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IIA Essentials of Internal Auditing Sample Questions (Q412-Q417):

NEW QUESTION # 412
A risk assessment showed that the cost of addressing a particular risk in the organization's human resources department is greater than the perceived benefit. Which risk response approach should the organization take in this scenario?

A. Share the risk.
B. Accept the risk.
C. Reduce the risk.
D. Transfer the risk.

Answer: B

Explanation:
When a risk assessment shows that the cost of addressing a particular risk is greater than the perceived benefit, the appropriate risk response approach is to accept the risk. Risk acceptance means acknowledging that the risk exists but deciding not to take any action to mitigate it, usually because the cost of mitigation is higher than the potential impact. This approach is a rational decision when the risk is deemed to have a low likelihood or impact, or when other controls are considered sufficient.
References:
* The IIA Standards: Standard 2120 - Risk Management: "The internal audit activity must evaluate the effectiveness and contribute to the improvement of risk management processes."
* COSO ERM Framework: Discusses risk response options including risk acceptance as a viable strategy when the cost-benefit analysis justifies it.

NEW QUESTION # 413
Which of the following is an appropriate roe fa the internal audit activity?

A. Assisting the organization in maintaining effective controls.
B. implementing new controls to promote continuous improvement
C. Ensuring the organization's key risks are managed through appropriate controls.
D. Validating control assessments performed by the external auditor.

Answer: A

Explanation:
The appropriate role for the internal audit activity is assisting the organization in maintaining effective controls. The internal audit function provides an independent and objective assessment of whether the organization's risk management, control, and governance processes are adequate and functioning effectively.
Implementing new controls or ensuring key risks are managed falls outside the typical scope of internal audit responsibilities, which are primarily advisory and evaluative, not operational.References: Institute of Internal Auditors (IIA) - International Professional Practices Framework (IPPF)

NEW QUESTION # 414
Which of the following is the most effective strategy to manage the risk of foreign exchange losses due to sales to foreign customers?

A. Insist that customers only pay in a stable currency.
B. Implement a hedging strategy.
C. Maintain a large foreign currency balance.
D. Hire a risk consultant.

Answer: B

NEW QUESTION # 415
An internal auditor in a small broadcasting organization was assigned to review the revenue collection process.
The auditor discovered that some checks from three customers were never recorded in the organization's financial records. Which of the following documents would be the least useful for the auditor to verify the finding?

A. Customer confirmation letters.
B. Copies of deposit slips.
C. Copies of sales invoices.
D. Bank statements.

Answer: B

NEW QUESTION # 416
According to IIA guidance, which of the following best describes internal auditors' responsibility regarding fraud?

A. Internal auditors are responsible for ensuring that fraud does not occur.
B. Internal auditors must have sufficient knowledge to evaluate the risk of fraud.
C. Internal auditors should report all fraud cases to law enforcement agents, in accordance with the Code of Ethics.
D. Internal auditors should take a leading role in investigating all fraud-related cases.

Answer: B

NEW QUESTION # 417
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