Certified Internal Auditor (IIA) 2

Question 1

According to the IIA Standards, which element is required in the internal audit charter?

Accepted Answer

The purpose, authority, and responsibility of internal audit

Answer

The IIA Standards require the internal audit charter to define the purpose, authority, and responsibility of the internal audit activity.

Question 2

When assessing the adequacy of a risk management process, the internal auditor should PRIMARILY evaluate:

Accepted Answer

Whether management has identified and responded to key risks

Answer

Internal auditors evaluate whether management has appropriately identified, assessed, and responded to significant risks facing the organization.

Question 3

Which type of engagement provides independent assessments of conformance with plans, policies, and regulations?

Accepted Answer

Assurance engagement

Answer

Assurance engagements involve objective assessments of evidence to provide independent opinions on governance, risk, and control processes.

Question 4

An internal auditor discovers a significant control deficiency during a consulting engagement. What should the auditor do?

Accepted Answer

Communicate it to senior management and the board

Answer

The IIA Standards require internal auditors to communicate significant control deficiencies discovered during consulting engagements to senior management and the board.

Question 5

The IIA's Code of Ethics principle of 'objectivity' requires that internal auditors:

Accepted Answer

Not subordinate their judgment on audit matters to others

Answer

Objectivity requires internal auditors to make independent assessments without subordinating their professional judgment to the influence of others.

Certified Internal Auditor Practice Test

Certified Internal Auditor Practice Test

Certified Internal Auditor (IIA) 2