{"id":66691,"date":"2023-11-07T06:12:39","date_gmt":"2023-11-07T06:12:39","guid":{"rendered":"https:\/\/www.dumpsbase.com\/freedumps\/?p=66691"},"modified":"2023-11-07T06:12:44","modified_gmt":"2023-11-07T06:12:44","slug":"updated-iia-cia-part1-exam-questions-v14-03-valid-resource-for-essentials-of-internal-auditing-exam-learning","status":"publish","type":"post","link":"https:\/\/www.dumpsbase.com\/freedumps\/updated-iia-cia-part1-exam-questions-v14-03-valid-resource-for-essentials-of-internal-auditing-exam-learning.html","title":{"rendered":"Updated IIA-CIA-Part1 Exam Questions (V14.03) &#8211; Valid Resource for Essentials of Internal Auditing Exam Learning"},"content":{"rendered":"\n<p>The IIA-CIA-Part1 Essentials of Internal Auditing exam is an integral part of the IIA-CIA certification. In the ever-evolving realm of IT, change is constant, with new technologies emerging and older ones evolving. To adapt to these changes, the IIA-CIA-Part1 exam dumps are continuously updated to reflect the fluidity of the industry. We believe in the quality and relevance of our IIA-CIA-Part1 exam questions (V14.03), and we want you to be confident in your decision to choose our platform. By keeping our IIA-CIA-Part1 dumps up to date, we ensure that you are prepared for any changes or advancements in the industry. This not only enhances your chances of success in the CIA Exam Part One: Essentials of Internal Auditing exam but also equips you with the necessary skills to excel in your career as a Certified Internal Auditor.<\/p>\n<h2>Check <em><span style=\"background-color: #00ffff;\">Free Demo<\/span><\/em> of Essentials of Internal Auditing IIA-CIA-Part1 Exam Dumps (V14.03)<\/h2>\n<script>\n\t  window.fbAsyncInit = function() {\n\t    FB.init({\n\t      appId            : '622169541470367',\n\t      autoLogAppEvents : true,\n\t      xfbml            : true,\n\t      version          : 'v3.1'\n\t    });\n\t  };\n\t\n\t  (function(d, s, id){\n\t     var js, fjs = d.getElementsByTagName(s)[0];\n\t     if (d.getElementById(id)) {return;}\n\t     js = d.createElement(s); js.id = id;\n\t     js.src = \"https:\/\/connect.facebook.net\/en_US\/sdk.js\";\n\t     fjs.parentNode.insertBefore(js, fjs);\n\t   }(document, 'script', 'facebook-jssdk'));\n\t<\/script><script type=\"text\/javascript\" >\ndocument.addEventListener(\"DOMContentLoaded\", function(event) { \nif(!window.jQuery) alert(\"The important jQuery library is not properly loaded in your site. Your WordPress theme is probably missing the essential wp_head() call. You can switch to another theme and you will see that the plugin works fine and this notice disappears. If you are still not sure what to do you can contact us for help.\");\n});\n<\/script>  \n  \n<div  id=\"watupro_quiz\" class=\"quiz-area single-page-quiz\">\n<p id=\"submittingExam7898\" style=\"display:none;text-align:center;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/plugins\/watupro\/img\/loading.gif\" width=\"16\" height=\"16\"><\/p>\n\n<div class=\"watupro-exam-description\" id=\"description-quiz-7898\"><\/div>\n\n<form action=\"\" method=\"post\" class=\"quiz-form\" id=\"quiz-7898\"  enctype=\"multipart\/form-data\" >\n<div class='watu-question ' id='question-1' style=';'><div id='questionWrap-1'  class='   watupro-question-id-294534'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>1. <\/span>Senior management asks the chief audit executive to review the organization's compliance with recently introduced legislation on international transfer pricing. The review requires an internal auditor who thoroughly understands the legislation and pricing methods. The internal audit activity does not have an auditor with those skills. <br \/>\r<br>Which of the following is the most appropriate course of action?<\/div><input type='hidden' name='question_id[]' id='qID_1' value='294534' \/><input type='hidden' id='answerType294534' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294534[]' id='answer-id-1156860' class='answer   answerof-294534 ' value='1156860'   \/><label for='answer-id-1156860' id='answer-label-1156860' class=' answer'><span>Outsource the engagement to an external audit firm that has appropriate skills.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294534[]' id='answer-id-1156861' class='answer   answerof-294534 ' value='1156861'   \/><label for='answer-id-1156861' id='answer-label-1156861' class=' answer'><span>Recruit a lawyer with knowledge of the legislation to the audit team and ask the new auditor to perform the engagement.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294534[]' id='answer-id-1156862' class='answer   answerof-294534 ' value='1156862'   \/><label for='answer-id-1156862' id='answer-label-1156862' class=' answer'><span>Decline to perform the engagement, as the internal audit activity does not have the appropriate skill set.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294534[]' id='answer-id-1156863' class='answer   answerof-294534 ' value='1156863'   \/><label for='answer-id-1156863' id='answer-label-1156863' class=' answer'><span>Carry out the engagement using existing internal audit staff to help them gain the appropriate experience.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-2' style=';'><div id='questionWrap-2'  class='   watupro-question-id-294535'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>2. <\/span>Which of the following is an example of risk monitoring to ensure a system is performing as intended?<\/div><input type='hidden' name='question_id[]' id='qID_2' value='294535' \/><input type='hidden' id='answerType294535' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294535[]' id='answer-id-1156864' class='answer   answerof-294535 ' value='1156864'   \/><label for='answer-id-1156864' id='answer-label-1156864' class=' answer'><span>Checking the progress of risk treatment plans<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294535[]' id='answer-id-1156865' class='answer   answerof-294535 ' value='1156865'   \/><label for='answer-id-1156865' id='answer-label-1156865' class=' answer'><span>Considering the consequence and likelihood of risks<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294535[]' id='answer-id-1156866' class='answer   answerof-294535 ' value='1156866'   \/><label for='answer-id-1156866' id='answer-label-1156866' class=' answer'><span>Documenting the risks and their areas of impact<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294535[]' id='answer-id-1156867' class='answer   answerof-294535 ' value='1156867'   \/><label for='answer-id-1156867' id='answer-label-1156867' class=' answer'><span>Communicating to management about risks<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-3' style=';'><div id='questionWrap-3'  class='   watupro-question-id-294536'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>3. <\/span>Senior management and the board have expressed concerns about the length of engagements and whether their outcome aligns with the organization's strategies and objectives. <br \/>\r<br>Which of the following actions, if taken by the chief audit executive, could address these concerns?<\/div><input type='hidden' name='question_id[]' id='qID_3' value='294536' \/><input type='hidden' id='answerType294536' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294536[]' id='answer-id-1156868' class='answer   answerof-294536 ' value='1156868'   \/><label for='answer-id-1156868' id='answer-label-1156868' class=' answer'><span>Communicating to internal audit staff instructions for completing engagements within shorter time periods.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294536[]' id='answer-id-1156869' class='answer   answerof-294536 ' value='1156869'   \/><label for='answer-id-1156869' id='answer-label-1156869' class=' answer'><span>Requesting additional funding from the board to train internal audit staff on time and resource management.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294536[]' id='answer-id-1156870' class='answer   answerof-294536 ' value='1156870'   \/><label for='answer-id-1156870' id='answer-label-1156870' class=' answer'><span>Implementing the use of agile auditing during engagements to meet expectations.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294536[]' id='answer-id-1156871' class='answer   answerof-294536 ' value='1156871'   \/><label for='answer-id-1156871' id='answer-label-1156871' class=' answer'><span>Encouraging internal audit staff to participate in workshops to further develop their understanding of the organization's strategies.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-4' style=';'><div id='questionWrap-4'  class='   watupro-question-id-294537'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>4. <\/span>Which of the following statements best represents the duo professional care that is required of internal auditor\u2019s?<\/div><input type='hidden' name='question_id[]' id='qID_4' value='294537' \/><input type='hidden' id='answerType294537' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294537[]' id='answer-id-1156872' class='answer   answerof-294537 ' value='1156872'   \/><label for='answer-id-1156872' id='answer-label-1156872' class=' answer'><span>Internal auditors should perform assurance procedures to ensure that all significant risks are identified.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294537[]' id='answer-id-1156873' class='answer   answerof-294537 ' value='1156873'   \/><label for='answer-id-1156873' id='answer-label-1156873' class=' answer'><span>Internal auditor should not perform consulting engagements for operations for which they had previous responsibilities.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294537[]' id='answer-id-1156874' class='answer   answerof-294537 ' value='1156874'   \/><label for='answer-id-1156874' id='answer-label-1156874' class=' answer'><span>Internal auditors should consider the cost of assurance in relation to the potential benefits.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294537[]' id='answer-id-1156875' class='answer   answerof-294537 ' value='1156875'   \/><label for='answer-id-1156875' id='answer-label-1156875' class=' answer'><span>Internal auditors should device internal audit programs to confirm that the results are accurate.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-5' style=';'><div id='questionWrap-5'  class='   watupro-question-id-294538'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>5. <\/span>Due to unfavorable economic conditions management decided to postpone new investments for the next year. <br \/>\r<br>Which of the following best describes the risk management strategy used to address this situation?<\/div><input type='hidden' name='question_id[]' id='qID_5' value='294538' \/><input type='hidden' id='answerType294538' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294538[]' id='answer-id-1156876' class='answer   answerof-294538 ' value='1156876'   \/><label for='answer-id-1156876' id='answer-label-1156876' class=' answer'><span>Risk mitigation<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294538[]' id='answer-id-1156877' class='answer   answerof-294538 ' value='1156877'   \/><label for='answer-id-1156877' id='answer-label-1156877' class=' answer'><span>Risk avoidance<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294538[]' id='answer-id-1156878' class='answer   answerof-294538 ' value='1156878'   \/><label for='answer-id-1156878' id='answer-label-1156878' class=' answer'><span>Risk reduction<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294538[]' id='answer-id-1156879' class='answer   answerof-294538 ' value='1156879'   \/><label for='answer-id-1156879' id='answer-label-1156879' class=' answer'><span>Risk transfer<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-6' style=';'><div id='questionWrap-6'  class='   watupro-question-id-294539'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>6. <\/span>Which of the following is true about corporate social responsibility (CSR)?<\/div><input type='hidden' name='question_id[]' id='qID_6' value='294539' \/><input type='hidden' id='answerType294539' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294539[]' id='answer-id-1156880' class='answer   answerof-294539 ' value='1156880'   \/><label for='answer-id-1156880' id='answer-label-1156880' class=' answer'><span>Social and environmental considerations are required parts of an organization's decision making<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294539[]' id='answer-id-1156881' class='answer   answerof-294539 ' value='1156881'   \/><label for='answer-id-1156881' id='answer-label-1156881' class=' answer'><span>The Global Reporting Initiative provides standards on required disclosures of CS<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294539[]' id='answer-id-1156882' class='answer   answerof-294539 ' value='1156882'   \/><label for='answer-id-1156882' id='answer-label-1156882' class=' answer'><span>CSR activities are overseen and managed by operational management.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294539[]' id='answer-id-1156883' class='answer   answerof-294539 ' value='1156883'   \/><label for='answer-id-1156883' id='answer-label-1156883' class=' answer'><span>Internal auditors can provide assurance on reported sustainability results.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-7' style=';'><div id='questionWrap-7'  class='   watupro-question-id-294540'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>7. <\/span>The same internal auditor has audited the regional purchasing department annually for the last three years. The audits have shown several significant control deficiencies that have not been corrected by management. New management is in charge of this regional purchasing department, and it is time to audit the department again. <br \/>\r<br>What concerns should be considered prior to assigning the audit to the same auditor?<\/div><input type='hidden' name='question_id[]' id='qID_7' value='294540' \/><input type='hidden' id='answerType294540' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294540[]' id='answer-id-1156884' class='answer   answerof-294540 ' value='1156884'   \/><label for='answer-id-1156884' id='answer-label-1156884' class=' answer'><span>Intimidation threats may compromise the auditor's objectivity due to multiple negative audit reports completed by the auditor.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294540[]' id='answer-id-1156885' class='answer   answerof-294540 ' value='1156885'   \/><label for='answer-id-1156885' id='answer-label-1156885' class=' answer'><span>The auditor has reviewed the department annually for the last three years, leading to familiarity, which can impact the internal audit activity's independence.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294540[]' id='answer-id-1156886' class='answer   answerof-294540 ' value='1156886'   \/><label for='answer-id-1156886' id='answer-label-1156886' class=' answer'><span>A negative cognitive bias may be in place that affects the employee's objectivity due to the recent audits with uncorrected control deficiencies.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294540[]' id='answer-id-1156887' class='answer   answerof-294540 ' value='1156887'   \/><label for='answer-id-1156887' id='answer-label-1156887' class=' answer'><span>The auditor may have formed a cultural bias, as the department under review is in the auditor's geographic area.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-8' style=';'><div id='questionWrap-8'  class='   watupro-question-id-294541'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>8. <\/span>Which of the following scenarios violates The IIA's standard regarding internal audit independence?<\/div><input type='hidden' name='question_id[]' id='qID_8' value='294541' \/><input type='hidden' id='answerType294541' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294541[]' id='answer-id-1156888' class='answer   answerof-294541 ' value='1156888'   \/><label for='answer-id-1156888' id='answer-label-1156888' class=' answer'><span>The chief audit executive (CAE) reports on the internal audit activity's day-to-day tasks and responsibilities to the CE<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294541[]' id='answer-id-1156889' class='answer   answerof-294541 ' value='1156889'   \/><label for='answer-id-1156889' id='answer-label-1156889' class=' answer'><span>An assessment of the risk management function is reviewed by an outside consulting firm because the CAE is temporarily fulfilling the role of risk manager.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294541[]' id='answer-id-1156890' class='answer   answerof-294541 ' value='1156890'   \/><label for='answer-id-1156890' id='answer-label-1156890' class=' answer'><span>The CAE regularly meets with the organization's chief risk officer, who validates all reported audit findings and dictates which will be Included In the package to the audit committee.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294541[]' id='answer-id-1156891' class='answer   answerof-294541 ' value='1156891'   \/><label for='answer-id-1156891' id='answer-label-1156891' class=' answer'><span>The internal audit activity will experience staffing shortages for the next six months due to planned and unplanned leaves of absence; therefore the CAE proposed including fewer \r\naudits in the annual audit plan compared to the previous financial year.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-9' style=';'><div id='questionWrap-9'  class='   watupro-question-id-294542'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>9. <\/span>Which of the following concepts is emphasized in the Mission of Internal Audit?<\/div><input type='hidden' name='question_id[]' id='qID_9' value='294542' \/><input type='hidden' id='answerType294542' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294542[]' id='answer-id-1156892' class='answer   answerof-294542 ' value='1156892'   \/><label for='answer-id-1156892' id='answer-label-1156892' class=' answer'><span>Support of good governance and controls.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294542[]' id='answer-id-1156893' class='answer   answerof-294542 ' value='1156893'   \/><label for='answer-id-1156893' id='answer-label-1156893' class=' answer'><span>Enhancement of organizational value.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294542[]' id='answer-id-1156894' class='answer   answerof-294542 ' value='1156894'   \/><label for='answer-id-1156894' id='answer-label-1156894' class=' answer'><span>Protection of tangible and intangible assets.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294542[]' id='answer-id-1156895' class='answer   answerof-294542 ' value='1156895'   \/><label for='answer-id-1156895' id='answer-label-1156895' class=' answer'><span>Provision of professional advisory and assurance services.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-10' style=';'><div id='questionWrap-10'  class='   watupro-question-id-294543'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>10. <\/span>Which of the following situations is most likely to prompt the internal audit activity to disclose its nonconformance with the Standards?<\/div><input type='hidden' name='question_id[]' id='qID_10' value='294543' \/><input type='hidden' id='answerType294543' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294543[]' id='answer-id-1156896' class='answer   answerof-294543 ' value='1156896'   \/><label for='answer-id-1156896' id='answer-label-1156896' class=' answer'><span>One of the organization's senior internal auditors owns a side business, though to date, no sales have been made to this business.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294543[]' id='answer-id-1156897' class='answer   answerof-294543 ' value='1156897'   \/><label for='answer-id-1156897' id='answer-label-1156897' class=' answer'><span>The annual internal audit plan includes performance audits of main business processes, but reviews of high-risk development projects were not considered.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294543[]' id='answer-id-1156898' class='answer   answerof-294543 ' value='1156898'   \/><label for='answer-id-1156898' id='answer-label-1156898' class=' answer'><span>The internal audit activity committed to carrying out an audit of documentation on investment hedging, and a hedging expert was contracted to assist with the engagement.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294543[]' id='answer-id-1156899' class='answer   answerof-294543 ' value='1156899'   \/><label for='answer-id-1156899' id='answer-label-1156899' class=' answer'><span>A periodic quality self-assessment of the internal audit activity identified a number of improvement areas with regard to key performance indicators.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-11' style=';'><div id='questionWrap-11'  class='   watupro-question-id-294544'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>11. <\/span>A subsidiary of the organization was preparing for an initial public offering (IPO). Af the request of the audit committee, the chief audit executive (CAE) and all senior audit staff were actively involved in the process by helping collect and validate financial data, conducting assessments, and participating in meetings with IPO advisors. Six months later, it became obvious that the IPO had to be canceled. Newly appointed audit committee members requested an assurance engagement that v\/ould assess the IPO preparation process. <br \/>\r<br>Which of the following would be the best course of action for the chief audit executive (CAE) to take?<\/div><input type='hidden' name='question_id[]' id='qID_11' value='294544' \/><input type='hidden' id='answerType294544' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294544[]' id='answer-id-1156900' class='answer   answerof-294544 ' value='1156900'   \/><label for='answer-id-1156900' id='answer-label-1156900' class=' answer'><span>The decision to involve auditors in the IPO was made by former audit committee members; therefore, the CAE is not responsible and can proceed with the new assignment.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294544[]' id='answer-id-1156901' class='answer   answerof-294544 ' value='1156901'   \/><label for='answer-id-1156901' id='answer-label-1156901' class=' answer'><span>The CAE should reject the assignment, as such engagements are beyond the scope of auditors who are usually not familiar with root cause analysis methodology.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294544[]' id='answer-id-1156902' class='answer   answerof-294544 ' value='1156902'   \/><label for='answer-id-1156902' id='answer-label-1156902' class=' answer'><span>The engagement should be undertaken by audit assistants and other junior staff members who were not involved in the IPO process.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294544[]' id='answer-id-1156903' class='answer   answerof-294544 ' value='1156903'   \/><label for='answer-id-1156903' id='answer-label-1156903' class=' answer'><span>The CAE should disclose objectivity limitations to the audit committee and suggest alternatives, such as outsourcing the engagement.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-12' style=';'><div id='questionWrap-12'  class='   watupro-question-id-294545'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>12. <\/span>Which of the following would be the most suitable internal control framework for an organization to adopt?<\/div><input type='hidden' name='question_id[]' id='qID_12' value='294545' \/><input type='hidden' id='answerType294545' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294545[]' id='answer-id-1156904' class='answer   answerof-294545 ' value='1156904'   \/><label for='answer-id-1156904' id='answer-label-1156904' class=' answer'><span>A framework that specifies common best practices for an organization to evaluate and benchmark.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294545[]' id='answer-id-1156905' class='answer   answerof-294545 ' value='1156905'   \/><label for='answer-id-1156905' id='answer-label-1156905' class=' answer'><span>A framework that specifies correct and incorrect business methodologies.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294545[]' id='answer-id-1156906' class='answer   answerof-294545 ' value='1156906'   \/><label for='answer-id-1156906' id='answer-label-1156906' class=' answer'><span>A framework with precise specifications for how controls and processes should be employed.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294545[]' id='answer-id-1156907' class='answer   answerof-294545 ' value='1156907'   \/><label for='answer-id-1156907' id='answer-label-1156907' class=' answer'><span>A framework that offers step-by-step guidance for remedial action for all organization types.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-13' style=';'><div id='questionWrap-13'  class='   watupro-question-id-294546'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>13. <\/span>Which of the following specifications in an internal audit charter is the most important factor in the internal audit activity\u2019s independence?<\/div><input type='hidden' name='question_id[]' id='qID_13' value='294546' \/><input type='hidden' id='answerType294546' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294546[]' id='answer-id-1156908' class='answer   answerof-294546 ' value='1156908'   \/><label for='answer-id-1156908' id='answer-label-1156908' class=' answer'><span>Description of internal audit activity's responsibilities<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294546[]' id='answer-id-1156909' class='answer   answerof-294546 ' value='1156909'   \/><label for='answer-id-1156909' id='answer-label-1156909' class=' answer'><span>Definition of internal auditing<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294546[]' id='answer-id-1156910' class='answer   answerof-294546 ' value='1156910'   \/><label for='answer-id-1156910' id='answer-label-1156910' class=' answer'><span>Statement of internal audit activity's authority<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294546[]' id='answer-id-1156911' class='answer   answerof-294546 ' value='1156911'   \/><label for='answer-id-1156911' id='answer-label-1156911' class=' answer'><span>Description of internal audit activity's reporting structure<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-14' style=';'><div id='questionWrap-14'  class='   watupro-question-id-294547'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>14. <\/span>Which of the following offers the feast evidence that the internal audit activity has achieved organizational independence?<\/div><input type='hidden' name='question_id[]' id='qID_14' value='294547' \/><input type='hidden' id='answerType294547' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294547[]' id='answer-id-1156912' class='answer   answerof-294547 ' value='1156912'   \/><label for='answer-id-1156912' id='answer-label-1156912' class=' answer'><span>An independent third party has assessed the organization's system of internal controls to be adequate and effective.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294547[]' id='answer-id-1156913' class='answer   answerof-294547 ' value='1156913'   \/><label for='answer-id-1156913' id='answer-label-1156913' class=' answer'><span>The chief audit executive reports both functionally and administratively to the CE<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294547[]' id='answer-id-1156914' class='answer   answerof-294547 ' value='1156914'   \/><label for='answer-id-1156914' id='answer-label-1156914' class=' answer'><span>The internal audit charter is drafted properly and approved by the appropriate parties.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294547[]' id='answer-id-1156915' class='answer   answerof-294547 ' value='1156915'   \/><label for='answer-id-1156915' id='answer-label-1156915' class=' answer'><span>The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-15' style=';'><div id='questionWrap-15'  class='   watupro-question-id-294548'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>15. <\/span>According to HA guidance, which of the following would best support the internal auditor's conclusion that the organization's risk management processes are effective?<\/div><input type='hidden' name='question_id[]' id='qID_15' value='294548' \/><input type='hidden' id='answerType294548' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294548[]' id='answer-id-1156916' class='answer   answerof-294548 ' value='1156916'   \/><label for='answer-id-1156916' id='answer-label-1156916' class=' answer'><span>The organization has identified all applicable operational and financial risks.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294548[]' id='answer-id-1156917' class='answer   answerof-294548 ' value='1156917'   \/><label for='answer-id-1156917' id='answer-label-1156917' class=' answer'><span>The organization has documented its strategic and business objectives.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294548[]' id='answer-id-1156918' class='answer   answerof-294548 ' value='1156918'   \/><label for='answer-id-1156918' id='answer-label-1156918' class=' answer'><span>The organization has selected risk responses aligned with its risk appetite.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294548[]' id='answer-id-1156919' class='answer   answerof-294548 ' value='1156919'   \/><label for='answer-id-1156919' id='answer-label-1156919' class=' answer'><span>The organization has documented risk information pertinent to its business.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-16' style=';'><div id='questionWrap-16'  class='   watupro-question-id-294549'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>16. <\/span>The internal audit activity is undergoing a self-assessment as part of its quality assurance and improvement program. <br \/>\r<br>Which of the following observations must be addressed in order for the internal audit activity to achieve conformance with the Standards?<\/div><input type='hidden' name='question_id[]' id='qID_16' value='294549' \/><input type='hidden' id='answerType294549' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294549[]' id='answer-id-1156920' class='answer   answerof-294549 ' value='1156920'   \/><label for='answer-id-1156920' id='answer-label-1156920' class=' answer'><span>The internal audit charter does not identify which audit services are outsourced<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294549[]' id='answer-id-1156921' class='answer   answerof-294549 ' value='1156921'   \/><label for='answer-id-1156921' id='answer-label-1156921' class=' answer'><span>The internal audit charter has not been reviewed by the legal department<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294549[]' id='answer-id-1156922' class='answer   answerof-294549 ' value='1156922'   \/><label for='answer-id-1156922' id='answer-label-1156922' class=' answer'><span>The internal audit charter has not been approved by the board within the past year<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294549[]' id='answer-id-1156923' class='answer   answerof-294549 ' value='1156923'   \/><label for='answer-id-1156923' id='answer-label-1156923' class=' answer'><span>The internal audit charter does not describe the authority of the internal audit activity<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-17' style=';'><div id='questionWrap-17'  class='   watupro-question-id-294550'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>17. <\/span>While preparing the audit plan for an automobile manufacturing company, the chief audit executive (CAE) noted that the company's engineering department received a high risk ranking. However, the internal audit activity is understaffed, and current staff do not possess the necessary skills to adequately assess the effectiveness of the engineering department. <br \/>\r<br>What is the most appropriate course of action for the CAE to take?<\/div><input type='hidden' name='question_id[]' id='qID_17' value='294550' \/><input type='hidden' id='answerType294550' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294550[]' id='answer-id-1156924' class='answer   answerof-294550 ' value='1156924'   \/><label for='answer-id-1156924' id='answer-label-1156924' class=' answer'><span>Include the engineering department on the audit plan, use the available internal audit resources to conduct the review, and exclude procedures that cannot be adequately assessed.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294550[]' id='answer-id-1156925' class='answer   answerof-294550 ' value='1156925'   \/><label for='answer-id-1156925' id='answer-label-1156925' class=' answer'><span>Advise management to accept the assessed risk until the internal auditors are able to review the area adequately.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294550[]' id='answer-id-1156926' class='answer   answerof-294550 ' value='1156926'   \/><label for='answer-id-1156926' id='answer-label-1156926' class=' answer'><span>Recruit internal auditors with the required competencies and wait until they are employed before including this audit on the internal audit plan.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294550[]' id='answer-id-1156927' class='answer   answerof-294550 ' value='1156927'   \/><label for='answer-id-1156927' id='answer-label-1156927' class=' answer'><span>Proceed with a review of the engineering department but supplement the internal audit team with nonauditors from an external engineering company who have the required skills to assist<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-18' style=';'><div id='questionWrap-18'  class='   watupro-question-id-294551'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>18. <\/span>Which of the following statements is the most appropriate example of the internal audit activity exercising due professional care during an audit of the payroll department?<\/div><input type='hidden' name='question_id[]' id='qID_18' value='294551' \/><input type='hidden' id='answerType294551' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294551[]' id='answer-id-1156928' class='answer   answerof-294551 ' value='1156928'   \/><label for='answer-id-1156928' id='answer-label-1156928' class=' answer'><span>Internal auditors ensure that the work program is appropriately designed in order to identify all of the risks surrounding the payroll process.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294551[]' id='answer-id-1156929' class='answer   answerof-294551 ' value='1156929'   \/><label for='answer-id-1156929' id='answer-label-1156929' class=' answer'><span>Internal auditors determine whether the policies, procedures, and practices of the payroll department are operating in accordance with relevant laws.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294551[]' id='answer-id-1156930' class='answer   answerof-294551 ' value='1156930'   \/><label for='answer-id-1156930' id='answer-label-1156930' class=' answer'><span>Internal auditors verify whether the board of directors has implemented effective internal controls over the processes used by the payroll department.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294551[]' id='answer-id-1156931' class='answer   answerof-294551 ' value='1156931'   \/><label for='answer-id-1156931' id='answer-label-1156931' class=' answer'><span>Internal auditors ask the organization's risk manager to determine whether the degree of work planned is sufficient to determine whether payroll payments were complete and accurate.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-19' style=';'><div id='questionWrap-19'  class='   watupro-question-id-294552'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>19. <\/span>Which of the following principles of The IIA's Code of Ethics implies that internal auditors should refrain from performing assurance services when there is an impairment to audit independence that has not been declared?<\/div><input type='hidden' name='question_id[]' id='qID_19' value='294552' \/><input type='hidden' id='answerType294552' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294552[]' id='answer-id-1156932' class='answer   answerof-294552 ' value='1156932'   \/><label for='answer-id-1156932' id='answer-label-1156932' class=' answer'><span>Confidentiality.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294552[]' id='answer-id-1156933' class='answer   answerof-294552 ' value='1156933'   \/><label for='answer-id-1156933' id='answer-label-1156933' class=' answer'><span>Objectivity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294552[]' id='answer-id-1156934' class='answer   answerof-294552 ' value='1156934'   \/><label for='answer-id-1156934' id='answer-label-1156934' class=' answer'><span>Integrity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294552[]' id='answer-id-1156935' class='answer   answerof-294552 ' value='1156935'   \/><label for='answer-id-1156935' id='answer-label-1156935' class=' answer'><span>Competency.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-20' style=';'><div id='questionWrap-20'  class='   watupro-question-id-294553'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>20. <\/span>Which of the following practices is generally most effective to protect internal audit objectivity?<\/div><input type='hidden' name='question_id[]' id='qID_20' value='294553' \/><input type='hidden' id='answerType294553' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294553[]' id='answer-id-1156936' class='answer   answerof-294553 ' value='1156936'   \/><label for='answer-id-1156936' id='answer-label-1156936' class=' answer'><span>Ensuring regular documentation of auditor skills and experience in the workpapers.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294553[]' id='answer-id-1156937' class='answer   answerof-294553 ' value='1156937'   \/><label for='answer-id-1156937' id='answer-label-1156937' class=' answer'><span>Basing performance evaluations heavily on customer satisfaction surveys.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294553[]' id='answer-id-1156938' class='answer   answerof-294553 ' value='1156938'   \/><label for='answer-id-1156938' id='answer-label-1156938' class=' answer'><span>Prohibiting auditors from accepting gifts from audit clients or potential clients.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294553[]' id='answer-id-1156939' class='answer   answerof-294553 ' value='1156939'   \/><label for='answer-id-1156939' id='answer-label-1156939' class=' answer'><span>Ensuring that auditors have a balance of both operational and internal audit responsibilities.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-21' style=';'><div id='questionWrap-21'  class='   watupro-question-id-294554'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>21. <\/span>Which of the following actions would be most effective to help an internal auditor determine how successful the organization has been in communicating the existence of its ethics hotline?<\/div><input type='hidden' name='question_id[]' id='qID_21' value='294554' \/><input type='hidden' id='answerType294554' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294554[]' id='answer-id-1156940' class='answer   answerof-294554 ' value='1156940'   \/><label for='answer-id-1156940' id='answer-label-1156940' class=' answer'><span>Reviewing the number of anonymous hotline allegations against employee complaints.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294554[]' id='answer-id-1156941' class='answer   answerof-294554 ' value='1156941'   \/><label for='answer-id-1156941' id='answer-label-1156941' class=' answer'><span>Surveying employees to determine whether they are aware of the hotline.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294554[]' id='answer-id-1156942' class='answer   answerof-294554 ' value='1156942'   \/><label for='answer-id-1156942' id='answer-label-1156942' class=' answer'><span>Benchmarking the average time to investigate hotline complaints.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294554[]' id='answer-id-1156943' class='answer   answerof-294554 ' value='1156943'   \/><label for='answer-id-1156943' id='answer-label-1156943' class=' answer'><span>Tracking the number of hotline allegations per total number of employees.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-22' style=';'><div id='questionWrap-22'  class='   watupro-question-id-294555'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>22. <\/span>Which of the following practices, applied by the chief audit executive {CAE), most likely indicates an effective continuing professional educational program for the internal audit activity?<\/div><input type='hidden' name='question_id[]' id='qID_22' value='294555' \/><input type='hidden' id='answerType294555' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294555[]' id='answer-id-1156944' class='answer   answerof-294555 ' value='1156944'   \/><label for='answer-id-1156944' id='answer-label-1156944' class=' answer'><span>The CAE tasks internal auditors with coordinating assurance activities with other providers across the organization.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294555[]' id='answer-id-1156945' class='answer   answerof-294555 ' value='1156945'   \/><label for='answer-id-1156945' id='answer-label-1156945' class=' answer'><span>The CAE encourages auditors to volunteer to support research work of the local professional institute.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294555[]' id='answer-id-1156946' class='answer   answerof-294555 ' value='1156946'   \/><label for='answer-id-1156946' id='answer-label-1156946' class=' answer'><span>The CAE requires auditors to periodically attest to the profession's Code of Ethics.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294555[]' id='answer-id-1156947' class='answer   answerof-294555 ' value='1156947'   \/><label for='answer-id-1156947' id='answer-label-1156947' class=' answer'><span>The CAE reminds auditors to ensure workpapers are completed for audit engagements.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-23' style=';'><div id='questionWrap-23'  class='   watupro-question-id-294556'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>23. <\/span>Which of the following organizational practices is likely to be a part of a corporate social responsibility program?<\/div><input type='hidden' name='question_id[]' id='qID_23' value='294556' \/><input type='hidden' id='answerType294556' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294556[]' id='answer-id-1156948' class='answer   answerof-294556 ' value='1156948'   \/><label for='answer-id-1156948' id='answer-label-1156948' class=' answer'><span>A mining company practices backfilling and planting trees after mining within an area.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294556[]' id='answer-id-1156949' class='answer   answerof-294556 ' value='1156949'   \/><label for='answer-id-1156949' id='answer-label-1156949' class=' answer'><span>A construction company ensures that its workers are paid at the regulated minimum wage.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294556[]' id='answer-id-1156950' class='answer   answerof-294556 ' value='1156950'   \/><label for='answer-id-1156950' id='answer-label-1156950' class=' answer'><span>A foods manufacturer sources cheap raw materials to generate higher profits for distribution to its employees.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294556[]' id='answer-id-1156951' class='answer   answerof-294556 ' value='1156951'   \/><label for='answer-id-1156951' id='answer-label-1156951' class=' answer'><span>A bank listed on the national stock exchange consistently pays dividends to its shareholders.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-24' style=';'><div id='questionWrap-24'  class='   watupro-question-id-294557'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>24. <\/span>Which of the following can be used to minimize employees\u2019 resentment of controls?<\/div><input type='hidden' name='question_id[]' id='qID_24' value='294557' \/><input type='hidden' id='answerType294557' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294557[]' id='answer-id-1156952' class='answer   answerof-294557 ' value='1156952'   \/><label for='answer-id-1156952' id='answer-label-1156952' class=' answer'><span>Making sure employees are exempt from participating in control creation<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294557[]' id='answer-id-1156953' class='answer   answerof-294557 ' value='1156953'   \/><label for='answer-id-1156953' id='answer-label-1156953' class=' answer'><span>Implementing controls without lengthy explanations of their purpose<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294557[]' id='answer-id-1156954' class='answer   answerof-294557 ' value='1156954'   \/><label for='answer-id-1156954' id='answer-label-1156954' class=' answer'><span>Developing general constricting controls rather than detailed ones<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294557[]' id='answer-id-1156955' class='answer   answerof-294557 ' value='1156955'   \/><label for='answer-id-1156955' id='answer-label-1156955' class=' answer'><span>Not using controls to achieve goals<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-25' style=';'><div id='questionWrap-25'  class='   watupro-question-id-294558'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>25. <\/span>When the chief audit executive Is responsible for risk management in an organization, which of the following parties is responsible for overseeing the internal audit activity's assurance over risk management?<\/div><input type='hidden' name='question_id[]' id='qID_25' value='294558' \/><input type='hidden' id='answerType294558' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294558[]' id='answer-id-1156956' class='answer   answerof-294558 ' value='1156956'   \/><label for='answer-id-1156956' id='answer-label-1156956' class=' answer'><span>The chief audit executive.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294558[]' id='answer-id-1156957' class='answer   answerof-294558 ' value='1156957'   \/><label for='answer-id-1156957' id='answer-label-1156957' class=' answer'><span>A member of the compliance function.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294558[]' id='answer-id-1156958' class='answer   answerof-294558 ' value='1156958'   \/><label for='answer-id-1156958' id='answer-label-1156958' class=' answer'><span>A party outside of the internal audit activity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294558[]' id='answer-id-1156959' class='answer   answerof-294558 ' value='1156959'   \/><label for='answer-id-1156959' id='answer-label-1156959' class=' answer'><span>A member of the risk management function.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-26' style=';'><div id='questionWrap-26'  class='   watupro-question-id-294559'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>26. <\/span>According to IIA guidance, which of the following statements is true regarding consulting engagements performed by the internal audit activity?<\/div><input type='hidden' name='question_id[]' id='qID_26' value='294559' \/><input type='hidden' id='answerType294559' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294559[]' id='answer-id-1156960' class='answer   answerof-294559 ' value='1156960'   \/><label for='answer-id-1156960' id='answer-label-1156960' class=' answer'><span>Consulting engagements typically involve four or five parties: the internal audit activity, engagement client, senior management, board, and sometimes the external auditor.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294559[]' id='answer-id-1156961' class='answer   answerof-294559 ' value='1156961'   \/><label for='answer-id-1156961' id='answer-label-1156961' class=' answer'><span>The scope of a consulting engagement is determined by either the engagement supervisor or chief audit executive, and it is finalized prior to beginning fieldwork.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294559[]' id='answer-id-1156962' class='answer   answerof-294559 ' value='1156962'   \/><label for='answer-id-1156962' id='answer-label-1156962' class=' answer'><span>According to the Standards, internal auditors are permitted to carry out certain management functions during a consulting engagement.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294559[]' id='answer-id-1156963' class='answer   answerof-294559 ' value='1156963'   \/><label for='answer-id-1156963' id='answer-label-1156963' class=' answer'><span>A preliminary risk assessment may not be needed for consulting engagements, because the expectations and objectives of the engagement are determined by the engagement client.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-27' style=';'><div id='questionWrap-27'  class='   watupro-question-id-294560'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>27. <\/span>The internal auditor of a small manufacturer noted that the accounting department has insufficient staff to achieve proper segregation of duties. <br \/>\r<br>What type of controls would the auditor likely recommend to management to specifically address this problem?<\/div><input type='hidden' name='question_id[]' id='qID_27' value='294560' \/><input type='hidden' id='answerType294560' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294560[]' id='answer-id-1156964' class='answer   answerof-294560 ' value='1156964'   \/><label for='answer-id-1156964' id='answer-label-1156964' class=' answer'><span>Entity-level.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294560[]' id='answer-id-1156965' class='answer   answerof-294560 ' value='1156965'   \/><label for='answer-id-1156965' id='answer-label-1156965' class=' answer'><span>Preventive.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294560[]' id='answer-id-1156966' class='answer   answerof-294560 ' value='1156966'   \/><label for='answer-id-1156966' id='answer-label-1156966' class=' answer'><span>Directive.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294560[]' id='answer-id-1156967' class='answer   answerof-294560 ' value='1156967'   \/><label for='answer-id-1156967' id='answer-label-1156967' class=' answer'><span>Compensating.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-28' style=';'><div id='questionWrap-28'  class='   watupro-question-id-294561'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>28. <\/span>Which of the following describes the primary objective when implementing a risk management framework?<\/div><input type='hidden' name='question_id[]' id='qID_28' value='294561' \/><input type='hidden' id='answerType294561' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294561[]' id='answer-id-1156968' class='answer   answerof-294561 ' value='1156968'   \/><label for='answer-id-1156968' id='answer-label-1156968' class=' answer'><span>To achieve planned profitability for business expansion.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294561[]' id='answer-id-1156969' class='answer   answerof-294561 ' value='1156969'   \/><label for='answer-id-1156969' id='answer-label-1156969' class=' answer'><span>To enhance an organization's confidence in achieving strategy.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294561[]' id='answer-id-1156970' class='answer   answerof-294561 ' value='1156970'   \/><label for='answer-id-1156970' id='answer-label-1156970' class=' answer'><span>To strengthen corporate governance standards.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294561[]' id='answer-id-1156971' class='answer   answerof-294561 ' value='1156971'   \/><label for='answer-id-1156971' id='answer-label-1156971' class=' answer'><span>To eliminate business risks and uncertainties.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-29' style=';'><div id='questionWrap-29'  class='   watupro-question-id-294562'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>29. <\/span>During an audit engagement of a large retail store, internal auditors noted significant discrepancies between available inventory and sales and suspect an abuse of cash register refunds and voids. <br \/>\r<br>Which of the following would be the most effective preventative control to reduce these losses?<\/div><input type='hidden' name='question_id[]' id='qID_29' value='294562' \/><input type='hidden' id='answerType294562' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294562[]' id='answer-id-1156972' class='answer   answerof-294562 ' value='1156972'   \/><label for='answer-id-1156972' id='answer-label-1156972' class=' answer'><span>Ensure that returned merchandise is restocked to shelves or sent to the manufacturer by an independent employee.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294562[]' id='answer-id-1156973' class='answer   answerof-294562 ' value='1156973'   \/><label for='answer-id-1156973' id='answer-label-1156973' class=' answer'><span>Call a sample of customers who returned merchandise to test the legitimacy of the returns and check refund amounts.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294562[]' id='answer-id-1156974' class='answer   answerof-294562 ' value='1156974'   \/><label for='answer-id-1156974' id='answer-label-1156974' class=' answer'><span>Require that a manager use a reserved register code to approve voids or refunds.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294562[]' id='answer-id-1156975' class='answer   answerof-294562 ' value='1156975'   \/><label for='answer-id-1156975' id='answer-label-1156975' class=' answer'><span>Analyze voids and refunds by employee, credit card number, and amount for unusual numbers, amounts, or patterns.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-30' style=';'><div id='questionWrap-30'  class='   watupro-question-id-294563'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>30. <\/span>Which of the following controls would be most useful to prevent an employee from using the organization's funds for inappropriate expenditures and falsifying financial records to conceal the fraud?<\/div><input type='hidden' name='question_id[]' id='qID_30' value='294563' \/><input type='hidden' id='answerType294563' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294563[]' id='answer-id-1156976' class='answer   answerof-294563 ' value='1156976'   \/><label for='answer-id-1156976' id='answer-label-1156976' class=' answer'><span>Segregating duties in the payroll processes.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294563[]' id='answer-id-1156977' class='answer   answerof-294563 ' value='1156977'   \/><label for='answer-id-1156977' id='answer-label-1156977' class=' answer'><span>Confirming receipt of goods or services.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294563[]' id='answer-id-1156978' class='answer   answerof-294563 ' value='1156978'   \/><label for='answer-id-1156978' id='answer-label-1156978' class=' answer'><span>Performing background checks on newly hired employees.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294563[]' id='answer-id-1156979' class='answer   answerof-294563 ' value='1156979'   \/><label for='answer-id-1156979' id='answer-label-1156979' class=' answer'><span>Requiring management approval for expenses.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-31' style=';'><div id='questionWrap-31'  class='   watupro-question-id-294564'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>31. <\/span>It describes the expectations for communicating the results of a quality assurance and Improvement program.<\/div><input type='hidden' name='question_id[]' id='qID_31' value='294564' \/><input type='hidden' id='answerType294564' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294564[]' id='answer-id-1156980' class='answer   answerof-294564 ' value='1156980'   \/><label for='answer-id-1156980' id='answer-label-1156980' class=' answer'><span>1 and 4 only.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294564[]' id='answer-id-1156981' class='answer   answerof-294564 ' value='1156981'   \/><label for='answer-id-1156981' id='answer-label-1156981' class=' answer'><span>3 and 4 only.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294564[]' id='answer-id-1156982' class='answer   answerof-294564 ' value='1156982'   \/><label for='answer-id-1156982' id='answer-label-1156982' class=' answer'><span>1.2. and 4.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294564[]' id='answer-id-1156983' class='answer   answerof-294564 ' value='1156983'   \/><label for='answer-id-1156983' id='answer-label-1156983' class=' answer'><span>2. 3. and 4.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-32' style=';'><div id='questionWrap-32'  class='   watupro-question-id-294565'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>32. <\/span>The chief audit executive (CAE) has hired a new internal auditor who was immediately assigned to a procurement function audit. Because the new auditor's name is similar to that of the procurement manager, some staff members think the two are related, although they are not. <br \/>\r<br>Which of the following actions is most appropriate for the CAE to take?<\/div><input type='hidden' name='question_id[]' id='qID_32' value='294565' \/><input type='hidden' id='answerType294565' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294565[]' id='answer-id-1156984' class='answer   answerof-294565 ' value='1156984'   \/><label for='answer-id-1156984' id='answer-label-1156984' class=' answer'><span>Take no action, as there is no impairment to independence.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294565[]' id='answer-id-1156985' class='answer   answerof-294565 ' value='1156985'   \/><label for='answer-id-1156985' id='answer-label-1156985' class=' answer'><span>Remove the new internal auditor from the engagement team.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294565[]' id='answer-id-1156986' class='answer   answerof-294565 ' value='1156986'   \/><label for='answer-id-1156986' id='answer-label-1156986' class=' answer'><span>Discuss the matter with the appropriate personnel to alleviate concerns.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294565[]' id='answer-id-1156987' class='answer   answerof-294565 ' value='1156987'   \/><label for='answer-id-1156987' id='answer-label-1156987' class=' answer'><span>Closely supervise the new auditor and carefully review his work.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-33' style=';'><div id='questionWrap-33'  class='   watupro-question-id-294566'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>33. <\/span>There is a growing perception that employees generally evade their responsibilities. <br \/>\r<br>What impact will an internal auditor most likely see during an engagement?<\/div><input type='hidden' name='question_id[]' id='qID_33' value='294566' \/><input type='hidden' id='answerType294566' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294566[]' id='answer-id-1156988' class='answer   answerof-294566 ' value='1156988'   \/><label for='answer-id-1156988' id='answer-label-1156988' class=' answer'><span>Supervisors are likely to reduce their level of supervision and increase span of control.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294566[]' id='answer-id-1156989' class='answer   answerof-294566 ' value='1156989'   \/><label for='answer-id-1156989' id='answer-label-1156989' class=' answer'><span>Employees are likely to be supervised closely and given little freedom.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294566[]' id='answer-id-1156990' class='answer   answerof-294566 ' value='1156990'   \/><label for='answer-id-1156990' id='answer-label-1156990' class=' answer'><span>Peer employees are likely to trust one another, but distrust management.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294566[]' id='answer-id-1156991' class='answer   answerof-294566 ' value='1156991'   \/><label for='answer-id-1156991' id='answer-label-1156991' class=' answer'><span>Employees are likely to join forces to accomplish their duties as teams.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-34' style=';'><div id='questionWrap-34'  class='   watupro-question-id-294567'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>34. <\/span>Which of the following statements is the most appropriate for a chief audit executive to include in the internal audit policy manual in order to promote objectivity?<\/div><input type='hidden' name='question_id[]' id='qID_34' value='294567' \/><input type='hidden' id='answerType294567' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294567[]' id='answer-id-1156992' class='answer   answerof-294567 ' value='1156992'   \/><label for='answer-id-1156992' id='answer-label-1156992' class=' answer'><span>Internal auditors may conduct a financial effectiveness engagement in a business unit at any point after being transferred from that area.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294567[]' id='answer-id-1156993' class='answer   answerof-294567 ' value='1156993'   \/><label for='answer-id-1156993' id='answer-label-1156993' class=' answer'><span>Internal auditors may conclude that a business unit's current control environment is adequate and effective if the review of the prior year's workpapers and audit report supports that conclusion.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294567[]' id='answer-id-1156994' class='answer   answerof-294567 ' value='1156994'   \/><label for='answer-id-1156994' id='answer-label-1156994' class=' answer'><span>Internal auditors may conduct an engagement in a business unit at any point after providing a training workshop in that area.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294567[]' id='answer-id-1156995' class='answer   answerof-294567 ' value='1156995'   \/><label for='answer-id-1156995' id='answer-label-1156995' class=' answer'><span>Internal auditors should limit the scope of an engagement if they become aware of a potential impairment of their objectivity in order to reduce the potential impact of the impairment on the engagement results.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-35' style=';'><div id='questionWrap-35'  class='   watupro-question-id-294568'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>35. <\/span>Which of the following written documents typically offers the best evidence that internal auditors exercise due professional care in conformance with the Standards?<\/div><input type='hidden' name='question_id[]' id='qID_35' value='294568' \/><input type='hidden' id='answerType294568' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294568[]' id='answer-id-1156996' class='answer   answerof-294568 ' value='1156996'   \/><label for='answer-id-1156996' id='answer-label-1156996' class=' answer'><span>Internal audit charter.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294568[]' id='answer-id-1156997' class='answer   answerof-294568 ' value='1156997'   \/><label for='answer-id-1156997' id='answer-label-1156997' class=' answer'><span>Workpaper.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294568[]' id='answer-id-1156998' class='answer   answerof-294568 ' value='1156998'   \/><label for='answer-id-1156998' id='answer-label-1156998' class=' answer'><span>Audit report.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294568[]' id='answer-id-1156999' class='answer   answerof-294568 ' value='1156999'   \/><label for='answer-id-1156999' id='answer-label-1156999' class=' answer'><span>Code of ethics.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-36' style=';'><div id='questionWrap-36'  class='   watupro-question-id-294569'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>36. <\/span>An organization is considering purchasing a new banking software system and has asked the internal audit activity to evaluate the system. An internal auditor assigned to perform the engagement worked at the software company two years ago and is familiar with the system's design strengths and weaknesses. <br \/>\r<br>Which of the following is true regarding impairment to the auditor's objectivity?<\/div><input type='hidden' name='question_id[]' id='qID_36' value='294569' \/><input type='hidden' id='answerType294569' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294569[]' id='answer-id-1157000' class='answer   answerof-294569 ' value='1157000'   \/><label for='answer-id-1157000' id='answer-label-1157000' class=' answer'><span>This situation does not necessitate any action related to the auditor's objectivity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294569[]' id='answer-id-1157001' class='answer   answerof-294569 ' value='1157001'   \/><label for='answer-id-1157001' id='answer-label-1157001' class=' answer'><span>The auditor should decline to perform the audit because personal conflicts of interest are likely.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294569[]' id='answer-id-1157002' class='answer   answerof-294569 ' value='1157002'   \/><label for='answer-id-1157002' id='answer-label-1157002' class=' answer'><span>The auditor must disclose to the chief audit executive that this situation may impair her objectivity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294569[]' id='answer-id-1157003' class='answer   answerof-294569 ' value='1157003'   \/><label for='answer-id-1157003' id='answer-label-1157003' class=' answer'><span>The auditor can provide only consulting services, not assurance.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-37' style=';'><div id='questionWrap-37'  class='   watupro-question-id-294570'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>37. <\/span>A new internal audit activity is considering the adoption of a risk and control framework. <br \/>\r<br>Which of the following is the most appropriate consideration during this process?<\/div><input type='hidden' name='question_id[]' id='qID_37' value='294570' \/><input type='hidden' id='answerType294570' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294570[]' id='answer-id-1157004' class='answer   answerof-294570 ' value='1157004'   \/><label for='answer-id-1157004' id='answer-label-1157004' class=' answer'><span>The framework should not be developed by the internal audit activity<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294570[]' id='answer-id-1157005' class='answer   answerof-294570 ' value='1157005'   \/><label for='answer-id-1157005' id='answer-label-1157005' class=' answer'><span>The framework should apply to individual projects rather than the organization as a whole<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294570[]' id='answer-id-1157006' class='answer   answerof-294570 ' value='1157006'   \/><label for='answer-id-1157006' id='answer-label-1157006' class=' answer'><span>The framework should always be tailored to the organization<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294570[]' id='answer-id-1157007' class='answer   answerof-294570 ' value='1157007'   \/><label for='answer-id-1157007' id='answer-label-1157007' class=' answer'><span>The framework should require fewer resources to implement<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-38' style=';'><div id='questionWrap-38'  class='   watupro-question-id-294571'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>38. <\/span>If the skills and competencies are not present within the internal audit activity to complete an ad-hoc assurance engagement, which of the following is an acceptable resolution?<\/div><input type='hidden' name='question_id[]' id='qID_38' value='294571' \/><input type='hidden' id='answerType294571' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294571[]' id='answer-id-1157008' class='answer   answerof-294571 ' value='1157008'   \/><label for='answer-id-1157008' id='answer-label-1157008' class=' answer'><span>Politely decline the engagement due to a lack of qualified staff available at the time.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294571[]' id='answer-id-1157009' class='answer   answerof-294571 ' value='1157009'   \/><label for='answer-id-1157009' id='answer-label-1157009' class=' answer'><span>Complete the engagement as requested, with the best of the current staffs abilities.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294571[]' id='answer-id-1157010' class='answer   answerof-294571 ' value='1157010'   \/><label for='answer-id-1157010' id='answer-label-1157010' class=' answer'><span>Consider using employees from other departments in the organization on the audit team.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294571[]' id='answer-id-1157011' class='answer   answerof-294571 ' value='1157011'   \/><label for='answer-id-1157011' id='answer-label-1157011' class=' answer'><span>Change the scope of the testing to ensure that only available staff proficiencies are used<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-39' style=';'><div id='questionWrap-39'  class='   watupro-question-id-294572'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>39. <\/span>What is the primary purpose of The IIA's Code of Ethics?<\/div><input type='hidden' name='question_id[]' id='qID_39' value='294572' \/><input type='hidden' id='answerType294572' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294572[]' id='answer-id-1157012' class='answer   answerof-294572 ' value='1157012'   \/><label for='answer-id-1157012' id='answer-label-1157012' class=' answer'><span>Communicate specific activities appropriate to the performance of internal auditing<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294572[]' id='answer-id-1157013' class='answer   answerof-294572 ' value='1157013'   \/><label for='answer-id-1157013' id='answer-label-1157013' class=' answer'><span>Promote ethical culture within corporations and other business organizations<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294572[]' id='answer-id-1157014' class='answer   answerof-294572 ' value='1157014'   \/><label for='answer-id-1157014' id='answer-label-1157014' class=' answer'><span>Establish mandatory standards of competence for the practice of internal auditing<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294572[]' id='answer-id-1157015' class='answer   answerof-294572 ' value='1157015'   \/><label for='answer-id-1157015' id='answer-label-1157015' class=' answer'><span>Establish principles and expectations governing behavior of individuals and organizations in the conduct of internal auditing<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-40' style=';'><div id='questionWrap-40'  class='   watupro-question-id-294573'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>40. <\/span>A chief audit executive (CAE) has been asked by the board to evaluate the effectiveness of ethical programs created by management. <br \/>\r<br>Which of the following would be the most appropriate action for the CAE to take?<\/div><input type='hidden' name='question_id[]' id='qID_40' value='294573' \/><input type='hidden' id='answerType294573' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294573[]' id='answer-id-1157016' class='answer   answerof-294573 ' value='1157016'   \/><label for='answer-id-1157016' id='answer-label-1157016' class=' answer'><span>Compare the design of the organization's ethical programs with best practices.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294573[]' id='answer-id-1157017' class='answer   answerof-294573 ' value='1157017'   \/><label for='answer-id-1157017' id='answer-label-1157017' class=' answer'><span>Verify that a code of conduct and related policies exist and are communicated.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294573[]' id='answer-id-1157018' class='answer   answerof-294573 ' value='1157018'   \/><label for='answer-id-1157018' id='answer-label-1157018' class=' answer'><span>Use employee surveys to assess whether ethical programs are achieving desired outcomes.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294573[]' id='answer-id-1157019' class='answer   answerof-294573 ' value='1157019'   \/><label for='answer-id-1157019' id='answer-label-1157019' class=' answer'><span>Compare the cost of the ethical programs with the achieved outcomes.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-41' style=';'><div id='questionWrap-41'  class='   watupro-question-id-294574'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>41. <\/span>An internal audit of warehouse inventory revealed no material deficiencies. However, management later discovered fraud, which occurred during the period that was audited, and determined that a major control deficiency allowed the fraud to occur. <br \/>\r<br>Given management's discovery, which of the following statements is valid?<\/div><input type='hidden' name='question_id[]' id='qID_41' value='294574' \/><input type='hidden' id='answerType294574' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294574[]' id='answer-id-1157020' class='answer   answerof-294574 ' value='1157020'   \/><label for='answer-id-1157020' id='answer-label-1157020' class=' answer'><span>The internal auditors violated the standard for due professional care because they did not detect the fraud, even though it occurred during the period that was reviewed.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294574[]' id='answer-id-1157021' class='answer   answerof-294574 ' value='1157021'   \/><label for='answer-id-1157021' id='answer-label-1157021' class=' answer'><span>The internal auditors should have had sufficient knowledge of fraud to identify red flags indicating possible fraud.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294574[]' id='answer-id-1157022' class='answer   answerof-294574 ' value='1157022'   \/><label for='answer-id-1157022' id='answer-label-1157022' class=' answer'><span>The internal auditors could not have detected the fraud due to collusion among employees in the inventory unit.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294574[]' id='answer-id-1157023' class='answer   answerof-294574 ' value='1157023'   \/><label for='answer-id-1157023' id='answer-label-1157023' class=' answer'><span>The internal auditors are not responsible for considering fraud risk, which is a management responsibility.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-42' style=';'><div id='questionWrap-42'  class='   watupro-question-id-294575'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>42. <\/span>An external assessment was performed as part of the organization's quality assurance and improvement program. <br \/>\r<br>Which of the following conclusions confirms that the internal audit activity is in conformance with the Standards'?<\/div><input type='hidden' name='question_id[]' id='qID_42' value='294575' \/><input type='hidden' id='answerType294575' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294575[]' id='answer-id-1157024' class='answer   answerof-294575 ' value='1157024'   \/><label for='answer-id-1157024' id='answer-label-1157024' class=' answer'><span>The chief audit executive is well qualified and has responsibilities over operational areas that the internal audit activity assesses.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294575[]' id='answer-id-1157025' class='answer   answerof-294575 ' value='1157025'   \/><label for='answer-id-1157025' id='answer-label-1157025' class=' answer'><span>Periodic self-assessments are assigned to entry-level internal audit staff to support their continuing professional development.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294575[]' id='answer-id-1157026' class='answer   answerof-294575 ' value='1157026'   \/><label for='answer-id-1157026' id='answer-label-1157026' class=' answer'><span>All audit workpapers are reviewed and signed by the engagement supervisor before the audit report is issued.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294575[]' id='answer-id-1157027' class='answer   answerof-294575 ' value='1157027'   \/><label for='answer-id-1157027' id='answer-label-1157027' class=' answer'><span>Employees who rotate into the internal audit activity from other areas of the organization are assigned to audit areas where they previously worked, to take advantage of their operational expertise and experience.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-43' style=';'><div id='questionWrap-43'  class='   watupro-question-id-294576'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>43. <\/span>Management decided to post the organization's newly established code of conduct on its website. <br \/>\r<br>This decision is primarily intended to mitigate which of the following risks?<\/div><input type='hidden' name='question_id[]' id='qID_43' value='294576' \/><input type='hidden' id='answerType294576' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294576[]' id='answer-id-1157028' class='answer   answerof-294576 ' value='1157028'   \/><label for='answer-id-1157028' id='answer-label-1157028' class=' answer'><span>Accountability risk.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294576[]' id='answer-id-1157029' class='answer   answerof-294576 ' value='1157029'   \/><label for='answer-id-1157029' id='answer-label-1157029' class=' answer'><span>Communication risk.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294576[]' id='answer-id-1157030' class='answer   answerof-294576 ' value='1157030'   \/><label for='answer-id-1157030' id='answer-label-1157030' class=' answer'><span>Knowledge risk.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294576[]' id='answer-id-1157031' class='answer   answerof-294576 ' value='1157031'   \/><label for='answer-id-1157031' id='answer-label-1157031' class=' answer'><span>Cultural risk.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-44' style=';'><div id='questionWrap-44'  class='   watupro-question-id-294577'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>44. <\/span>Which of the following would best describe a control implemented to detect cash register disbursement fraud in a large retail store?<\/div><input type='hidden' name='question_id[]' id='qID_44' value='294577' \/><input type='hidden' id='answerType294577' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294577[]' id='answer-id-1157032' class='answer   answerof-294577 ' value='1157032'   \/><label for='answer-id-1157032' id='answer-label-1157032' class=' answer'><span>Separate the duties of processing and authorizing refunds on merchandise<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294577[]' id='answer-id-1157033' class='answer   answerof-294577 ' value='1157033'   \/><label for='answer-id-1157033' id='answer-label-1157033' class=' answer'><span>Post signs in the register area prompting customers to ask for and examine their sales receipts<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294577[]' id='answer-id-1157034' class='answer   answerof-294577 ' value='1157034'   \/><label for='answer-id-1157034' id='answer-label-1157034' class=' answer'><span>Periodically count the cash in the register and compare it to the expected amount<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294577[]' id='answer-id-1157035' class='answer   answerof-294577 ' value='1157035'   \/><label for='answer-id-1157035' id='answer-label-1157035' class=' answer'><span>Use cash registers with internal tapes that are tamper proof and that require a manager to process voids or refunds<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-45' style=';'><div id='questionWrap-45'  class='   watupro-question-id-294578'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>45. <\/span>A chief audit executive (CAE) recruited a few new internal auditors to reduce the resource gaps identified in this year's internal audit plan. One of the new recruits has several years of experience with the organization. Ten months ago. she served as a senior supervisor in the finance department. However, for the past 10 months, she has been helping the organization with implementing a new IT system. <br \/>\r<br>What approach should the CAE take for the upcoming financial statement controls audit?<\/div><input type='hidden' name='question_id[]' id='qID_45' value='294578' \/><input type='hidden' id='answerType294578' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294578[]' id='answer-id-1157036' class='answer   answerof-294578 ' value='1157036'   \/><label for='answer-id-1157036' id='answer-label-1157036' class=' answer'><span>Assign the new auditor to assist with conducting the fieldwork. but ensure that her work is reviewed by the CA<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294578[]' id='answer-id-1157037' class='answer   answerof-294578 ' value='1157037'   \/><label for='answer-id-1157037' id='answer-label-1157037' class=' answer'><span>Assign the new auditor to assist with developing the audit program, but ensure that the audit program is executed by other audit staff.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294578[]' id='answer-id-1157038' class='answer   answerof-294578 ' value='1157038'   \/><label for='answer-id-1157038' id='answer-label-1157038' class=' answer'><span>Ensure that the new auditor's previous manager, and other close former coworkers, are excused during the audit.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294578[]' id='answer-id-1157039' class='answer   answerof-294578 ' value='1157039'   \/><label for='answer-id-1157039' id='answer-label-1157039' class=' answer'><span>Ensure that the new auditor is responsible only for the supervisory review, but not the execution of the audit field work.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-46' style=';'><div id='questionWrap-46'  class='   watupro-question-id-294579'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>46. <\/span>The internal audit activity is responsible for conducting fraud investigations. A potential fraud instance was identified during an audit engagement. The chief audit executive appoints a lead investigator. <br \/>\r<br>Which of the following would most likely be the next step?<\/div><input type='hidden' name='question_id[]' id='qID_46' value='294579' \/><input type='hidden' id='answerType294579' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294579[]' id='answer-id-1157040' class='answer   answerof-294579 ' value='1157040'   \/><label for='answer-id-1157040' id='answer-label-1157040' class=' answer'><span>Ask internal auditors to gather all relevant information and evidence.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294579[]' id='answer-id-1157041' class='answer   answerof-294579 ' value='1157041'   \/><label for='answer-id-1157041' id='answer-label-1157041' class=' answer'><span>Identify and interview witnesses first and potential suspects later.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294579[]' id='answer-id-1157042' class='answer   answerof-294579 ' value='1157042'   \/><label for='answer-id-1157042' id='answer-label-1157042' class=' answer'><span>Conduct a fraud risk assessment to identify the most vulnerable areas.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294579[]' id='answer-id-1157043' class='answer   answerof-294579 ' value='1157043'   \/><label for='answer-id-1157043' id='answer-label-1157043' class=' answer'><span>Determine the competencies needed and assess whether team members have a conflict of Interest.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-47' style=';'><div id='questionWrap-47'  class='   watupro-question-id-294580'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>47. <\/span>Which of the following relates to the concept of due professional care?<\/div><input type='hidden' name='question_id[]' id='qID_47' value='294580' \/><input type='hidden' id='answerType294580' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294580[]' id='answer-id-1157044' class='answer   answerof-294580 ' value='1157044'   \/><label for='answer-id-1157044' id='answer-label-1157044' class=' answer'><span>An auditor attempts to obtain information needed to complete an assurance engagement but is denied access.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294580[]' id='answer-id-1157045' class='answer   answerof-294580 ' value='1157045'   \/><label for='answer-id-1157045' id='answer-label-1157045' class=' answer'><span>The appointment of the chief audit executive is ratified by the board.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294580[]' id='answer-id-1157046' class='answer   answerof-294580 ' value='1157046'   \/><label for='answer-id-1157046' id='answer-label-1157046' class=' answer'><span>An auditor demonstrates a good understanding of the steps involved in carrying out a consulting engagement.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294580[]' id='answer-id-1157047' class='answer   answerof-294580 ' value='1157047'   \/><label for='answer-id-1157047' id='answer-label-1157047' class=' answer'><span>The internal audit resource plan is only approved by the chief financial officer.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-48' style=';'><div id='questionWrap-48'  class='   watupro-question-id-294581'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>48. <\/span>Internal controls belong to which risk response category?<\/div><input type='hidden' name='question_id[]' id='qID_48' value='294581' \/><input type='hidden' id='answerType294581' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294581[]' id='answer-id-1157048' class='answer   answerof-294581 ' value='1157048'   \/><label for='answer-id-1157048' id='answer-label-1157048' class=' answer'><span>Reduction.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294581[]' id='answer-id-1157049' class='answer   answerof-294581 ' value='1157049'   \/><label for='answer-id-1157049' id='answer-label-1157049' class=' answer'><span>Avoidance.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294581[]' id='answer-id-1157050' class='answer   answerof-294581 ' value='1157050'   \/><label for='answer-id-1157050' id='answer-label-1157050' class=' answer'><span>Sharing.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294581[]' id='answer-id-1157051' class='answer   answerof-294581 ' value='1157051'   \/><label for='answer-id-1157051' id='answer-label-1157051' class=' answer'><span>Acceptance.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-49' style=';'><div id='questionWrap-49'  class='   watupro-question-id-294582'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>49. <\/span>An internal auditor assessed the controls within his organization's payroll process and suspects that erroneous payments may have been made to a fraudulent bank account. <br \/>\r<br>What is the best course of action for the auditor to take?<\/div><input type='hidden' name='question_id[]' id='qID_49' value='294582' \/><input type='hidden' id='answerType294582' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294582[]' id='answer-id-1157052' class='answer   answerof-294582 ' value='1157052'   \/><label for='answer-id-1157052' id='answer-label-1157052' class=' answer'><span>Speak to the payroll manager so he may investigate the auditor's observations.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294582[]' id='answer-id-1157053' class='answer   answerof-294582 ' value='1157053'   \/><label for='answer-id-1157053' id='answer-label-1157053' class=' answer'><span>Continue to investigate the payments to confirm the accuracy of the observations, and determine whether further fraudulent payments have been made.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294582[]' id='answer-id-1157054' class='answer   answerof-294582 ' value='1157054'   \/><label for='answer-id-1157054' id='answer-label-1157054' class=' answer'><span>Stop the audit and report the findings to senior management immediately.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294582[]' id='answer-id-1157055' class='answer   answerof-294582 ' value='1157055'   \/><label for='answer-id-1157055' id='answer-label-1157055' class=' answer'><span>Escalate the concern to the engagement supervisor.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-50' style=';'><div id='questionWrap-50'  class='   watupro-question-id-294583'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>50. <\/span>Prior to commencing a financial compliance engagement, the engagement supervisor reads the business plan for the finance department and meets informally with the director to learn more about any key issues. <br \/>\r<br>Which of the following competencies is the engagement supervisor demonstrating?<\/div><input type='hidden' name='question_id[]' id='qID_50' value='294583' \/><input type='hidden' id='answerType294583' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294583[]' id='answer-id-1157056' class='answer   answerof-294583 ' value='1157056'   \/><label for='answer-id-1157056' id='answer-label-1157056' class=' answer'><span>The ability to inspire trust<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294583[]' id='answer-id-1157057' class='answer   answerof-294583 ' value='1157057'   \/><label for='answer-id-1157057' id='answer-label-1157057' class=' answer'><span>The ability to communicate effectively<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294583[]' id='answer-id-1157058' class='answer   answerof-294583 ' value='1157058'   \/><label for='answer-id-1157058' id='answer-label-1157058' class=' answer'><span>The ability to display courage<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294583[]' id='answer-id-1157059' class='answer   answerof-294583 ' value='1157059'   \/><label for='answer-id-1157059' id='answer-label-1157059' class=' answer'><span>The ability to understand the needs of stakeholders<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-51' style=';'><div id='questionWrap-51'  class='   watupro-question-id-294584'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>51. <\/span>Which of the following would a chief audit executive most likely use to identify a need for improvement in a staff internal auditor's business acumen?<\/div><input type='hidden' name='question_id[]' id='qID_51' value='294584' \/><input type='hidden' id='answerType294584' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294584[]' id='answer-id-1157060' class='answer   answerof-294584 ' value='1157060'   \/><label for='answer-id-1157060' id='answer-label-1157060' class=' answer'><span>A quality assessment review.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294584[]' id='answer-id-1157061' class='answer   answerof-294584 ' value='1157061'   \/><label for='answer-id-1157061' id='answer-label-1157061' class=' answer'><span>An internal audit client survey.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294584[]' id='answer-id-1157062' class='answer   answerof-294584 ' value='1157062'   \/><label for='answer-id-1157062' id='answer-label-1157062' class=' answer'><span>A control self-assessment.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294584[]' id='answer-id-1157063' class='answer   answerof-294584 ' value='1157063'   \/><label for='answer-id-1157063' id='answer-label-1157063' class=' answer'><span>A peer review of the internal audit activity.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-52' style=';'><div id='questionWrap-52'  class='   watupro-question-id-294585'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>52. <\/span>According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization\u2019s social responsibility program is effective?<\/div><input type='hidden' name='question_id[]' id='qID_52' value='294585' \/><input type='hidden' id='answerType294585' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294585[]' id='answer-id-1157064' class='answer   answerof-294585 ' value='1157064'   \/><label for='answer-id-1157064' id='answer-label-1157064' class=' answer'><span>Senior management<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294585[]' id='answer-id-1157065' class='answer   answerof-294585 ' value='1157065'   \/><label for='answer-id-1157065' id='answer-label-1157065' class=' answer'><span>Internal audit activity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294585[]' id='answer-id-1157066' class='answer   answerof-294585 ' value='1157066'   \/><label for='answer-id-1157066' id='answer-label-1157066' class=' answer'><span>All employees.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294585[]' id='answer-id-1157067' class='answer   answerof-294585 ' value='1157067'   \/><label for='answer-id-1157067' id='answer-label-1157067' class=' answer'><span>Board of directors.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-53' style=';'><div id='questionWrap-53'  class='   watupro-question-id-294586'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>53. <\/span>Which of the following statements best describes a functional difference between external auditors and internal auditors?<\/div><input type='hidden' name='question_id[]' id='qID_53' value='294586' \/><input type='hidden' id='answerType294586' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294586[]' id='answer-id-1157068' class='answer   answerof-294586 ' value='1157068'   \/><label for='answer-id-1157068' id='answer-label-1157068' class=' answer'><span>Internal auditors evaluate past achievements to understand whether controls are operating effectively, and external auditors focus on the accuracy of financial reporting.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294586[]' id='answer-id-1157069' class='answer   answerof-294586 ' value='1157069'   \/><label for='answer-id-1157069' id='answer-label-1157069' class=' answer'><span>Internal auditors provide assurance about the sufficiency of controls to manage risks. Including risks of failure to achieve future goals, and external auditors evaluate the accuracy and understandability of financial reporting.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294586[]' id='answer-id-1157070' class='answer   answerof-294586 ' value='1157070'   \/><label for='answer-id-1157070' id='answer-label-1157070' class=' answer'><span>internal auditors are always employed by the organization, rather than outsourced, and external auditors are never employed by the organization but contracted independently.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294586[]' id='answer-id-1157071' class='answer   answerof-294586 ' value='1157071'   \/><label for='answer-id-1157071' id='answer-label-1157071' class=' answer'><span>Internal auditors are most directly concerned with the detection of fraud, while external auditors are most directly concerned with the prevention of fraud.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-54' style=';'><div id='questionWrap-54'  class='   watupro-question-id-294587'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>54. <\/span>Which of the following risk management techniques best describes the strategy of obtaining insurance to protect against losses due to bad weather conditions?<\/div><input type='hidden' name='question_id[]' id='qID_54' value='294587' \/><input type='hidden' id='answerType294587' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294587[]' id='answer-id-1157072' class='answer   answerof-294587 ' value='1157072'   \/><label for='answer-id-1157072' id='answer-label-1157072' class=' answer'><span>Risk avoidance<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294587[]' id='answer-id-1157073' class='answer   answerof-294587 ' value='1157073'   \/><label for='answer-id-1157073' id='answer-label-1157073' class=' answer'><span>Risk reduction<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294587[]' id='answer-id-1157074' class='answer   answerof-294587 ' value='1157074'   \/><label for='answer-id-1157074' id='answer-label-1157074' class=' answer'><span>Risk acceptance<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294587[]' id='answer-id-1157075' class='answer   answerof-294587 ' value='1157075'   \/><label for='answer-id-1157075' id='answer-label-1157075' class=' answer'><span>Risk sharing<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-55' style=';'><div id='questionWrap-55'  class='   watupro-question-id-294588'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>55. <\/span>An internal auditor is reviewing employee travel expenses from the previous six months for fraud. <br \/>\r<br>Which of the following tests would best detect instances where personal travel has been claimed?<\/div><input type='hidden' name='question_id[]' id='qID_55' value='294588' \/><input type='hidden' id='answerType294588' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294588[]' id='answer-id-1157076' class='answer   answerof-294588 ' value='1157076'   \/><label for='answer-id-1157076' id='answer-label-1157076' class=' answer'><span>Verifying whether claims have been properly authorized for payment<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294588[]' id='answer-id-1157077' class='answer   answerof-294588 ' value='1157077'   \/><label for='answer-id-1157077' id='answer-label-1157077' class=' answer'><span>Verifying whether claims are properly supported by invoices or other documents.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294588[]' id='answer-id-1157078' class='answer   answerof-294588 ' value='1157078'   \/><label for='answer-id-1157078' id='answer-label-1157078' class=' answer'><span>Confirming that all claims are within the limits of the organization's travel policy.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294588[]' id='answer-id-1157079' class='answer   answerof-294588 ' value='1157079'   \/><label for='answer-id-1157079' id='answer-label-1157079' class=' answer'><span>Reconciling claims against business the requests that were approved by supervisors<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-56' style=';'><div id='questionWrap-56'  class='   watupro-question-id-294589'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>56. <\/span>IT management requires all employees in the IT department to attend annual training on the department\u2019s mission values and key performance measures <br \/>\r<br>This activity is designed to prevent which of the following conditions?<\/div><input type='hidden' name='question_id[]' id='qID_56' value='294589' \/><input type='hidden' id='answerType294589' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294589[]' id='answer-id-1157080' class='answer   answerof-294589 ' value='1157080'   \/><label for='answer-id-1157080' id='answer-label-1157080' class=' answer'><span>Knowledge\u2019s kills gap<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294589[]' id='answer-id-1157081' class='answer   answerof-294589 ' value='1157081'   \/><label for='answer-id-1157081' id='answer-label-1157081' class=' answer'><span>Monitoring gap<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294589[]' id='answer-id-1157082' class='answer   answerof-294589 ' value='1157082'   \/><label for='answer-id-1157082' id='answer-label-1157082' class=' answer'><span>Accountability\/reward failure<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294589[]' id='answer-id-1157083' class='answer   answerof-294589 ' value='1157083'   \/><label for='answer-id-1157083' id='answer-label-1157083' class=' answer'><span>Communication failure<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-57' style=';'><div id='questionWrap-57'  class='   watupro-question-id-294590'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>57. <\/span>An internal auditor notes that inventory counts are conducted on Mondays only and that all documentation is on paper as there are no computers in the underground warehouses. Also she notices that the person responsible for receiving the goods is the same one who distributes materials and spare parts Finally, she sees that spare parts are written off and taken by the heads of mining units to different underground locations to wait for their turn to be installed. <br \/>\r<br>Which of the described findings requires more consideration from a fraud risk perspective?<\/div><input type='hidden' name='question_id[]' id='qID_57' value='294590' \/><input type='hidden' id='answerType294590' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294590[]' id='answer-id-1157084' class='answer   answerof-294590 ' value='1157084'   \/><label for='answer-id-1157084' id='answer-label-1157084' class=' answer'><span>The job responsibilities of the warehouse employee compromise segregation of duties<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294590[]' id='answer-id-1157085' class='answer   answerof-294590 ' value='1157085'   \/><label for='answer-id-1157085' id='answer-label-1157085' class=' answer'><span>Spare parts are written off before their actual usage and installation<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294590[]' id='answer-id-1157086' class='answer   answerof-294590 ' value='1157086'   \/><label for='answer-id-1157086' id='answer-label-1157086' class=' answer'><span>Warehouse management is conducted on paper and requires further investigation<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294590[]' id='answer-id-1157087' class='answer   answerof-294590 ' value='1157087'   \/><label for='answer-id-1157087' id='answer-label-1157087' class=' answer'><span>The inventory counts take place on specific days of the week for no apparent reason<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-58' style=';'><div id='questionWrap-58'  class='   watupro-question-id-294591'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>58. <\/span>Regarding the chief audit executive (CAE). which of the following is considered an impairment to the independence of the internal audit activity?<\/div><input type='hidden' name='question_id[]' id='qID_58' value='294591' \/><input type='hidden' id='answerType294591' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294591[]' id='answer-id-1157088' class='answer   answerof-294591 ' value='1157088'   \/><label for='answer-id-1157088' id='answer-label-1157088' class=' answer'><span>The CAE reports administratively to the CE<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294591[]' id='answer-id-1157089' class='answer   answerof-294591 ' value='1157089'   \/><label for='answer-id-1157089' id='answer-label-1157089' class=' answer'><span>The CAE is asked to submit the liquidation of her travel allowances to human resources for approval.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294591[]' id='answer-id-1157090' class='answer   answerof-294591 ' value='1157090'   \/><label for='answer-id-1157090' id='answer-label-1157090' class=' answer'><span>The CAE's supervisor is responsible for the risk management function.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294591[]' id='answer-id-1157091' class='answer   answerof-294591 ' value='1157091'   \/><label for='answer-id-1157091' id='answer-label-1157091' class=' answer'><span>The CAE is asked to review new procedures before implementation.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-59' style=';'><div id='questionWrap-59'  class='   watupro-question-id-294592'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>59. <\/span>In which of the following ways can a whistleblower hotline serve as a prevent Aative control?<\/div><input type='hidden' name='question_id[]' id='qID_59' value='294592' \/><input type='hidden' id='answerType294592' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294592[]' id='answer-id-1157092' class='answer   answerof-294592 ' value='1157092'   \/><label for='answer-id-1157092' id='answer-label-1157092' class=' answer'><span>Third parties who operate the hotline ensure anonymity for whistle blowers.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294592[]' id='answer-id-1157093' class='answer   answerof-294592 ' value='1157093'   \/><label for='answer-id-1157093' id='answer-label-1157093' class=' answer'><span>Whistleblower tips help discover wrongdoings and violations of the code of conduct. Potential perpetrators of fraud know that their actions can be reported easily.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294592[]' id='answer-id-1157094' class='answer   answerof-294592 ' value='1157094'   \/><label for='answer-id-1157094' id='answer-label-1157094' class=' answer'><span>Better investigation protocols are triggered by the whistleblower hotline.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-60' style=';'><div id='questionWrap-60'  class='   watupro-question-id-294593'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>60. <\/span>Which of the following items related to the quality assurance and improvement program should the chief audit executive report to the board?<\/div><input type='hidden' name='question_id[]' id='qID_60' value='294593' \/><input type='hidden' id='answerType294593' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294593[]' id='answer-id-1157095' class='answer   answerof-294593 ' value='1157095'   \/><label for='answer-id-1157095' id='answer-label-1157095' class=' answer'><span>Ongoing monitoring results<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294593[]' id='answer-id-1157096' class='answer   answerof-294593 ' value='1157096'   \/><label for='answer-id-1157096' id='answer-label-1157096' class=' answer'><span>Periodic management assessment results<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294593[]' id='answer-id-1157097' class='answer   answerof-294593 ' value='1157097'   \/><label for='answer-id-1157097' id='answer-label-1157097' class=' answer'><span>Annual risk assessment results<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294593[]' id='answer-id-1157098' class='answer   answerof-294593 ' value='1157098'   \/><label for='answer-id-1157098' id='answer-label-1157098' class=' answer'><span>Internal auditors' training evaluation results<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-61' style=';'><div id='questionWrap-61'  class='   watupro-question-id-294594'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>61. <\/span>What would be the proper sequence of steps for an internal auditor to take in order to draw a conclusion on internal control effectiveness and adequacy after ascertaining the key controls?<\/div><input type='hidden' name='question_id[]' id='qID_61' value='294594' \/><input type='hidden' id='answerType294594' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294594[]' id='answer-id-1157099' class='answer   answerof-294594 ' value='1157099'   \/><label for='answer-id-1157099' id='answer-label-1157099' class=' answer'><span>Evaluate the adequacy of the controls and then test the controls for effectiveness.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294594[]' id='answer-id-1157100' class='answer   answerof-294594 ' value='1157100'   \/><label for='answer-id-1157100' id='answer-label-1157100' class=' answer'><span>Test the controls for effectiveness and then evaluate the adequacy of the controls.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294594[]' id='answer-id-1157101' class='answer   answerof-294594 ' value='1157101'   \/><label for='answer-id-1157101' id='answer-label-1157101' class=' answer'><span>Identify risks and then evaluate the controls for effectiveness.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294594[]' id='answer-id-1157102' class='answer   answerof-294594 ' value='1157102'   \/><label for='answer-id-1157102' id='answer-label-1157102' class=' answer'><span>Evaluate the controls for effectiveness and then assess the risks in the area.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-62' style=';'><div id='questionWrap-62'  class='   watupro-question-id-294595'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>62. <\/span>Which statement is accurate regarding reporting on the quality assurance and improvement program (OAIP) to conform with the International Standards for the Professional Practice of Internal Auditing?<\/div><input type='hidden' name='question_id[]' id='qID_62' value='294595' \/><input type='hidden' id='answerType294595' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294595[]' id='answer-id-1157103' class='answer   answerof-294595 ' value='1157103'   \/><label for='answer-id-1157103' id='answer-label-1157103' class=' answer'><span>The chief audit executive (CAE) should report all stages of the OAlP's development and key milestones.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294595[]' id='answer-id-1157104' class='answer   answerof-294595 ' value='1157104'   \/><label for='answer-id-1157104' id='answer-label-1157104' class=' answer'><span>The CAE should report only corrective action plans that meet external assessor or stakeholder requirements.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294595[]' id='answer-id-1157105' class='answer   answerof-294595 ' value='1157105'   \/><label for='answer-id-1157105' id='answer-label-1157105' class=' answer'><span>The CAE should establish the form and content of program communication so that it is in alignment with the internal audit activity charter.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294595[]' id='answer-id-1157106' class='answer   answerof-294595 ' value='1157106'   \/><label for='answer-id-1157106' id='answer-label-1157106' class=' answer'><span>The CAE should disclose program details only after both internal and external assessments have been completed.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-63' style=';'><div id='questionWrap-63'  class='   watupro-question-id-294596'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>63. <\/span>Which of the following best demonstrates internal auditors performing their work with proficiency?<\/div><input type='hidden' name='question_id[]' id='qID_63' value='294596' \/><input type='hidden' id='answerType294596' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294596[]' id='answer-id-1157107' class='answer   answerof-294596 ' value='1157107'   \/><label for='answer-id-1157107' id='answer-label-1157107' class=' answer'><span>Internal auditors meet with operational management at each phase of the audit process.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294596[]' id='answer-id-1157108' class='answer   answerof-294596 ' value='1157108'   \/><label for='answer-id-1157108' id='answer-label-1157108' class=' answer'><span>Internal auditors adhere to The IIA\u2019s Code of Ethics.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294596[]' id='answer-id-1157109' class='answer   answerof-294596 ' value='1157109'   \/><label for='answer-id-1157109' id='answer-label-1157109' class=' answer'><span>Internal auditors work collaboratively with their engagement team.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294596[]' id='answer-id-1157110' class='answer   answerof-294596 ' value='1157110'   \/><label for='answer-id-1157110' id='answer-label-1157110' class=' answer'><span>Internal auditors complete a program of continuing professional development.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-64' style=';'><div id='questionWrap-64'  class='   watupro-question-id-294597'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>64. <\/span>A global manufacturing company has three regional offices. The chief audit executive (CAE) is concerned about the cost of an upcoming external quality assessment of the internal audit activity. The last external assessment was performed six years ago. Recently, the internal audit staff at one of the regional offices performed an internal assessment. <br \/>\r<br>To ensure conformance with the Standards, what is the most appropriate action for the CAE to take?<\/div><input type='hidden' name='question_id[]' id='qID_64' value='294597' \/><input type='hidden' id='answerType294597' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294597[]' id='answer-id-1157111' class='answer   answerof-294597 ' value='1157111'   \/><label for='answer-id-1157111' id='answer-label-1157111' class=' answer'><span>Request from the audit committee an additional budget and an extension so that the external assessment could be performed next year.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294597[]' id='answer-id-1157112' class='answer   answerof-294597 ' value='1157112'   \/><label for='answer-id-1157112' id='answer-label-1157112' class=' answer'><span>Review the results of the internal assessment, identify weaknesses, and implement improvements at the remaining offices.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294597[]' id='answer-id-1157113' class='answer   answerof-294597 ' value='1157113'   \/><label for='answer-id-1157113' id='answer-label-1157113' class=' answer'><span>Request the regional office that performed the internal assessment to perform an assessment of the remaining offices.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294597[]' id='answer-id-1157114' class='answer   answerof-294597 ' value='1157114'   \/><label for='answer-id-1157114' id='answer-label-1157114' class=' answer'><span>Request that an external assessor validate the results of the internal assessment and review the remaining offices.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-65' style=';'><div id='questionWrap-65'  class='   watupro-question-id-294598'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>65. <\/span>Which of the following describes the most appropriate match between a potential temporary guest auditor candidate and an upcoming audit assignment?<\/div><input type='hidden' name='question_id[]' id='qID_65' value='294598' \/><input type='hidden' id='answerType294598' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294598[]' id='answer-id-1157115' class='answer   answerof-294598 ' value='1157115'   \/><label for='answer-id-1157115' id='answer-label-1157115' class=' answer'><span>A purchasing manager with two years of prior audit experience in public practice to lead a contracts management audit<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294598[]' id='answer-id-1157116' class='answer   answerof-294598 ' value='1157116'   \/><label for='answer-id-1157116' id='answer-label-1157116' class=' answer'><span>A communications officer who worked in the marketing department during the last six months to conduct a customer loyalty program audit<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294598[]' id='answer-id-1157117' class='answer   answerof-294598 ' value='1157117'   \/><label for='answer-id-1157117' id='answer-label-1157117' class=' answer'><span>A manager of social responsibility who has a nursing background to participate m a health and safety audit for the corporate office and plant facilities<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294598[]' id='answer-id-1157118' class='answer   answerof-294598 ' value='1157118'   \/><label for='answer-id-1157118' id='answer-label-1157118' class=' answer'><span>An accounting manager who discovered and reported fraud committed by a payables clerk to conduct a performance audit of accounts payable<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-66' style=';'><div id='questionWrap-66'  class='   watupro-question-id-294599'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>66. <\/span>With regard to the internal audit activity's quality assurance and improvement program, which of the following must be reported to the board?<\/div><input type='hidden' name='question_id[]' id='qID_66' value='294599' \/><input type='hidden' id='answerType294599' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294599[]' id='answer-id-1157119' class='answer   answerof-294599 ' value='1157119'   \/><label for='answer-id-1157119' id='answer-label-1157119' class=' answer'><span>A statement of independence of the organization's internal auditors.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294599[]' id='answer-id-1157120' class='answer   answerof-294599 ' value='1157120'   \/><label for='answer-id-1157120' id='answer-label-1157120' class=' answer'><span>Meeting minutes with the assessment team, if key risks were identified and discussed.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294599[]' id='answer-id-1157121' class='answer   answerof-294599 ' value='1157121'   \/><label for='answer-id-1157121' id='answer-label-1157121' class=' answer'><span>Frequency of the quality assessments being performed.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294599[]' id='answer-id-1157122' class='answer   answerof-294599 ' value='1157122'   \/><label for='answer-id-1157122' id='answer-label-1157122' class=' answer'><span>Summary of previous internal assessments undertaken.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-67' style=';'><div id='questionWrap-67'  class='   watupro-question-id-294600'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>67. <\/span>What is the best course of action when the internal audit activity does not have the knowledge necessary to perform a planned audit of the organization's new IT data backup process?<\/div><input type='hidden' name='question_id[]' id='qID_67' value='294600' \/><input type='hidden' id='answerType294600' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294600[]' id='answer-id-1157123' class='answer   answerof-294600 ' value='1157123'   \/><label for='answer-id-1157123' id='answer-label-1157123' class=' answer'><span>Postpone the audit engagement to a later date.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294600[]' id='answer-id-1157124' class='answer   answerof-294600 ' value='1157124'   \/><label for='answer-id-1157124' id='answer-label-1157124' class=' answer'><span>Recruit and hire a full-time staff auditor who is proficient in data backup processes.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294600[]' id='answer-id-1157125' class='answer   answerof-294600 ' value='1157125'   \/><label for='answer-id-1157125' id='answer-label-1157125' class=' answer'><span>Change the plan from an assurance engagement to a consulting engagement.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294600[]' id='answer-id-1157126' class='answer   answerof-294600 ' value='1157126'   \/><label for='answer-id-1157126' id='answer-label-1157126' class=' answer'><span>Provide data backup training to the engagement supervisor.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-68' style=';'><div id='questionWrap-68'  class='   watupro-question-id-294601'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>68. <\/span>With regard to governance, which of the following is a board-level responsibility rather than a management responsibility?<\/div><input type='hidden' name='question_id[]' id='qID_68' value='294601' \/><input type='hidden' id='answerType294601' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294601[]' id='answer-id-1157127' class='answer   answerof-294601 ' value='1157127'   \/><label for='answer-id-1157127' id='answer-label-1157127' class=' answer'><span>Obtaining assurance on external financial, regulatory, and internal audits.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294601[]' id='answer-id-1157128' class='answer   answerof-294601 ' value='1157128'   \/><label for='answer-id-1157128' id='answer-label-1157128' class=' answer'><span>Complying with laws, regulations, and codes.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294601[]' id='answer-id-1157129' class='answer   answerof-294601 ' value='1157129'   \/><label for='answer-id-1157129' id='answer-label-1157129' class=' answer'><span>Assigning authority and responsibilities organization wide.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294601[]' id='answer-id-1157130' class='answer   answerof-294601 ' value='1157130'   \/><label for='answer-id-1157130' id='answer-label-1157130' class=' answer'><span>Monitoring and measuring performance.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-69' style=';'><div id='questionWrap-69'  class='   watupro-question-id-294602'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>69. <\/span>An internal auditor found that his organization did not make a disclosure that is required by law. However, the auditor decided not to raise an audit finding. <br \/>\r<br>Which of the following Code of Ethics principles was violated?<\/div><input type='hidden' name='question_id[]' id='qID_69' value='294602' \/><input type='hidden' id='answerType294602' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294602[]' id='answer-id-1157131' class='answer   answerof-294602 ' value='1157131'   \/><label for='answer-id-1157131' id='answer-label-1157131' class=' answer'><span>Objectivity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294602[]' id='answer-id-1157132' class='answer   answerof-294602 ' value='1157132'   \/><label for='answer-id-1157132' id='answer-label-1157132' class=' answer'><span>Integrity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294602[]' id='answer-id-1157133' class='answer   answerof-294602 ' value='1157133'   \/><label for='answer-id-1157133' id='answer-label-1157133' class=' answer'><span>Proficiency.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294602[]' id='answer-id-1157134' class='answer   answerof-294602 ' value='1157134'   \/><label for='answer-id-1157134' id='answer-label-1157134' class=' answer'><span>Confidentiality.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-70' style=';'><div id='questionWrap-70'  class='   watupro-question-id-294603'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>70. <\/span>Who has the ultimate responsibility of implementing the organization\u2019s governance system?<\/div><input type='hidden' name='question_id[]' id='qID_70' value='294603' \/><input type='hidden' id='answerType294603' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294603[]' id='answer-id-1157135' class='answer   answerof-294603 ' value='1157135'   \/><label for='answer-id-1157135' id='answer-label-1157135' class=' answer'><span>Stakeholders<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294603[]' id='answer-id-1157136' class='answer   answerof-294603 ' value='1157136'   \/><label for='answer-id-1157136' id='answer-label-1157136' class=' answer'><span>The board<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294603[]' id='answer-id-1157137' class='answer   answerof-294603 ' value='1157137'   \/><label for='answer-id-1157137' id='answer-label-1157137' class=' answer'><span>The chief executive officer<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294603[]' id='answer-id-1157138' class='answer   answerof-294603 ' value='1157138'   \/><label for='answer-id-1157138' id='answer-label-1157138' class=' answer'><span>Internal auditors<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-71' style=';'><div id='questionWrap-71'  class='   watupro-question-id-294604'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>71. <\/span>A senior executive at a government-owned organization received an invitation to attend a public exhibition where he can learn about new trucks relevant to the organization's business. As a special perk, the executive is offered an opportunity to drive a luxury vehicle manufactured by one of the exhibiting companies. Prior to the event, the executive asked for the chief audit executive s (CAE\u2019s) advice. <br \/>\r<br>What should the CAE recommend as the most appropriate course of action for the executive?<\/div><input type='hidden' name='question_id[]' id='qID_71' value='294604' \/><input type='hidden' id='answerType294604' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294604[]' id='answer-id-1157139' class='answer   answerof-294604 ' value='1157139'   \/><label for='answer-id-1157139' id='answer-label-1157139' class=' answer'><span>Attend the event, but decline the offer to use the luxury vehicle<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294604[]' id='answer-id-1157140' class='answer   answerof-294604 ' value='1157140'   \/><label for='answer-id-1157140' id='answer-label-1157140' class=' answer'><span>Decline the invitation to the exhibition.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294604[]' id='answer-id-1157141' class='answer   answerof-294604 ' value='1157141'   \/><label for='answer-id-1157141' id='answer-label-1157141' class=' answer'><span>Ask the board to decide on the issue.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294604[]' id='answer-id-1157142' class='answer   answerof-294604 ' value='1157142'   \/><label for='answer-id-1157142' id='answer-label-1157142' class=' answer'><span>Select a lower-level employee to enjoy the luxury vehicle instead<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-72' style=';'><div id='questionWrap-72'  class='   watupro-question-id-294605'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>72. <\/span>Which of the following best describes a consulting engagement rather an assurance engagement?<\/div><input type='hidden' name='question_id[]' id='qID_72' value='294605' \/><input type='hidden' id='answerType294605' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294605[]' id='answer-id-1157143' class='answer   answerof-294605 ' value='1157143'   \/><label for='answer-id-1157143' id='answer-label-1157143' class=' answer'><span>Bank internal auditors review an activity checklist to determine that the loan officer followed proper procedures.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294605[]' id='answer-id-1157144' class='answer   answerof-294605 ' value='1157144'   \/><label for='answer-id-1157144' id='answer-label-1157144' class=' answer'><span>The chief financial officer asks for the internal auditor's opinion regarding whether the new accounting pronouncements were properly and comprehensively adopted<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294605[]' id='answer-id-1157145' class='answer   answerof-294605 ' value='1157145'   \/><label for='answer-id-1157145' id='answer-label-1157145' class=' answer'><span>An internal auditor is assigned to assess whether a proposed new initiative to convert a customer service system would be cost effective.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294605[]' id='answer-id-1157146' class='answer   answerof-294605 ' value='1157146'   \/><label for='answer-id-1157146' id='answer-label-1157146' class=' answer'><span>Senior management asks the internal audit activity to review compliance with customer data security regulations<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-73' style=';'><div id='questionWrap-73'  class='   watupro-question-id-294606'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>73. <\/span>An internal auditor at a multinational organization is reviewing the effectiveness of the organization's risk management framework. <br \/>\r<br>In this scenario, which of the following statements is true?<\/div><input type='hidden' name='question_id[]' id='qID_73' value='294606' \/><input type='hidden' id='answerType294606' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294606[]' id='answer-id-1157147' class='answer   answerof-294606 ' value='1157147'   \/><label for='answer-id-1157147' id='answer-label-1157147' class=' answer'><span>The auditor should consider local cultures and customs in various regions when assessing control effectiveness.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294606[]' id='answer-id-1157148' class='answer   answerof-294606 ' value='1157148'   \/><label for='answer-id-1157148' id='answer-label-1157148' class=' answer'><span>Regardless of their location, employees at all levels share responsibility for designing effective controls to mitigate risks.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294606[]' id='answer-id-1157149' class='answer   answerof-294606 ' value='1157149'   \/><label for='answer-id-1157149' id='answer-label-1157149' class=' answer'><span>To achieve an effective internal control environment, the organization's risk management plan must be documented and communicated to all levels throughout each region.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294606[]' id='answer-id-1157150' class='answer   answerof-294606 ' value='1157150'   \/><label for='answer-id-1157150' id='answer-label-1157150' class=' answer'><span>Setting clear objectives is a precondition to effectively identifying, assessing, and responding to the organization's risks.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-74' style=';'><div id='questionWrap-74'  class='   watupro-question-id-294607'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>74. <\/span>According to IIA guidance, the internal audit activity must be free from interference in which of the following areas in order to maintain organizational independence?<\/div><input type='hidden' name='question_id[]' id='qID_74' value='294607' \/><input type='hidden' id='answerType294607' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294607[]' id='answer-id-1157151' class='answer   answerof-294607 ' value='1157151'   \/><label for='answer-id-1157151' id='answer-label-1157151' class=' answer'><span>Monitoring resources.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294607[]' id='answer-id-1157152' class='answer   answerof-294607 ' value='1157152'   \/><label for='answer-id-1157152' id='answer-label-1157152' class=' answer'><span>Compensating the chief audit executive.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294607[]' id='answer-id-1157153' class='answer   answerof-294607 ' value='1157153'   \/><label for='answer-id-1157153' id='answer-label-1157153' class=' answer'><span>Determining scope.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294607[]' id='answer-id-1157154' class='answer   answerof-294607 ' value='1157154'   \/><label for='answer-id-1157154' id='answer-label-1157154' class=' answer'><span>Allocating internal costs.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-75' style=';'><div id='questionWrap-75'  class='   watupro-question-id-294608'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>75. <\/span>Which of the following describes a primary responsibility for the internal audit activity in helping management maintain effective controls?<\/div><input type='hidden' name='question_id[]' id='qID_75' value='294608' \/><input type='hidden' id='answerType294608' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294608[]' id='answer-id-1157155' class='answer   answerof-294608 ' value='1157155'   \/><label for='answer-id-1157155' id='answer-label-1157155' class=' answer'><span>Promoting continuous evaluation<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294608[]' id='answer-id-1157156' class='answer   answerof-294608 ' value='1157156'   \/><label for='answer-id-1157156' id='answer-label-1157156' class=' answer'><span>Promoting continuous monitoring<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294608[]' id='answer-id-1157157' class='answer   answerof-294608 ' value='1157157'   \/><label for='answer-id-1157157' id='answer-label-1157157' class=' answer'><span>Promoting continuous improvement<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294608[]' id='answer-id-1157158' class='answer   answerof-294608 ' value='1157158'   \/><label for='answer-id-1157158' id='answer-label-1157158' class=' answer'><span>Promoting continuous reporting<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-76' style=';'><div id='questionWrap-76'  class='   watupro-question-id-294609'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>76. <\/span>Which of the following practices is generally most effective to protect internal audit objectivity?<\/div><input type='hidden' name='question_id[]' id='qID_76' value='294609' \/><input type='hidden' id='answerType294609' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294609[]' id='answer-id-1157159' class='answer   answerof-294609 ' value='1157159'   \/><label for='answer-id-1157159' id='answer-label-1157159' class=' answer'><span>Ensuring regular documentation of auditor skills and experience in the workpapers.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294609[]' id='answer-id-1157160' class='answer   answerof-294609 ' value='1157160'   \/><label for='answer-id-1157160' id='answer-label-1157160' class=' answer'><span>Basing performance evaluations heavily on customer satisfaction surveys.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294609[]' id='answer-id-1157161' class='answer   answerof-294609 ' value='1157161'   \/><label for='answer-id-1157161' id='answer-label-1157161' class=' answer'><span>Prohibiting auditors from accepting gifts from audit clients or potential clients.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294609[]' id='answer-id-1157162' class='answer   answerof-294609 ' value='1157162'   \/><label for='answer-id-1157162' id='answer-label-1157162' class=' answer'><span>Ensuring that auditors have a balance of both operational and internal audit responsibilities.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-77' style=';'><div id='questionWrap-77'  class='   watupro-question-id-294610'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>77. <\/span>Which of the following is a primary benefit of implementing a governance risk management and compliance framework within an organization?<\/div><input type='hidden' name='question_id[]' id='qID_77' value='294610' \/><input type='hidden' id='answerType294610' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294610[]' id='answer-id-1157163' class='answer   answerof-294610 ' value='1157163'   \/><label for='answer-id-1157163' id='answer-label-1157163' class=' answer'><span>Fewer internal audits<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294610[]' id='answer-id-1157164' class='answer   answerof-294610 ' value='1157164'   \/><label for='answer-id-1157164' id='answer-label-1157164' class=' answer'><span>More effective interviews<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294610[]' id='answer-id-1157165' class='answer   answerof-294610 ' value='1157165'   \/><label for='answer-id-1157165' id='answer-label-1157165' class=' answer'><span>Automated risk management strategy tools<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294610[]' id='answer-id-1157166' class='answer   answerof-294610 ' value='1157166'   \/><label for='answer-id-1157166' id='answer-label-1157166' class=' answer'><span>Reduced assurance costs<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-78' style=';'><div id='questionWrap-78'  class='   watupro-question-id-294611'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>78. <\/span>According to HA guidance, which of the following is true regarding independence and objectivity for small internal audit activities?<\/div><input type='hidden' name='question_id[]' id='qID_78' value='294611' \/><input type='hidden' id='answerType294611' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294611[]' id='answer-id-1157167' class='answer   answerof-294611 ' value='1157167'   \/><label for='answer-id-1157167' id='answer-label-1157167' class=' answer'><span>The chief audit executive (CAE) may consider including a disclaimer on independence in audit reports.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294611[]' id='answer-id-1157168' class='answer   answerof-294611 ' value='1157168'   \/><label for='answer-id-1157168' id='answer-label-1157168' class=' answer'><span>The CAE may consider greater involvement of those with suitable knowledge of audit practice.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294611[]' id='answer-id-1157169' class='answer   answerof-294611 ' value='1157169'   \/><label for='answer-id-1157169' id='answer-label-1157169' class=' answer'><span>Conformance with this Standard is not dependent upon the size of the internal audit activity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294611[]' id='answer-id-1157170' class='answer   answerof-294611 ' value='1157170'   \/><label for='answer-id-1157170' id='answer-label-1157170' class=' answer'><span>Due to the small size of the internal audit activity, having an external assessment once every seven years is acceptable.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-79' style=';'><div id='questionWrap-79'  class='   watupro-question-id-294612'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>79. <\/span>According to the Standards, in today's technology and business environments, how much computer and information systems-related knowledge and skills must an internal auditor have to be effective in fulfilling his job responsibilities?<\/div><input type='hidden' name='question_id[]' id='qID_79' value='294612' \/><input type='hidden' id='answerType294612' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294612[]' id='answer-id-1157171' class='answer   answerof-294612 ' value='1157171'   \/><label for='answer-id-1157171' id='answer-label-1157171' class=' answer'><span>Auditors must have an IT specialty in at least one of their organization's key information technology systems.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294612[]' id='answer-id-1157172' class='answer   answerof-294612 ' value='1157172'   \/><label for='answer-id-1157172' id='answer-label-1157172' class=' answer'><span>Auditors must be proficient in data analysis and computer assisted audit techniques for their organization.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294612[]' id='answer-id-1157173' class='answer   answerof-294612 ' value='1157173'   \/><label for='answer-id-1157173' id='answer-label-1157173' class=' answer'><span>Auditors must understand their organization's integrated test facilities and generalized audit software.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294612[]' id='answer-id-1157174' class='answer   answerof-294612 ' value='1157174'   \/><label for='answer-id-1157174' id='answer-label-1157174' class=' answer'><span>Auditors must understand their organization's IT governance, risk, and control processes.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-80' style=';'><div id='questionWrap-80'  class='   watupro-question-id-294613'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>80. <\/span>Which of the following actions best demonstrates an internal auditor exercising due professional care?<\/div><input type='hidden' name='question_id[]' id='qID_80' value='294613' \/><input type='hidden' id='answerType294613' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294613[]' id='answer-id-1157175' class='answer   answerof-294613 ' value='1157175'   \/><label for='answer-id-1157175' id='answer-label-1157175' class=' answer'><span>Testing an entire population, even when a sample would suffice<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294613[]' id='answer-id-1157176' class='answer   answerof-294613 ' value='1157176'   \/><label for='answer-id-1157176' id='answer-label-1157176' class=' answer'><span>Using technology and data analysis techniques for efficiency<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294613[]' id='answer-id-1157177' class='answer   answerof-294613 ' value='1157177'   \/><label for='answer-id-1157177' id='answer-label-1157177' class=' answer'><span>Enhancing knowledge, skills, and other competencies through professional development<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294613[]' id='answer-id-1157178' class='answer   answerof-294613 ' value='1157178'   \/><label for='answer-id-1157178' id='answer-label-1157178' class=' answer'><span>Establishing audit objectives, performing audit tests, and implementing missing controls<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-81' style=';'><div id='questionWrap-81'  class='   watupro-question-id-294614'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>81. <\/span>According to The IIA's Competency Framework, which competency is considered the mandatory minimum for internal auditors to possess when performing internal audit engagements?<\/div><input type='hidden' name='question_id[]' id='qID_81' value='294614' \/><input type='hidden' id='answerType294614' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294614[]' id='answer-id-1157179' class='answer   answerof-294614 ' value='1157179'   \/><label for='answer-id-1157179' id='answer-label-1157179' class=' answer'><span>To recognize red flags that indicate fraud.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294614[]' id='answer-id-1157180' class='answer   answerof-294614 ' value='1157180'   \/><label for='answer-id-1157180' id='answer-label-1157180' class=' answer'><span>To recommend controls to prevent fraud.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294614[]' id='answer-id-1157181' class='answer   answerof-294614 ' value='1157181'   \/><label for='answer-id-1157181' id='answer-label-1157181' class=' answer'><span>To apply forensic auditing techniques to detect fraud.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294614[]' id='answer-id-1157182' class='answer   answerof-294614 ' value='1157182'   \/><label for='answer-id-1157182' id='answer-label-1157182' class=' answer'><span>To evaluate the potential for fraud.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-82' style=';'><div id='questionWrap-82'  class='   watupro-question-id-294615'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>82. <\/span>An internal audit activity is taking steps to promote professional development among the staff, and is in the process of implementing a mentorship program. <br \/>\r<br>According to HA guidance, which of the following is important for a successful mentorship program?<\/div><input type='hidden' name='question_id[]' id='qID_82' value='294615' \/><input type='hidden' id='answerType294615' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294615[]' id='answer-id-1157183' class='answer   answerof-294615 ' value='1157183'   \/><label for='answer-id-1157183' id='answer-label-1157183' class=' answer'><span>It is best if the mentor is the chief audit executive.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294615[]' id='answer-id-1157184' class='answer   answerof-294615 ' value='1157184'   \/><label for='answer-id-1157184' id='answer-label-1157184' class=' answer'><span>Mentor meeting documentation should be retained in personnel files.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294615[]' id='answer-id-1157185' class='answer   answerof-294615 ' value='1157185'   \/><label for='answer-id-1157185' id='answer-label-1157185' class=' answer'><span>It should target both new hires and highly experienced staff.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294615[]' id='answer-id-1157186' class='answer   answerof-294615 ' value='1157186'   \/><label for='answer-id-1157186' id='answer-label-1157186' class=' answer'><span>Meetings with mentors should be formal and scheduled.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-83' style=';'><div id='questionWrap-83'  class='   watupro-question-id-294616'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>83. <\/span>What is an appropriate first step in an internal auditor\u2019s fraud risk assessment to evaluate how the organization manages such risk?<\/div><input type='hidden' name='question_id[]' id='qID_83' value='294616' \/><input type='hidden' id='answerType294616' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294616[]' id='answer-id-1157187' class='answer   answerof-294616 ' value='1157187'   \/><label for='answer-id-1157187' id='answer-label-1157187' class=' answer'><span>Develop preventive and detective controls<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294616[]' id='answer-id-1157188' class='answer   answerof-294616 ' value='1157188'   \/><label for='answer-id-1157188' id='answer-label-1157188' class=' answer'><span>Identify potential fraud scenarios<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294616[]' id='answer-id-1157189' class='answer   answerof-294616 ' value='1157189'   \/><label for='answer-id-1157189' id='answer-label-1157189' class=' answer'><span>Assess the impact and likelihood of fraud risks<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294616[]' id='answer-id-1157190' class='answer   answerof-294616 ' value='1157190'   \/><label for='answer-id-1157190' id='answer-label-1157190' class=' answer'><span>Determine fraud risk responses<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-84' style=';'><div id='questionWrap-84'  class='   watupro-question-id-294617'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>84. <\/span>An organization allows the same individuals to physical access inventory and purchase new assets when supplies are depleted. <br \/>\r<br>Which of the following would best help the organization manage the risk of fraud?<\/div><input type='hidden' name='question_id[]' id='qID_84' value='294617' \/><input type='hidden' id='answerType294617' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294617[]' id='answer-id-1157191' class='answer   answerof-294617 ' value='1157191'   \/><label for='answer-id-1157191' id='answer-label-1157191' class=' answer'><span>Accounting personnel should regularly perform reconciliation between invoices and purchase orders<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294617[]' id='answer-id-1157192' class='answer   answerof-294617 ' value='1157192'   \/><label for='answer-id-1157192' id='answer-label-1157192' class=' answer'><span>Accounting personnel should conduct a periodic inventory count and reconcile inventory movements<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294617[]' id='answer-id-1157193' class='answer   answerof-294617 ' value='1157193'   \/><label for='answer-id-1157193' id='answer-label-1157193' class=' answer'><span>internal auditors should review Vie frequency and volume of purchased assets to detect trends in the inventory levels<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294617[]' id='answer-id-1157194' class='answer   answerof-294617 ' value='1157194'   \/><label for='answer-id-1157194' id='answer-label-1157194' class=' answer'><span>Management should established a policy requiring new inventory asset purchases to be \r\nmade on serialized order forms with copies retained<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-85' style=';'><div id='questionWrap-85'  class='   watupro-question-id-294618'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>85. <\/span>Review the professional development plans of internal audit staff to ensure all are competent to assess the organization's risk assessment activity.<\/div><input type='hidden' name='question_id[]' id='qID_85' value='294618' \/><input type='hidden' id='answerType294618' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294618[]' id='answer-id-1157195' class='answer   answerof-294618 ' value='1157195'   \/><label for='answer-id-1157195' id='answer-label-1157195' class=' answer'><span>1 and 2 only.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294618[]' id='answer-id-1157196' class='answer   answerof-294618 ' value='1157196'   \/><label for='answer-id-1157196' id='answer-label-1157196' class=' answer'><span>1.2, and 3 only.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294618[]' id='answer-id-1157197' class='answer   answerof-294618 ' value='1157197'   \/><label for='answer-id-1157197' id='answer-label-1157197' class=' answer'><span>1.3. and 4 only.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-294618[]' id='answer-id-1157198' class='answer   answerof-294618 ' value='1157198'   \/><label for='answer-id-1157198' id='answer-label-1157198' class=' answer'><span>3 and 4 only.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div style='display:none' id='question-86'>\n\t<div class='question-content'>\n\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/plugins\/watupro\/img\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading...\" title=\"Loading...\" \/>&nbsp;Loading...\t<\/div>\n<\/div>\n\n<br \/>\n\t\n\t\t\t<div class=\"watupro_buttons flex \" id=\"watuPROButtons7898\" >\n\t\t  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