IIA-ACCA Exam Dumps, IIA-ACCA Practice Test Questions
PDF (New 2022) Actual IIA IIA-ACCA Exam Questions
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NEW QUESTION 75
Which of the following scenarios best illustrates the principle of due professional care?
- A. An internal auditor evaluates the significant risks arising from a consulting engagement.
- B. An internal auditor uses technology-based audit techniques to ensure that all significant risks are identified.
- C. An internal auditor declares that he would have a conflict of interest in providing planned audit support.
- D. An internal auditor has been given sufficient authority to access documents needed to make an appraisal of an issue.
Answer: A
NEW QUESTION 76
When constructing a staffing schedule for the internal audit activity (IAA), which of the following criteria are most important for the chief audit executive to consider for the effective use of audit resources?
1. The competency and qualifications of the audit staff for specific assignments.
2. The effectiveness of IAA staff performance measures.
3. The number of training hours received by staff auditors compared to the budget.
4. The geographical dispersion of audit staff across the organization.
- A. 2 and 4
- B. 1 and 3
- C. 1 and 4
- D. 2 and 3
Answer: C
NEW QUESTION 77
According to The IIA's Code of Ethics, which of the following statements is true?
- A. When an internal auditor releases required information to a regulator, resulting in a significant loss through fines and penalties for the organization, he fails to add value.
- B. When an internal auditor limits the scope of the audit engagement after learning that management is hiding relevant information, he demonstrates integrity.
- C. When an internal auditor continues with an audit engagement, despite the audit client's claims that the work performed is unnecessary and redundant he fails to demonstrate competency.
- D. When an internal auditor disagrees with the treatment received by workers in the organization's foreign subsidiary and alters the audit program to highlight the issue, he fails to demonstrate objectivity.
Answer: D
NEW QUESTION 78
An internal auditor is evaluating techniques management uses to mitigate risks within a particular product division. Which of the following is an example of risk reduction?
- A. Management allows the product division to remain unchanged.
- B. Management modifies the product division to minimize errors.
- C. Management sells the product division to a competitor.
- D. Management outsources the product division to a third party.
Answer: B
NEW QUESTION 79
While preparing for an audit of senior management expenses, the chief audit executive (CAE) learns that management is unable to locate a number of original expense claims to support the related disbursements. She decides to defer the engagement until they can be located. Which of the following principles likely guided the CAE's decision?
- A. Due professional care.
- B. Objectivity.
- C. Proficiency.
- D. Independence.
Answer: A
NEW QUESTION 80
Which of the following control methods is effective in reducing the risk of purchasing-scheme fraud?
1. Periodically reviewing the vendor list for unusual vendors and addresses.
2. Segregating duties for amount purchasing, receiving, shipping, and accounting.
3. Validating sequential integrity of purchase orders.
4. Verifying the validity of invoices with post office box addresses.
- A. 3 and 4 only
- B. 1, 2, and 4 only
- C. 1, 2, 3, and 4
- D. 1 and 2 only
Answer: A
NEW QUESTION 81
According to IIA guidance, which of the following is the correct order to conduct a business impact analysis (BIA) for the potential loss of an organization's network services''
1. identify resources and partners to provide required recovery services
2. Identify the business processes supporting the network functionality
3. Obtain approval of the BIA from the operating managers relative to their areas of responsibility
4. Identify the business impact if the network services cannot be performed
- A. 4, 2, 1, 3
- B. 2, 4, 1, 3
- C. 2, 1, 4, 3
- D. 1, 2, 3, 4
Answer: C
NEW QUESTION 82
An internal audit charter should do which of the following?
- A. Outline the schedule of future audits.
- B. Establish the size of the internal audit activity.
- C. Define the scope of internal audit activities.
- D. Communicate the internal audit activity's goals.
Answer: C
NEW QUESTION 83
Management is developing and implementing a risk and control framework for use throughout the organization. Which of the following elements should be included in the organization's control framework?
1. Appropriate levels of authority and responsibility.
2. Supervision of staff and appropriate review of work.
3. The seniority of management in the organization.
4. The ability to trace each transaction to an accountable and responsible individual.
- A. 2, 3, and 4.
- B. 1,2, and 3.
- C. 1.2, and 4.
- D. 1.3, and 4.
Answer: A
NEW QUESTION 84
When forming an opinion on the adequacy of management's systems of internal control, which of the following findings would provide the most reliable assurance to the chief audit executive?
* During an audit of the hiring process in a law firm, it was discovered that potential employees' credentials were not always confirmed sufficiently. This process remained unchanged at the following audit.
* During an audit of the accounts payable department, auditors calculated that two percent of accounts were paid past due. This condition persisted at a follow up audit.
* During an audit of the vehicle fleet of a rental agency, it was determined that at any given time, eight percent of the vehicles were not operational. During the next audit, this figure had increased.
* During an audit of the cash handling process in a casino, internal audit discovered control deficiencies in the transfer process between the slot machines and the cash counting area. It was corrected immediately.
- A. 1 and 3 only
- B. 1 and 4 only
- C. 2 and 3 only
- D. 2 and 4 only
Answer: B
NEW QUESTION 85
Which of the following network types should an organization choose if it wants to allow access only to its own personnel?
- A. An intranet
- B. A local area network.
- C. An extranet
- D. The internet
Answer: B
NEW QUESTION 86
Which of the following cybersecurity-related activities is most likely to be performed by the second line of defense?
- A. Administer security procedures, training, and testing.
- B. Deploy intrusion detection systems and conduct penetration testing
- C. Monitor incidents, key risk indicators, and remediation
- D. implement vulnerability management with internal and external scans.
Answer: D
NEW QUESTION 87
Which of the following is a detective control strategy against fraud?
- A. Performing a surprise audit.
- B. Implementing a control self-assessment.
- C. Performing background checks on employees.
- D. Requiring employees to attend ethics training.
Answer: A
NEW QUESTION 88
According to IIA guidance, the results of a formal quality assessment should be reported to which of the following groups?
- A. The audit committee and senior management.
- B. Senior management and management of the audited area.
- C. Senior management and the external auditors.
- D. The audit committee and the external auditors.
Answer: A
NEW QUESTION 89
According to IIA guidance, which of the following is an area in which the internal auditor should be proficient?
- A. Fundamentals of accounting, economics, and finance.
- B. Management principles.
- C. Internal audit standards, procedures, and techniques.
- D. Computerized information systems.
Answer: C
NEW QUESTION 90
Which of the following best describes the misdirection of payments on accounts receivable to an employee's bank account?
- A. Fraud off the books.
- B. Fraud hidden on the books.
- C. Fraud on the balance sheet.
- D. Fraud open on the books.
Answer: A
NEW QUESTION 91
Which of the following is a product-oriented definition of a business rather than a market-oriented definition of a business?
- A. We make movies.
- B. We are a people-and-goods mover.
- C. We supply energy.
- D. We provide climate control in the home.
Answer: A
NEW QUESTION 92
What is the additional advantage of facilitated workshops, in comparison with structured interviews, used when testing the effectiveness of entity-level controls?
- A. Internal auditors do not need other sources of information, as the data gathered during facilitated workshops is sufficient.
- B. Facilitated workshops create a synergy of discussion that can bring multiple perspectives to the same issue.
- C. During facilitated workshops, people more openly say things to internal auditors than during private interviews.
- D. The testimonial evidence obtained during facilitated workshops is generally considered more reliable.
Answer: B
NEW QUESTION 93
An organization accumulated the following data for the prior fiscal year:
Value of
Percentage of
Quarter
Output Produced
Cost X
1
$4,750,000
2.9
2
$4,700,000
3.0
3
$4,350,000
3.2
4
$4,000,000
3.5
Based on this data, which of the following describes the value of Cost X in relation to the value of Output Produced?
- A. Cost X is a variable cost.
- B. Cost X is a fixed cost.
- C. Cost X is a semi-fixed cost.
- D. Cost X and the value of Output Produced are unrelated.
Answer: B
NEW QUESTION 94
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