FREE Certified Internal Auditor Questions and Answers

Question 1

The Sarbanes-Oxley Act of 2002 imposed which of the following penalties for CFOs and CEOs if the financial statements misled investors?

Accepted Answer

Prison time

Answer

We provide free consulting services in their areas of expertise for the community

Answer

Fines up to the amount of the misstatement

Answer

Being barred from holding the position of CEO

Question 2

Which of the following is NOT one of the internal audit's five assertions?

Accepted Answer

Truthiness

Answer

Completeness

Answer

Existence

Answer

Disclosure

Question 3

What international organization issues the standards that internal auditors follow?

Accepted Answer

The Institute of Internal Auditors

Answer

The International Body of Internal Auditors

Answer

The Association of Internal Auditors

Question 4

What law, enacted in 2002, has significantly raised the demand for internal auditors?

Accepted Answer

Sarbanes-Oxley Act

Answer

Dodd-Frank Act

Answer

Patriot Act

Answer

Affordable Care and Patient Protection Act

Question 5

Which qualifiers does the IIA's definition of internal audit NOT include?

Accepted Answer

Biased

Answer

Independent

Answer

Objective

Answer

Systematic

Question 6

Which of the following is NOT a piece of software for data analytics?

Accepted Answer

Analytool

Answer

IDEA

Answer

ACL

Answer

Microsoft Excel

Question 7

Which of the following is NOT a system for managing audits?

Accepted Answer

Microsoft Excel

Answer

OneNote

Answer

AutoAudit

Answer

TeamMate