Free IIA IIA-CHAL-QISA Practice Test & Real Exam Questions, Page 1

Question #1

According to Maslow's hierarchy of needs theory, which of the following best describes a strategy where a manager offers an assignment to a subordinate specifically to support his professional growth and future advancement^

A. Job security.

B. Self-fulfillment.

C. Sense of belonging in the organization

D. Esteem by colleagues.

Discussion 0

Correct Answer: B Vote an answer

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Question #2

Operational management In the IT department has developed key performance indicator reports, which are reviewed in detail during monthly staff meetings. This activity is designed to prevent which of the following conditions?

A. Accountability reward failure

B. Knowledge/skills gap.

C. Communication failure

D. Monitoring gap.

Discussion 0

Correct Answer: D Vote an answer

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Question #3

The organization's internal audit charter was last updated six years ago to update the charter, which of the following actions is most appropriate for the chief audit executive to take?

A. Perform a review of HA guidance to become acquainted with the latest mandatory elements prior to updating the charter

B. Use an internal audit charter template from another organization that operates within the same industry.

C. Wait for the next external assessment and address all of the missing information in the charter based on the recommendations from the external assessment team

D. Identify an individual within the internal audit activity who has in-depth knowledge of mandatory IIA guidance elements to address any gaps or areas of the current version of the charter that could be improved

Discussion 0

Correct Answer: A Vote an answer

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Question #4

According to IIA guidance, which of the following steps should precede the development of audit engagement objectives?

A. Risk assessment.

B. Scope establishment.

C. Review of resources.

D. Identification of controls.

Discussion 0

Correct Answer: A Vote an answer

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Question #5

According to IIA guidance, which of the following statements regarding the internal audit charter is true?

A. The nature of assurances provided to parties outside of the organization typically is not included in the charter.

B. The charter typically defines the internal audit activity's position within the organization.

C. The chief audit executive must formally review the charter at least once a year

D. The nature of consulting services typically is not included in the charter.

Discussion 0

Correct Answer: B Vote an answer

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Question #6

An internal auditor notes that management consistently overrides established purchasing approval limits.
This situation MOST directly weakens:

A. Information security.

B. Physical security.

C. Control environment.

D. Data retention.

Discussion 0

Correct Answer: C Vote an answer

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Question #7

Which risk management activity should remain exclusively with management?

A. Evaluating risk responses.

B. Reviewing risk registers.

C. Facilitating risk workshops.

D. Determining risk acceptance decisions.

Discussion 0

Correct Answer: D Vote an answer

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Question #8

Which of the following statements is true regarding corporate social responsibility (CSR)?

A. Many of the areas explored by CSR are normally included in an audit universe or annual audit plan

B. Typically, operating management does not have a major role to play based on the public nature of reporting

C. Unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary.

D. Despite significant corporate resources spent on CSR reporting, investors generally do not rely on CSR information.

Discussion 0

Correct Answer: C Vote an answer

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Question #9

Which of the following best describes the risk contained in an initial public offering for a new stock?

A. Residual risk.

B. Inherent risk.

C. Underlying risk

D. Net risk.

Discussion 0

Correct Answer: B Vote an answer

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Question #10

When using cost-volume-profit analysis, which of the following will increase operating income once the break-even point has been reached?

A. Contribution margin per unit for each additional unit sold.

B. Variable costs per unit for each additional unit sold.

C. Gross margin per unit for each additional unit sold

D. Fixed costs per unit for each additional unit sold.

Discussion 0

Correct Answer: A Vote an answer

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Question #11

A bicycle manufacturer incurs a combination of fixed and variable costs with the production of each bicycle. Which of the following statements is true regarding these costs?

A. if the number of bicycles produced is increased by 15 percent, the variable cost per unit will increase proportionally

B. The fixed cost per unit will vary directly based on the number of bicycles produced during the production cycle.

C. if the number of bicycles produced is increased by 30 percent, the fixed cost per unit will decline.

D. The total variable cost will vary proportionally and inversely with the number of bicycles produced during a production run.

Discussion 0

Correct Answer: C Vote an answer

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Question #12

The internal audit activity is responsible for which of the following actions related to an organization's internal controls?

A. Analyzing and advising regarding costs versus benefits of control activities.

B. Attesting to fairness of financial statements

C. Enabling opportunities affecting achievement of organizational objectives.

D. Mitigating risks affecting achievement of organizational objectives.

Discussion 0

Correct Answer: A Vote an answer

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Question #13

According to IIA guidance, which of the following statements is true regarding engagement planning?

A. For both consulting and assurance engagements, internal auditors usually form the engagement objectives prior to completing the preliminary risk assessment

B. Internal auditors may not need to complete a preliminary risk assessment for a consulting engagement as they would when planning an assurance engagement.

C. The expectations and objectives of an assurance engagement are usually determined by. or in conjunction with, the engagement client

D. For both assurance and consulting engagements, planning typically occurs after the engagement objectives and scope have already been determined.

Discussion 0

Correct Answer: C Vote an answer

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Question #14

Which of the following is an advantage of utilizing an external fraud specialist in a suspected fraud investigation?

A. increased access to the organization's software and proprietary data.

B. Increased ability to scrutinize the organization's key business processes.

C. increased access to the organization's employees.

D. Increased ability to preserve evidence and the chain of command.

Discussion 0

Correct Answer: D Vote an answer

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