Certified Internal Auditor Quality Control & Assurance 4

Question 1

According to IIA Standards, which of the following individuals would be LEAST appropriate to lead an external quality assessment of an internal audit activity?

Accepted Answer

A partner from the organization's external audit firm who audits the financial statements

Answer

The external financial statement auditor has a financial relationship with the organization, which compromises the independence required of an external quality assessor.

Question 2

During a QAIP review, an internal auditor notes that engagement objectives were not clearly linked to the risks identified in the planning phase. This finding MOST likely indicates a deficiency in:

Accepted Answer

Engagement planning quality controls

Answer

Failure to align engagement objectives with identified risks reflects a weakness in engagement planning quality controls, a core QAIP component.

Question 3

An internal audit activity benchmarks its performance against industry peers as part of its QAIP. This practice PRIMARILY helps the activity:

Accepted Answer

Identify best practices and performance gaps relative to comparable audit functions

Answer

Benchmarking against peers identifies best practices and highlights performance gaps, helping the activity continuously improve its operations.

Question 4

Which statement BEST describes the relationship between the QAIP and internal audit independence?

Accepted Answer

A robust QAIP helps demonstrate that the internal audit activity operates with objectivity and professionalism

Answer

A well-functioning QAIP provides evidence that the internal audit activity maintains the independence and objectivity required by the IIA Standards.

Question 5

A newly appointed CAE finds no documentation of any QAIP activities in the past five years. The MOST immediate action the CAE should take is to:

Accepted Answer

Develop and implement a QAIP, starting with a baseline self-assessment

Answer

The CAE should promptly establish a QAIP by beginning with a self-assessment to understand the current state and then build out ongoing monitoring and external assessment processes.

Certified Internal Auditor Practice Test

Certified Internal Auditor Practice Test

Certified Internal Auditor Quality Control & Assurance 4