IIA-ACCA IIA ACCA CIA Challenge Exam exact Exam Questions

ACCA CIA Challenge Exam

Last Update 15 hours ago Total Questions : 604

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Question # 16

Which of the following best demonstrates the authority of the internal audit activity?

Suggesting alternatives to decision makers.

Improving the integrity of information.

Determining the scope of internal audit services.

Achieving engagement objectives.

Question # 17

According to IIA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?

To enable Triple Bottom Line reporting capability.

To facilitate the conduct of risk assessment.

To achieve and maintain sustainable development.

To fulfill regulatory and compliance requirements.

Question # 18

Which of the following control activities is the most effective to ensure users ' levels of access are appropriate for their current roles?

The human resources department generates a monthly list of terminated and transferred employees and requests IT to update the user access as required.

Standardized user access profiles are developed and the appropriate access profiles are automatically assigned to new or transferred employees.

System administrator rights are assigned to one user in each department who can update user access of terminated or transferred employees immediately.

Department managers are required to perform periodic user access reviews of relevant systems and applications.

Question # 19

Which of the following would be the most important consideration by the internal audit activity when selecting employees to perform an internal quality assessment?

Their understanding of auditing standards.

Previous experience working with the internal audit activity.

Their reporting line within the organization.

The nature of their regular duties and responsibilities.

Question # 20

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?

Management sells the product division to a competitor.

Management outsources the product division to a third party.

Management allows the product division to remain unchanged.

Management modifies the product division to minimize errors.

Question # 21

An assurance mapping exercise helps an organization do which of the following?

1. Provide assurance to stakeholders that risks are managed and reported, and regulatory and legal obligations are met.

2. Fulfill best practices in the industry.

3. Identify and address any gaps in the risk management process.

4. Identify fraud.

1 and 4.

1 and 3.

2 and 3.

3 and 4.

Question # 22

Which of the following is considered a violation of The IIA ' s Code of Ethics?

An auditor conveys public information about an organization ' s financial condition.

An auditor reports a manager ' s illegal activity to senior management, rather than reporting the incident to the appropriate external authority.

An auditor receives allegations of fraud from a whistleblower and immediately reports the allegations to senior management.

An auditor reports material deficiencies, despite the fact that management is already aware of the defects.

Question # 23

Which of the following is true regarding the use of a formal risk management framework?

1. It facilitates a methodical approach to risk mitigation.

2. It defines and standardizes the terminology used in risk communication.

3. It establishes the risk tolerance levels to be accommodated in the strategy.

4. It facilitates the alignment of risk mitigation strategies with management priorities.

1.2, and 3.

1,2, and 4.

1.3, and 4.

2. 3, and 4.

Question # 24

Which of the following types of social responsibilities is voluntary and guided purely by the organization ' s desire to make social contributions?

The bottom of the pyramid responsibility.

Innovative responsibility.

Ethical responsibility.

Discretionary responsibility.

Question # 25

Who is responsible for setting the risk appetite?

External auditors.

Chief risk officer.

Operations management.

Board of directors.

Question # 26

Which of the following is an example of a management control technique?

A budget.

A risk assessment.

The board of directors.

The control environment.

Question # 27

According to IIA guidance, which of the following is not a responsibility of the chief audit executive pertaining to documenting information to support internal audit engagement results and conclusions?

Rating each engagement record to assess its relevance and accessibility for the organization ' s board.

Controlling access to engagement records, including access by senior management.

Developing retention requirements for engagement records that are consistent with organizational guidelines.

Forming policies governing the custody and retention of consulting engagement records before their release to other parties.

Question # 28

Which of the following are generally recognized as essential elements of a corporate social responsibility program?

Human rights and the environment.

Organizational governance and financial reporting.

Fair operating practices and government regulation.

Consumer issues and return on investment.

Question # 29

A multinational organization has asked the internal audit activity to assist in setting up the organization ' s risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?

Coordinate and facilitate risk workshops for management to attend.

Establish the degree of risk appetite for management to accept.

Set risk indicators and mitigation plans for management to implement.

Determine the number of significant risks for management to report to the board.