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QUESTION: 26

The chief audit executive for an organization has just completed a risk assessment process, identified the areas with the highest risk, and assigned an audit priority to each. Which of the following statements is true and consistent with the International Professional Practices Framework?

I). Items should be ranked in the order of quantifiable dollar exposure to the organization.
II). The audit priorities should be in order of major control deficiencies.
III). The risk assessment, though quantified, is the result of professional judgments about both exposures and probability of occurrences.

I only
III only
II and III only
I, II, and III

Answer(s): B

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QUESTION: 27

All of the following would normally be involved in preparing for and carrying out the internal audit activity's annual plan except

Establishing policies and procedures for workpapers and referencing
Providing periodic activity reports to the audit committee on audit engagements in progress
Assessing the amount of risk in major departments
Training audit staff on appropriate audit methodologies for addressing any newly identified risks.

Answer(s): A

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QUESTION: 28

Responsibility for the coordination of internal audit and external audit efforts should be documented in the

Engagement work schedule
Internal audit charter
Internal assessment report
Internal audit activity's strategic plan

Answer(s): B

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QUESTION: 29

Internal auditors can benefit from a strong relationship with the external auditors because external auditors can

Provide internal auditors with an independent and knowledgeable viewpoint
Concur with the internal auditors' reports and thus improve the quality of assurance provided to management
Increase the effectiveness of internal control sampling techniques
Assist the internal auditor by providing information obtained from similar audits with other clients

Answer(s): A

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QUESTION: 30

Coordinating internal and external audit efforts can help reduce the amount of time that the external auditors are on site at an organization because the external auditors can

Copy audit findings from internal audit reports to create the external audit report
Rely on work performed by the internal audit activity
Use risk and control analysis provided by the internal audit activity to guide testing for the external audit staff
Focus on high-risk areas only, as long as an internal audit function exists

Answer(s): B

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IIA Certified Internal Auditor Exam CIA Dumps in PDF

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QUESTION: 26

QUESTION: 27

QUESTION: 28

QUESTION: 29

QUESTION: 30