purchase requests that must be approved by the plant superintendent.

A.  

An employee who diverts the organization ' s purchases for personal use is demonstrating asset misappropriation

B.  

An employee who intentionally omits negative information in the financial statement disclosures is demonstrating an example of corruption

C.  

An employee who made an error in estimating losses may have committed fraud even if the error was not intentional

D.  

An employee who creates a denial of service in the organization’s computer systems is committing asset misappropriation

A.  

The monthly payroll reports are not vetted to ensure terminated employees have been removed from the payroll system.

B.  

The volume of nonroutine journal entries has steadily increased over time.

C.  

The database of approved suppliers has not been reviewed in the last year.

D.  

The recent employee survey indicates that some employees remain unaware of the organization’s whistleblower hotline.