An internal auditor would like to identify the involvement of various organizational units in handling employee travel reimbursement claims. Which of the following methods would be most effective and efficient in completing this task?
A. Process mapping.
B. Interviewing.
C. Monitoring.
D. Distributing questionnaires.
The internal audit supervisor is reviewing the workpapers prepared by the staff. According to the Standards, which of the following statements regarding workpaper supervision is not true?
A. Review notes of questions that arise during the review process must be retained.
B. Dating and initialing each workpaper provides evidence of review.
C. Workpaper review allows for staff training and development.
D. Workpapers may be amended during the review process.
Which of the following audit techniques is used to evaluate control design while also embodying auditing's analytical process?
A. A risk and control matrix.
B. A flowchart.
C. A walk-through.
D. A process narrative.
According to the Standards, which of the following best describes why initial audit test results should be reported to the auditor-in-charge prior to advising management?
A. It increases the likelihood of obtaining the audit client's agreement with the results.
B. It ensures that an appropriate chain of evidence is maintained through the workpapers.
C. It helps ensure that appropriate professional judgments and conclusions are made.
D. It is required to demonstrate that effective engagement supervision has occurred.
During an engagement, an internal auditor decided to use variance analysis as an auditing techniques. Which of the following steps should the auditor pursue if he discovers unexpected deviations of actual results from budget?
A. Report the deviations immediately to the audit committee.
B. Gather additional information to determine the cause of the deviations.
C. Conclude that the budget was unreasonably set and accept the deviations.
D. Perform alternative forms of analytical procedures which provide no deviations.
When conducting an interview, an internal auditor is most likely to ask open-ended questions in order to:
A. Obtain specific answers and maximize efficiency.
B. Gather factual data on several different topics.
C. Determine agreement or disagreement with a stated viewpoint.
D. Obtain information based on the person's own perspective.
Which of the following techniques would best assist an internal auditor in evaluating the efficiency of a wholesale grocery distributor`s process to fill and package orders for shipping?
A. A Bedford analysis of orders filled to average delivery times.
B. Decision trees rating actual performance against requirements.
C. Queuing theory to assess potential bottlenecks in the process.
D. A program evaluation and review technique chart.
Which of the following would most likely be considered a red flag for fraud?
A. An organization lacks a whistleblower hotline for reporting suspicious activity.
B. A senior manager has been delegating the authority to sign-off on small dollar amount purchases to a subordinate.
C. An employee in charge of payroll disbursements has rotated these duties with several colleagues.
D. An employee with significant personal debt is in charge of handling large wire transfers for the organization.
Which of the following risk management activities is most appropriate for an internal auditor to undertake?
A. Impose risk management processes.
B. Coordinate risk management activities.
C. Implement risk responses on management's behalf.
D. Review the management of key risks.
Which of the following best describes the assessment of risks?
A. Assess the actions necessary to reduce the likelihood and/or impact of risk to tolerable levels.
B. Assess the likelihood and/or impact of risk on the achievement of organizational objectives.
C. Assess the amount of risk an organization can accept while pursuing its objectives.
D. Assess alternative strategies to reduce or eliminate major risks.
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