IIA CIA Certification Exam Questions with AI Explanations

QUESTION: 161

Auditors 1, 2, and 3 work out of various offices. Each must be assigned to one, and only one, of three audit locations (A, B, or C). The cost of sending each auditor to each location is listed below Audit Locations Auditor 1 Auditor 2 Auditor 3 A $200 $400 $200 B $300 $300 $200 C $400 $600 $500 The minimum cost with which this assignment can be accomplished is

$800
$900
$1,000
$1,100

Answer(s): B

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QUESTION: 162

In developing an appropriate work program for an audit engagement, the most important factor for an audit supervisor to consider is the

Availability of records and data.
Potential impact of risks.
Capabilities of audit personnel.
Time required to complete the engagement.

Answer(s): B

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QUESTION: 163

Which of the following would an internal auditor consider when developing engagement objectives?

I). Estimated time to complete the engagement.
II). Probability of significant errors.
III). Risks, controls, and governance processes.
IV). Budgeted cost and resource requirements.

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

Answer(s): C

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QUESTION: 164

Coordination between the internal auditors and the external auditors tends to

Increase risks due to potential communication issues arising from internal auditors' allegiance to the company.
Decrease risks due to the internal auditors' knowledge of the company and industry.
Increase risks due to differing views on the nature and adequacy of internal controls.
Decrease risks by using internal auditors to perform low-level external audit testing.

Answer(s): B

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QUESTION: 165

A manufacturer of very expensive precision optical equipment has experienced a significant increase in production costs over the past three months. The plant manager has demanded an immediate audit to identify the cause of the increases. Which of the following is true regarding this request?

The chief audit executive (CAE) may accept the request but is not obligated to act upon it.
The CAE should decline the request because the plant manager is not authorized to make audit requests.
According to the Standards, only audits approved by the audit committee may be performed.
Accepting the request would jeopardize the integrity of the existing audit plan.

Answer(s): A

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QUESTION: 164

QUESTION: 165