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IIA Certification in Risk Management Assurance Sample Questions:
1. According to IIA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the internal audit activity?
A) CAE meets privately with The board at least annually.
B) CAE reports to the board regarding audit staff performance evaluation and compensation.
C) CAE meets privately with The CEO at least annually.
D) CAE reviews and approves the annual audit plan.
2. An organization decides to take no action on one of its financial risks because the cost of implementing the control outweighs the value of the asset being protected. Which of the following best describes this risk strategy?
A) Risk acceptance.
B) Risk sharing.
C) Risk-benefit analysis.
D) Risk avoidance.
3. Which of the following is not an appropriate activity for internal auditors to perform?
A) Accumulate data, obtain varying views, and report information to senior management.
B) Recommend management seek a consulting firm to advise on outsourcing.
C) Highlight matters that require management's attention.
D) Implement solutions for specific organizational problems.
4. Which of the following types of social responsibilities is voluntary and guided purely by the organization's desire to make social contributions?
A) Innovative responsibility.
B) Ethical responsibility.
C) Discretionary responsibility.
D) The bottom of the pyramid responsibility.
5. Which of the following is an example of a transaction-level control?
A) Human resource policies.
B) Reconciliations of primary accounts.
C) Tone at the top.
D) Inventory counts.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: B |
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