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IIA IIA-CIA-PART3 Certified Internal Auditor - Part 3
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Question: 1 Which of the following statements is correct regarding risk analysis? A. The extent to which management judgments are required in an area could serve as a risk factor in assistng the auditor in making a comparatve risk analysis. B. The highest risk assessment should always be assigned to the area with the largest potental loss. C. The highest risk assessment should always be assigned to the area with the highest probability of occurrence. D. Risk analysis must be reduced to quanttatve terms in order to provide meaningful comparisons across an organizaton.
Answer: A Question: 2 Which of the following statements regarding organizatonal governance is not correct? A. An efectve internal audit functon is one of the four cornerstones of good governance. B. Those performing governance actvites are accountable to the customer. C. Accountability is one of the key elements of organizatonal governance. D. Governance principles and the need for an internal audit functon are applicable to governmental and not-for-proft actvites.
Answer: B Question: 3 Which of the following is a role of the board of directors in the governance process? A. Conduct periodic assessments of the organizatonns governance systems. B. Obtain assurance concerning the efectveness of the organizatonns governance systems. C. Implement an efectve system of internal controls to support the organizatonns governance systems. D. Review and approve operatonal goals and objectves.
Answer: B Question: 4 Which is the least efectve form of risk management? A. Systems-based preventve control. B. People-based preventve control. C. Systems-based detectve control. D. People-based detectve control.
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Answer: D Question: 5 Which of the following statements is correct regarding corporate compensaton systems and related bonuses? 1. A bonus system should be considered part of the control environment of an organizaton and should be considered in formulatng a report on internal control. 2. Compensaton systems are not part of an organizatonns control system and should not be reported as such. 3. An audit of an organizatonns compensaton system should be performed independently of an audit of the control system over other functons that impact corporate bonuses. A. 1 only B. 2 only C. 3 only D. 2 and 3 only
Answer: A Question: 6 The frst stage in the development of a crisis management program is to: A. Formulate contngency plans. B. Conduct a risk analysis. C. Create a crisis management team. D. Practce the response to a crisis.
Answer: B Question: 7 When developing an efectve risk-based plan to determine audit prioritess an internal audit actvity should start by: A. Identfying risks to the organizatonns operatons. B. Observing and analyzing controls. C. Prioritzing known risks. D. Reviewing organizatonal objectves.
Answer: D Question: 8 The decision to implement enhanced failure detecton and back-up systems to improve data integrity is an example of which risk response? A. Risk acceptance.
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B. Risk sharing. C. Risk avoidance. D. Risk reducton.
Answer: D Question: 9 Which of the following actvites most signifcantly increases the risk that a bank will make poorquality loans to its customers? A. Borrowers may not sign all required mortgage loan documentaton. B. Fees paid by the borrower at the tme of the loan may not be deposited in a tmely manner. C. The bankns loan documentaton may not meet the governmentns disclosure requirements. D. Loan ofcers may override the lending criteria established by senior management.
Answer: D Question: 10 The main reason to establish internal controls in an organizaton is to: A. Encourage compliance with policies and procedures. B. Safeguard the resources of the organizaton. C. Ensure the accuracys reliabilitys and tmeliness of informaton. D. Provide reasonable assurance on the achievement of objectves.
Answer: D
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