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NEW QUESTION 114
The chief audit executive (CAE) of a small internal audit activity (IAA) performs all high-risk engagements on the annual audit plan to make use of his knowledge and experience and to maximize the efficient use of audit resources. Which of the following statements is most relevant regarding this practice?
- A. The CAE's work should be reviewed by an individual with the appropriate background and knowledge.
- B. The CAE should avoid performing engagements to ensure he is able to review all audit work objectively.
- C. The CAE's work may be reviewed by any other experienced staff member within the IAA.
- D. The CAE may self-review his work, provided he discloses this practice in the final report.
Answer: A
NEW QUESTION 115
The activity that involves a trial run of a product in a typical segment of the market before proceeding to a national launch is referred to as:
- A. Experimentation
- B. Segmentation
- C. Positioning
- D. Test marketing
Answer: D
NEW QUESTION 116
Which of the following statements is true regarding a bring-your-own-device (BYOD) environment?
- A. There is a greater need Kr organizations to rely on users to comply with policies and procedures.
- B. There is greater sharing of operational risk in a BYOD environment.
- C. Incident response times are less critical in the BYOD environment. compared to a traditional environment
- D. With fewer devices owned by the organization, there is reduced need to maintain documented policies and procedures.
Answer: A
NEW QUESTION 117
Which of the following would be a risk in the development of end-user computing (EUC) applications, compared to traditional information systems?
- A. The organization may incur higher application development and maintenance costs for EUC systems.
- B. Management might place the same degree of reliance in reports produced by EUC applications as it does in reports produced under traditional systems development procedures .
- C. Management may not be able to make quick and accurate decisions due to a diminished capacity to respond to managerial requests for computerized information
- D. Since development time is typically longer for EUC applications, management may not be able to respond quickly to competitive pressures
Answer: B
NEW QUESTION 118
Which of the following factors would the auditor in charge be least likely to consider when assigning tasks to audit team members for an engagement?
- A. The availability of the auditors in relation to the availability of key client staff.
- B. Whether the budgeted hours are sufficient to complete the audit within the current scope.
- C. The amount of experience the auditors have conducting audits in the specific area of the organization.
- D. Whether outside resources will be needed, and their availability.
Answer: B
NEW QUESTION 119
When initiating international ventures, an organization should consider cultural dimensions in order to prevent misunderstandings. Which of the following does not represent a recognized cultural dimension in a work environment?
- A. Power distance.
- B. Uncertainty avoidance.
- C. Masculinity versus femininity.
- D. Self control.
Answer: D
NEW QUESTION 120
In which type of business environment are price cutting strategies and franchising strategies most appropriate?
- A. Embryonic, focused.
- B. Mature, fragmented.
- C. Fragmented, decline.
- D. Competitive, embryonic.
Answer: B
NEW QUESTION 121
Which of the following is a characteristic of just-in-time inventory management systems?
- A. Users determine the optimal level of safety stocks.
- B. They rely heavily on high quality materials.
- C. They are applicable only to large organizations.
- D. They do not really increase overall economic efficiency because they merely shift inventory levels further up the supply chain.
Answer: B
NEW QUESTION 122
Which of the following re a result of implementing an e-commerce system, which relies heavily on electronic data interchange and electronic funds transfer, for purchasing and billing?
- A. Higher inventory balances
- B. Higher accounts receivable
- C. Higher accounts payable
- D. Higher cash flow and treasury balances
Answer: B
NEW QUESTION 123
Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?
- A. Identify key stakeholders and their expectations.
- B. Delegate authority to members of senior management.
- C. Determine the organization's overall risk appetite.
- D. Establish a governance committee.
Answer: A
NEW QUESTION 124
An audit client responded to recommendations from a recent consulting engagement. The client indicated that several recommended process improvements would not be implemented. Which of the following actions should the internal audit activity take in response?
- A. Escalate the unresolved issues to the board, because they could pose significant risk exposures to the organization.
- B. Confirm the decision with management and document this decision in the audit file.
- C. Initiate an assurance engagement on the unresolved issues.
- D. Document the issue in the audit file and follow up until the issues are resolved.
Answer: B
NEW QUESTION 125
According to IIA guidance, which of the following is a primary component of a network security strategy?
- A. Transmission encryption controls
- B. Application input controls
- C. Change management controls
- D. Firewall controls.
Answer: D
NEW QUESTION 126
According to Porter, which of the following is associated with fragmented industries?
- A. Strong negotiation power with suppliers.
- B. Significant scale economies.
- C. Weak entrance barriers.
- D. Steep experience curve.
Answer: C
NEW QUESTION 127
Which of the following statements accurately describes one of the characteristics that distinguishes a multinational company from a domestic company?
- A. A multinational company operates outside of its country of origin.
- B. A multinational company exports its products to other countries.
- C. A multinational company has stockholders in other countries.
- D. A multinational company uses raw materials and components from more than one country.
Answer: A
NEW QUESTION 128
If a bank's activities are categorized under such departments as community banking, institutional banking, and agricultural banking, what kind of departmentalization is being utilized?
- A. Customer departmentalization.
- B. Product departmentalization.
- C. Functional departmentalization.
- D. Process departmentalization.
Answer: A
NEW QUESTION 129
Which of the following professional organizations sets standards for quality and environmental audits?
- A. The International Organization of Supreme Audit Institutions.
- B. The Board of Environmental, Health, and Safety Auditor Certifications.
- C. The International Standards Organization.
- D. The Committee of Sponsoring Organizations of the Treadway Commission.
Answer: C
NEW QUESTION 130
Which of the following statements is true regarding the capital budgeting procedure known as discounted payback period?
- A. It begins at time zero for the project.
- B. It calculates the overall value of a project
- C. It ignores the time value of money
- D. It calculates the time a project takes to break even.
Answer: D
NEW QUESTION 131
Given the highly technical and legal nature of privacy issues, which of the following statements best describes the internal audit activity's responsibility with regard to assessing an organization's privacy framework?
- A. If an organization does not have a mature privacy framework, the internal audit activity should assist in developing and implementing an appropriate privacy framework.
- B. Because the audit committee is ultimately responsible for ensuring that appropriate control processes are in place to mitigate risks associated with personal information, the internal audit activity is C. required to conduct privacy assessments.
- C. The internal audit activity should have appropriate knowledge and competence to conduct an asses .......framework.
- D. The internal audit activity may delegate to nonaudit IT specialists the responsibility of determining whether personal information has been secured adequately and data protection controls are sufficient.
Answer: C
NEW QUESTION 132
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