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IIA Essentials of Internal Auditing Sample Questions (Q435-Q440):
NEW QUESTION # 435
Which of the following would not be a red flag for fraud?
Answer: B
Explanation:
Section: Volume E
NEW QUESTION # 436
Which of the following scenarios most likely indicates that the organization is not managing risks effectively?
Answer: C
Explanation:
A). Securities market oversight authorities fined the organization for not disclosing significant transactions with a related party1 Just Short Explanation: Risk management is the process of identifying, assessing, and responding to the uncertainties that may affect the organization's objectives2. Effective risk management means attempting to control, as much as possible, future outcomes by acting proactively rather than reactively3. Therefore, effective risk management offers the potential to reduce both the possibility of a risk occurring and its potential impact.
Option A is the most likely scenario that indicates that the organization is not managing risks effectively, because it shows that the organization failed to comply with the disclosure requirements and exposed itself to regulatory fines and reputational damages4. This could have been avoided or mitigated if the organization had implemented a robust risk management framework that included policies, procedures, controls, and reporting mechanisms to ensure transparency and accountability in its transactions.
The other options are less likely to indicate ineffective risk management, as they involve external factors that are beyond the organization's control or influence. Option B involves an unexpected global pandemic, which is a rare and unpredictable event that could cause significant disruptions to any organization. Option C involves potential allegations of child labor usage by third-party suppliers, which is a reputational risk that the organization tried to address by terminating the contracts. Option D involves a lawsuit by a local community against a wind farm developer, which is a legal risk that the developer tried to prevent by complying with all legal requirements. These scenarios may still pose challenges or losses for the organization, but they do not necessarily reflect poor risk management practices.
NEW QUESTION # 437
Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?
Answer: B
Explanation:
Workshops are likely the most efficient way for management to self-assess the overall effectiveness of the controls in a 200-person manufacturing department. Workshops can facilitate interactive discussions and group activities that help identify control gaps, understand employee perspectives, and consolidate feedback effectively across a large group.References: Best practices in internal control assessments and organizational development literature.
NEW QUESTION # 438
An internal auditor is reviewing employee travel data to identify opportunities to cut costs while ensuring adequate participation at conferences to support the organization's mission. Which of the following pieces of evidence would be sufficient for completing this task?
Answer: B
NEW QUESTION # 439
According to IIA guidance, which of the following actions by a new chief audit executive would be most appropriate to gain an understanding of the current level of knowledge, skills, and competencies required by an internal audit activity to fulfill its responsibilities?
Answer: B
Explanation:
According to IIA guidance, the most appropriate action for a new chief audit executive to gain an understanding of the current level of knowledge, skills, and competencies required by an internal audit activity is to identify gaps in the activity's proficiency based on criteria defined by a widely accepted competency framework. This method directly addresses the proficiency needs and aligns the internal audit team's capabilities with professional standards and the demands of their specific roles within the organization.
The IIA's guidance on internal audit competency frameworks, which suggests using established standards to assess and align internal audit capabilities.
NEW QUESTION # 440
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