IIA-ACCA Practice Questions

A.  

Security dogs.

B.  

Alert employees.

C.  

Insurance claims.

D.  

Cycle counts.

A.  

Fraud open on the books.

B.  

Fraud hidden on the books.

C.  

Fraud off the books.

D.  

Fraud on the balance sheet.

A.  

The CAE would need to procure external services to deliver the internal audit assurance program.

B.  

There is no expertise within the internal audit team for detecting and investigating fraud.

C.  

There is no expertise within the internal audit team for auditing an IT engagement.

D.  

There is no available expertise on the internal audit team to perform a consulting engagement.

A.  

Internal auditors shall continually improve their proficiency and effectiveness and quality of their services.

B.  

Internal auditors shall respect and contribute to legitimate and ethical objectives of the organization.

C.  

Internal auditors shall not accept anything that may impair or be presumed to impair their professional judgment.

D.  

Internal auditors shall be prudent in the use and protection of information acquired in the course of their duties.

A.  

Senior management.

B.  

Internal audit activity.

C.  

All employees.

D.  

Board of directors.

A.  

It replaces primary controls that are either ineffective or cannot fully mitigate a risk.

B.  

It partially reduces the residual risk level when a key control does not operate effectively.

C.  

lt combines with other controls to help reduce significant risk exposures to an acceptable level.

D.  

It helps to ensure the completeness and accuracy of automated controls in a system environment.

A.  

Objectivity.

B.  

Proficiency.

C.  

Independence.

D.  

Due professional care.

A.  

An independent third party has assessed the organization's system of internal controls to be adequate and effective.

B.  

The chief audit executive reports both functionally and administratively to the CEO.

C.  

The internal audit charter is drafted properly and approved by the appropriate parties.

D.  

The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.

A.  

Attending annual professional conferences and seminars.

B.  

Participating in on-the-job training in various departments of the organization.

C.  

Pursuing as many professional certifications as possible.

D.  

Maintaining membership in The HA and similar professional organizations and subscribing to relevant email updates or news feeds.

A.  

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

B.  

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

C.  

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

D.  

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