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IIA Practice of Internal Auditing Sample Questions (Q300-Q305):
NEW QUESTION # 300
According to IIA guidance, which of the following are appropriate actions for the chief audit executive regarding management's response to audit recommendations?
- A. Evaluate and verify management's response, and establish timelines for corrective action by management.
- B. Oversee the corrective actions undertaken by management, and determine the need and scope for additional work.
- C. Oversee the corrective actions undertaken by management, and establish timelines for corrective action by management.
- D. Evaluate and verify management's response, and determine the need and scope for additional work.
Answer: D
Explanation:
According to IIA guidance, the chief audit executive (CAE) is responsible for evaluating and verifying management's response to audit recommendations. The CAE must also determine the need and scope for additional work based on the adequacy and timeliness of management's corrective actions. This ensures that the audit recommendations are effectively implemented and that any residual risks are appropriately managed.
References: IIA Standard 2500 - Monitoring Progress, IIA Practice Advisory 2500.A1-1
NEW QUESTION # 301
An internal auditor discovered a control weakness that needs to be communicated to management. Which of the following is the best method for first communicating the weakness?
- A. Draft report, to be reviewed by management just prior to final report issuance.
- B. Final report, after review by audit management.
- C. Preliminary observation document, discussed during the engagement.
- D. Verbal communication during the engagement, followed by the final report issuance.
Answer: D
Explanation:
Step-by-Step Detailed Explanation:
A . Draft report:
Delays action on the weakness, which could be addressed sooner.
B . Preliminary observation document:
While helpful, this is not as immediate as verbal communication.
C . Final report:
Waiting until the final report would unnecessarily delay corrective action.
D . Verbal communication during the engagement, followed by the final report issuance:
Correct. Verbal communication allows immediate management action, with documentation to follow.
CIA Exam Syllabus Reference:
Domain V: Performing Internal Audit Services - Effective Communication of Findings.
NEW QUESTION # 302
Which of the following processes real-transaction data through auditor-developed test programs?
- A. Parallel simulation.
- B. Mapping.
- C. Tracing.
- D. Generalized audit software.
Answer: A
Explanation:
Section: Volume A
NEW QUESTION # 303
An internal auditor provided the following statement about division A's performance during the month:
"Because supplies of raw material X were scarce, division A's profits declined by 15 percent." Which of the following can be validly concluded from the auditor's statement?
I. Division A's production level declined by 15 percent.
II. Division A could have sold more products than it produced.
III. Division A usually sells all of the products that it produces.
- A. II only
- B. I only
- C. I and II only
- D. III only
Answer: A
Explanation:
Section: Volume A
NEW QUESTION # 304
In preparing the engagement work program, which of the following is generally true with respect to secondary controls?
- A. Secondary controls should be held to the same requirements as key controls
- B. A separate engagement work program should be created for secondary controls
- C. Secondary controls do not necessarily need to be tested for effectiveness
- D. Any documented secondary controls are deemed essential to the adequacy of control design
Answer: C
Explanation:
Comprehensive and Detailed Explanation:
Secondary controls are not primary risk mitigations but provide backup support if key controls fail. When preparing the work program, auditors generally focus on key controls, since they directly address significant risks. Secondary controls may not require testing unless they provide meaningful risk reduction where primary controls are weak or absent. Option A is inefficient; a separate work program for secondary controls is not required. Option C is incorrect - documentation alone does not make them essential. Option D is misleading because secondary controls are not subject to the same level of testing rigor as key controls.
Therefore, Option B is correct: secondary controls do not always need to be tested.
NEW QUESTION # 305
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