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QUESTION: 31

Using the internal audit department to coordinate regulatory examiners' efforts is beneficial to the organization because internal auditors can

Influence regulatory interpretation of law to better match corporate practice
Recommend changes to the scope of the regulatory examiners' review
Perform fieldwork for the regulatory examiners and thus shorten the regulatory examiners' review
Supply evidence of adequate compliance testing through internal audit workpapers and reports

Answer(s): D

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QUESTION: 32

If the annual audit plan does not allow for adequate review of compliance with all material regulations affecting the company, the internal audit activity should

Ensure that the regulations that were not included be reviewed in the subsequent year
Include a memo in the audit planning file listing the reasons for the lack of coverage.
Notify the board of directors and senior management of the limitation
Decrease the scope of operational and financial audits to make additional audit time available

Answer(s): C

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QUESTION: 33

Which of the following statements, if true, could justify an auditor's decision not to report governance-related control deficiencies to the audit committee?

Management plans to initiate corrective action
The board of directors has a separate corporate governance committee
The amounts and the potential risks associated with the deficiencies are not material to the overall organization.
Governance issues are complex and the auditor should rely on management's analysis of the extent of the problem

Answer(s): C

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QUESTION: 34

The primary purpose for the chief audit executive's communication of the internal audit activity's plans and resource requirements to senior management and the board is to

Identify internal audit engagement scope limitations
Indicate future internal audit staffing needs
Highlight the internal audit activity's view of significant risk areas
Ensure that the work of the internal audit activity supports the organization's objectives

Answer(s): D

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QUESTION: 35

In a well-developed management environment, the internal audit activity would

Report the results of audit engagements to line management as well as to senior management
Conduct regularly scheduled audits of existing systems and initial audits of new computer systems after they have begun operating.
Interface primarily with senior management, minimizing interactions with line managers who are the subjects of internal audit work.
Focus on the maintenance of accounting controls (such as segregation of the duties of authorization, recording, and custody) and report results to the audit committee

Answer(s): A

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IIA Certified Internal Auditor Exam CIA Dumps in PDF

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QUESTION: 35