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IIA IIA-CRMA-ADV - Questions & Answers

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Question 1
Single choice

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.

Question 2
Single choice

Which of the following would be considered a preventive control?

A.

A library control log.

B.

A review of exception reports.

C.

A password lock on a server.

D.

A software scan of financial records for irregularities.

Question 3
Single choice

A new chief audit executive (CAE) of a large internal audit activity (IAA) is dissatisfied with the current amount and quality of training being provided to the staff and wishes to implement improvements.
According to IIA guidance, which of the following actions would best help the CAE reach this objective?

A.

Require that all staff obtain a minimum of two relevant audit certifications.

B.

Perform a gap analysis of the IAA's existing knowledge, skills and competencies.

C.

Engage a consultant to benchmark the IAA's training program against its peers.

D.

Assign one experienced manager to better coordinate staff training and development activities.

Question 4
Single choice

Which of the following is not a standard technique that the chief audit executive (CAE) would use to provide evidence of supervisory review of working papers?

A.

The CAE initials and dates every working paper after it has been reviewed.

B.

The CAE completes an engagement working paper checklist.

C.

The CAE prepares a memorandum discussing the results of the working paper review.

D.

The CAE utilizes an external third party to make an objective recommendation after each working paper review.

Question 5
Single choice

Which of the following would provide the best guidance to a chief audit executive who is setting internal audit staff requirements?

A.

A review of audit staff education and training records.

B.

Information about the audit staff size and composition of comparable organizations.

C.

Results from discussions of audit needs with executive management and the audit committee.

D.

The results of the audit staff's most recent performance reviews.

Question 6
Single choice

Which of the following is not one of the 10 core competencies identified in the IIA Competency Framework?

A.

Governance, risk, and control.

B.

Performance management.

C.

Business acumen.

D.

Internal audit delivery.

Question 7
Single choice

Which of the following is a second line of defense in effective risk management and control?

A.

Purchasing department.

B.

Compliance department.

C.

Credit department.

D.

Internal audit department.

Question 8
Single choice

Why is it important for the chief audit executive to periodically review the audit charter and present the results to senior management and the board?

A.

Because management requires the review to measure effectiveness of the internal audit activity.

B.

So that the individual objectivity of the internal audit staff can be more clearly established.

C.

So that there is assurance of the internal audit staff's proficiency to complete audit activities.

D.

Because changes in the organization may impair the internal audit activity's ability to meet its objectives.

Question 9
Single choice

During an internal audit, the internal auditor compares the employee turnover rate in the area being audited with the employee turnover rate in the organization as a whole.

This is an example of which of the following analytical auditing procedures?

A.

Reasonableness test.

B.

Regression analysis.

C.

Benchmarking.

D.

Trend analysis.

Question 10
Single choice

Allegations have been made that an organization's share price has been manipulated.

Which of the following would provide an internal auditor with the most objective evidence in this case?

A.

Major shareholders of the organization.

B.

Large customers of the organization.

C.

Former members of management.

D.

Former financial consultants.

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