IIA-ACCA IIA ACCA CIA Challenge Exam exact Exam Questions

ACCA CIA Challenge Exam

Last Update 16 hours ago Total Questions : 604

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Question # 76

According to IIA guidance, which of the following statements is true regarding the authority of the chief audit executive (CAE) to release previous audit reports to outside parties?

The CAE can release prior internal audit reports with the approval of the board and senior management.

The CAE can employ judgment and release prior audit results as they deem appropriate and necessary.

The CAE can only release prior information outside the organization when mandated by legal or statutory requirements.

The CAE can release prior information provided it is as originally published and distributed within the organization.

Question # 77

Which of the followings statements describes a best practice regarding assurance engagement communication activities?

All assurance engagement observations should be communicated to the audit committee.

All assurance engagement observations should be included in the main section of the engagement communication.

During the " communicate " phase of an assurance engagement, it is best to define the methods and timing of engagement communications.

A detailed escalation process should be developed during the planning stage of an assurance engagement.

Question # 78

A former line supervisor from the Financial Services Department has completed six months of a two-year development opportunity with the internal audit activity (IAA). She is assigned to a team that will audit the organization ' s payroll function, which is managed by the Human Resources Department. Which of the following statements is most relevant regarding her independence and objectivity with respect to the payroll audit?

She may participate, but only after she has completed one year with the IAA.

She may participate, because she did not previously work in the Human Resources Department.

She may participate, but she must be supervised by the auditor in charge.

She may participate for training purposes, to build her knowledge of the IAA.

Question # 79

A chief audit executive (CAE) reports functionally to the CEO and administratively to the chief financial officer, both of whom serve on the company ' s board of directors. According to IIA guidance, which of the following would offer the greatest protection for the independence of the internal audit activity?

Appoint the CAE as a member of the board.

Move the CAE ' s functional reporting to an executive who is not on the board.

Obtain full board approval of the internal audit activity ' s annual audit plan.

Move the CAE ' s functional reporting to the audit committee.

Question # 80

The internal audit activity is planning a procurement audit and needs to obtain a thorough understanding of the subcontracting process, which can involve multiple individuals in multiple countries.

Which of the following internal audit tools would be most effective to document the process and the key controls?

Internal control checklist.

Procurement employee survey.

Cross-functional flow chart.

Segregation of duties matrix.

Question # 81

Which of the following is a weakness of observation as audit evidence?

It cannot be used to test the completeness assertion.

It cannot be used to test the existence assertion.

It cannot be used to test the occurrence assertion.

It cannot be relied upon because the evidence is not persuasive.

Question # 82

Which of the following types of fraud includes embezzlement?

Fraudulent statements.

Bribery.

Misappropriation of assets.

Corruption.

Question # 83

Which of the following is the most common way that occupational fraud is detected?

Internal audits.

Whistleblower hotline.

Key controls.

External audits.

Question # 84

In which of the following functions would fraud be most likely to occur?

Maintaining custody of inventory records.

Collecting payments on accounts.

Approving changes to employee records.

Preparing customer statements.

Question # 85

According to Porter ' s model of competitive strategy, which of the following is a generic strategy?

1. Differentiation.

2. Competitive advantage.

3. Focused differentiation.

4. Cost focus.

2 only

3 and 4 only

1, 3, and 4 only

1, 2, 3, and 4

Question # 86

Which of the following is the best example of a compliance risk that is likely to arise when adopting a bring-your-own-device (BYOD) policy?

The risk that users try to bypass controls and do not install required software updates.

The risk that smart devices can be lost or stolen due to their mobile nature.

The risk that an organization intrusively monitors personal information stored on smart devices.

The risk that proprietary information is not deleted from the device when an employee leaves.

Question # 87

Which of the following steps should an internal auditor take during an audit of an organization ' s business continuity plans?

1. Evaluate the business continuity plans for adequacy and currency.

2. Prepare a business impact analysis regarding the loss of critical business.

3. Identify key personnel who will be required to implement the plans.

4. Identify and prioritize the resources required to support critical business processes.

1 only

2 and 4 only

1, 3, and 4 only

1, 2, 3, and 4

Question # 88

Which of the following statements regarding organizational governance is not correct?

An effective internal audit function is one of the four cornerstones of good governance.

Those performing governance activities are accountable to the customer.

Accountability is one of the key elements of organizational governance.

Governance principles and the need for an internal audit function are applicable to governmental and not-for-profit activities.

Question # 89

A software that translates hypertext markup language (HTML) documents and allows a user to view a remote web page is called:

A transmission control protocol/Internet protocol (TCP/IP).

An operating system.

A web browser.

A web server.

Question # 90

According to the COSO enterprise risk management framework, which of the following best describes the activity that helps ensure risk responses are carried out effectively?

Objective setting.

Control activities.

Information and communication.

Event identification.