CIA-I Certification Exam Questions with AI Explanations

QUESTION: 281

After issuance of the engagement final communication for an audit of an organization's accounts payable function, which of the following should be sent satisfaction surveys?

I). Manager of disbursements.
II). Controller.
III). Chief operating officer.
IV). Audit committee members.

I only.
I and II only.
II and III only.
II, III, and IV only.

Answer(s): B

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QUESTION: 282

What is the most likely source of information for a detailed schedule of a company's insurance policies in force?

Original journal entries found in the cash disbursements journal, along with supporting checks processed by the bank.
Policies and procedures governing insurance coverage.
The current fiscal year's budget for insurance, together with the beginning balance of the prepaid insurance account.
The files containing insurance policies with various carriers.

Answer(s): D

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QUESTION: 283

Which of the following is a responsibility of the internal auditor once a fraud investigation has been concluded?

Ascertain the extent to which fraud has been perpetrated.
Notify the appropriate regulatory authorities regarding the outcome of the investigation.
Determine if controls need to be implemented or strengthened to reduce future vulnerability.
Implement controls to prevent future occurrences.

Answer(s): C

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QUESTION: 284

Which of the following is the most appropriate step for the chief audit executive to take in order to avoid defamation of character of the principal suspect in a fraud investigation?

Restrict the use of potentially damaging words to privileged reports or discussions.
Label all workpapers, reports, and correspondence of the internal audit activity as private.
Restrict discussions of the fraud to members of management who express an interest in the investigation.
Destroy all investigation workpapers and reports if the fraud cannot be proven.

Answer(s): A

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