IIA-CIA-Part1

IIA-CIA-Part1 practice questions, page 45 of 47, with answer review and explanations.

Question 221

To develop greater internal auditing expertise, the chief audit executive (CAE) has been assigning the same relatively inexperienced team of internal auditors to a series of engagements spanning several months. Is this practice consistent with the Standards?

  1. Yes. The CAE is promoting the professional development of the staff.
  2. Yes. The experience will quickly build specialized skills and competencies.
  3. No. The team should collectively possess the competencies appropriate for the engagements.
  4. No. Teams should be comprised of both experienced and inexperienced auditors.

Question 222

Which of the following would be the least significant consideration when performing a risk analysis?

  1. Financial exposure and potential loss.
  2. Skills available within the audit staff.
  3. Results of prior audits.
  4. Major operating changes.

Question 223

Which of the following is correct regarding the implementation of a quality assurance and improvement program for the internal audit function?

  1. The board has the primary responsibility for implementation of a robust quality assurance and improvement program for internal audit.
  2. An internal audit function that is fully complying with internal assessment of quality can confidently claim it is performing in conformity with the International Professional Practices Framework.
  3. The chief audit executive can establish a formal quality assurance and improvement program that is led by an audit manager.
  4. A quality assurance and improvement program is applicable depending on the size and complexity of the audit function.

Question 224

Which of the following are appropriate ways to obtain continuous professional education? 1. Instructing at a local IIA training event. 2. Attending internal audit conferences and seminars. 3. Practicing specialized audit and consulting work. 4. Participating in research projects in internal auditing.

  1. 1 and 3 only
  2. 1 and 2 only
  3. 3 and 4 only
  4. 1, 2, and 4 only

Question 225

Which of the following processes or tools can be used as ongoing internal assessments of the performance of the internal audit activity? 1. Analyses of audit plan completion and cost recoveries. 2. Selective peer reviews of work papers by staff involved in the respective audits. 3. Self-assessment of the internal audit activity with on-site validation by a qualified independent reviewer. 4. Feedback from audit customers and stakeholders.

  1. 1 only
  2. 1 and 2 only
  3. 3 and 4 only
  4. 1, 2, and 4 only