Certified Internal Auditor Quality Control & Assurance 3

Question 1

An internal auditor discovers that a prior audit engagement did not test a key control that was within scope. This situation BEST represents a failure in:

Accepted Answer

Engagement supervision

Answer

Failure to test a control within scope indicates inadequate engagement supervision, which should catch gaps in audit coverage during workpaper review.

Question 2

When a CAE states that the internal audit activity 'conforms with the International Standards for the Professional Practice of Internal Auditing,' this statement requires support from:

Accepted Answer

Results of the QAIP, including both internal and external assessments

Answer

Per Standard 1321, the CAE may only make this conformance statement when supported by QAIP results that include both internal assessments and a current external assessment.

Question 3

Which of the following is a key characteristic of a qualified external assessor for a quality assessment of the internal audit activity?

Accepted Answer

Must be independent of the organization and competent in internal audit practices

Answer

Qualified external assessors must be independent of the organization and possess competency in internal auditing, including familiarity with the IIA Standards.

Question 4

A periodic self-assessment of the internal audit activity differs from ongoing monitoring in that it:

Accepted Answer

Provides a comprehensive evaluation of the entire internal audit function at a point in time

Answer

Periodic self-assessments are comprehensive evaluations of the entire internal audit activity conducted at defined intervals, unlike ongoing monitoring which is continuous and engagement-level.

Question 5

Which metric is MOST useful for measuring the efficiency of the internal audit activity as part of a QAIP?

Accepted Answer

Ratio of planned audit hours to actual hours incurred per engagement

Answer

Comparing planned versus actual hours per engagement measures scheduling accuracy and resource efficiency, both key QAIP efficiency metrics.

Certified Internal Auditor Practice Test

Certified Internal Auditor Practice Test

Certified Internal Auditor Quality Control & Assurance 3