[Jan 26, 2022] IIA-ACCA Dumps Full Questions - Exam Study Guide
CIA Challenge Free Certification Exam Material from PDFVCE with 605 Questions
IIA IIA-ACCA Exam Syllabus Topics:
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NEW QUESTION 156
International marketing activities often begin with:
- A. Limited exporting.
- B. Global marketing.
- C. Standardization.
- D. Domestic marketing.
Answer: A
NEW QUESTION 157
For employees, the primary value of implementing job enrichment is which of the following?
- A. An increased opportunity to manage better the work done by their subordinates.
- B. Increased knowledge through the performance of additional tasks.
- C. Validation of the achievement of their goals and objectives.
- D. Support for personal growth and a meaningful work experience.
Answer: D
NEW QUESTION 158
A manufacturing line supervisor joins the internal audit activity for a two-year rotational job assignment and is assigned to an accounts receivable audit. With regard to this assignment, which of the following should be the primary concern of the audit manager?
- A. Due professional care.
- B. Individual objectivity.
- C. Organizational independence.
- D. Individual independence.
Answer: A
NEW QUESTION 159
Which of the following is an example of an application system control?
- A. Report distribution is restricted to authorized personnel.
- B. Field amounts contain an upper or lower limit.
- C. Error listings are generated and promptly remediated.
- D. Data values fall within a prescribed range.
Answer: D
NEW QUESTION 160
In which of the following functions would fraud be most likely to occur?
- A. Maintaining custody of inventory records.
- B. Preparing customer statements.
- C. Collecting payments on accounts.
- D. Approving changes to employee records.
Answer: C
NEW QUESTION 161
Refer to the exhibit.
The figure below shows the network diagram for the activities of a large project. What is the shortest number of days in which the project can be completed?
- A. 22 days.
- B. 51 days.
- C. 27 days.
- D. 21 days.
Answer: C
NEW QUESTION 162
The chief audit executive of a medium-sized financial institution is evaluating the staffing model of the internal audit activity (IAA). According to IIA guidance, which of the following are the most appropriate strategies to maximize the value of the current IAA resources?
* The annual audit plan should include audits that are consistent with the skills of the IAA.
* Audits of high-risk areas of the organization should be conducted by internal audit staff.
* External resources may be hired to provide subject-matter expertise but should be supervised.
* Auditors should develop their skills by being assigned to complex audits for learning opportunities.
- A. 3 and 4 only
- B. 2 and 3 only
- C. 1 and 4 only
- D. 1 and 2 only
Answer: A
NEW QUESTION 163
The decision to implement enhanced failure detection and back-up systems to improve data integrity is an example of which risk response?
- A. Risk reduction.
- B. Risk sharing.
- C. Risk acceptance.
- D. Risk avoidance.
Answer: A
NEW QUESTION 164
Which of the following would most likely cause an internal auditor to consider adding fraud work steps to the audit program?
- A. Improper segregation of duties.
- B. Incentives and bonus programs.
- C. An employee's reported concerns.
- D. Lack of an ethics policy.
Answer: C
NEW QUESTION 165
Which of the following is a major advantage of decentralized organizations, compared to centralized organizations?
- A. Decentralized organizations tend to be less expensive to operate.
- B. Decentralized organizations are more focused on organizational goals.
- C. Decentralized organizations streamline organizational structure.
- D. Decentralized organizations tend to be more responsive to market changes.
Answer: D
NEW QUESTION 166
Which of the following is an example of a physical security control that should be in place at an organization's data center?
- A. Swipe cards are used to access the data center
- B. Firewalls and antivirus protection are in place to prevent unauthorized access to data.
- C. Backup servers in the data center are stored in an environmentally controlled location
- D. All users have a unique ID and password to access data
Answer: A
NEW QUESTION 167
According to IIA guidance, which of the following strategies would add the least value to the achievement of the internal audit activity's (IAA's) objectives?
- A. Establish a format and frequency for IAA reporting that is appropriate and aligns with the organization's governance structure.
- B. Align organizational activities to internal audit activities and measure according to the approved IAA performance measures.
- C. Establish a periodic review of monitoring and reporting processes to help ensure relevant IAA reporting.
- D. Use the results of IAA engagement and advisory reporting to guide current and future internal audit activities.
Answer: B
NEW QUESTION 168
Under a value-added taxing system:
- A. The consumer ultimately bears the cost of the tax through higher prices.
- B. Consumer savings are discouraged.
- C. Businesses must pay a tax only if they make a profit.
- D. The amount of value added is the difference between an organization's sales and its cost of goods sold.
Answer: A
NEW QUESTION 169
An organization has a complex systems infrastructure consisting of multiple internally developed, off the shelf, and purchased but significantly customized applications. Some of these applications share databases or process data that is used by another stand-alone application, and interfaces have been written to move data between these applications as needed through batch processing Which of the following situations presents the greatest risk exposure given this environment?
- A. The implementation of a major update for a key application is delayed until any potential interdependencies are identified and analyzed.
- B. Documentation of each system and its interactions, interfaces, and dependencies with other systems and databases is not gathered and maintained.
- C. Batch processing jobs include key financial data that is not posted to the accounting system until the next day. preventing real-time queries.
- D. The job scheduling tool frequently malfunctions, causing scheduled jobs not to run. An error message is sent to IT personnel when a job fails.
Answer: B
NEW QUESTION 170
According to Porter, which of the following is associated with fragmented industries?
- A. Strong negotiation power with suppliers.
- B. Significant scale economies.
- C. Steep experience curve.
- D. Weak entrance barriers.
Answer: D
NEW QUESTION 171
In order to provide useful information for an organization's risk management decisions, which of the following factors is least important to assess?
- A. The underlying causes of the risk.
- B. The impact of the risk on the organization's objectives.
- C. The potential for eliminating risk factors.
- D. The risk levels of current and future events.
Answer: C
NEW QUESTION 172
According to The IIA's Code of Ethics, which of the following is true?
- A. Integrity requires that auditors perform internal audit services in accordance with the Standards.
- B. Confidentiality requires that auditors disclose all material facts known to them.
- C. Objectivity requires that auditors perform their work with honesty, diligence, and responsibility.
- D. Confidentiality requires that auditors be prudent in the use and protection of client information.
Answer: D
NEW QUESTION 173
Internal auditors must exercise due professional care by considering which of the following?
1. Cost of assurance in relation to potential benefits.
2. Adequacy and effectiveness of governance, risk management, and control processes.
3. Management's competency level in the area being evaluated.
4. Probability of significant errors, fraud, or noncompliance.
- A. 1, 2, and 4 only
- B. 2, 3, and 4 only
- C. 1, 2, and 3 only
- D. 1 and 2 only
Answer: A
NEW QUESTION 174
A chief audit executive (CAE) is determining which engagements to include on the annual audit plan. She would like to consider the organization's attitude toward risk and the degree of difficulty in achieving objectives. Which of the following resources should the CAE consult?
- A. Internal and external audit reports.
- B. The strategic plan.
- C. The board's meeting records.
- D. The corporate risk register.
Answer: B
NEW QUESTION 175
According to IIA guidance, which of the following scenarios demonstrates an internal auditor exercising due professional care?
When auditing investments, the auditor identified instruments with which he was unfamiliar.
He decided not to select that type of investment in his sample, as he did not have the knowledge needed to A. perform a proper assessment.
- A. He identified a junior auditor to conduct the work for him on a complex area of the organization.
- B. An auditor was reviewing inventory counts conducted by the warehouse staff. One truck containing an immaterial amount of inventory was off-site and wasn't verified by the auditor.
- C. An auditor in charge needed to have testing completed by the end of the month, but was behind schedule.
- D. An auditor visited a plant that produces a significant portion of the organization's inventory. The day he arrived, the plant manager was out sick, so the auditor issued the report without interviewing the manager.
Answer: B
NEW QUESTION 176
Refer to the exhibit.
A company's financial balance sheet is presented below:
The company has net working capital of:
- A. $210
- B. $160
- C. $490
- D. $350
Answer: A
NEW QUESTION 177
A newly promoted chief audit executive (CAE) is faced with a backlog of assurance engagement reports to review for approval. In an attempt to attach a priority for this review, the CAE scans the opinion statement on each report. According to IIA guidance, which of the following opinions would receive the lowest review priority?
1. Graded positive opinion.
2. Negative assurance opinion.
3. Limited assurance opinion.
4. Third-party opinion.
- A. 1 and 4
- B. 2 and 4
- C. 1 and 3
- D. 2 and 3
Answer: D
NEW QUESTION 178
Which of the following is a role of the board of directors in the governance process?
- A. Review and approve operational goals and objectives.
- B. Conduct periodic assessments of the organization's governance systems.
- C. Obtain assurance concerning the effectiveness of the organization's governance systems.
- D. Implement an effective system of internal controls to support the organization's governance systems.
Answer: C
NEW QUESTION 179
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