IIA-CRMA-ADV

Suspecting fraud, the chief financial officer (CFO) asked the internal audit activity to investigate a significant increase in travel related expenditures. Work was performed by a qualified internal auditor. Following the completion of the engagement, the chief audit executive (CAE) reported to the CFO that no violations were found and...

A computer system automatically locks a user's account after three unsuccessful attempts to log on. Which type of control does this scenario represent?A . Corrective control.B . Preventive control.C . Detective control.D . Compensating control.View AnswerAnswer: B

Perform assurance procedures with sufficient care to ensure that all risks are identified.A . 1 and 2 onlyB . 1 and 3 onlyC . 2 and 3 onlyD . 1, 2, and 3View AnswerAnswer: A

An internal audit charter describes the mission and scope of the internal audit activity (IAA), responsibilities of the IAA, accountability of the chief audit executive, independence of the IAA, and standards followed by the IAA. Which of the following also should be included in the charter? A. The purpose of...

An internal audit manager of a furniture manufacturing organization is planning an audit of the procurement process for kiln-dried wood. The procurement department maintains six procurement officers to manage 24 different suppliers used by the organization. Which of the following controls would best mitigate the risk of employees receiving kickbacks...

A computer system automatically locks a user's account after three unsuccessful attempts to log on. Which type of control does this scenario represent?A . Corrective control.B . Preventive control.C . Detective control.D . Compensating control.View AnswerAnswer: B

While attending a conference, an internal auditor won an all-expense paid trip sponsored by a vendor of the internal auditor's organization. Which of the following actions are most appropriate for the auditor to take?A . Consult with an immediate supervisor and notify the organization's audit committee.B . Consult with an...

Which of the following would provide the best evidence of errors in the quantities of items received from suppliers?A . Suppliers' reports of over shipments.B . Warehouse receiving logs.C . Purchase requisitions and purchase orders.D . Observation and inspection of inventory.View AnswerAnswer: B

Justified and necessary, according to the IIA Code of Ethics and Standards.A . 1 onlyB . 2 onlyC . 3 onlyD . 1 and 2 onlyView AnswerAnswer: C

An internal auditor makes a series of observations when performing an analytical review of division operations. The auditor notes the following things: the current ratio is increasing and the quick ratio is decreasing, sales and current liabilities have remained constant, and the number of day sales in inventory is increasing....