Free IIA IIA-ACCA Practice Exam with Questions & Answers | Set: 12

Act as an adviser to the committee responsible for reviewing violations of the code.

Review and adjudicate all violations of the code of conduct.

Lead the committee responsible for the oversight of the code.

Implement a system of procedures to inform all employees of the code.

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.

The residual risk is lower than or equal to the risk appetite.

The residual risk is higher than or equal to the risk appetite.

The inherent risk is lower than or equal to the risk tolerance.

The inherent risk is higher than or equal to the risk tolerance.

Exiting a marketplace.

Recalling a product.

Obtaining product insurance.

Outsourcing production.

Working conditions.

Employees' families.

Marketplace competition.

Shareholders and investors.

An auditor is appropriately able to communicate results.

An auditor performs his work free from interference.

An auditor is unrestricted in determination of scope.

An auditor avoids conflicts of interest.

The scope and frequency of internal and external assessments as well as the qualifications and independence of the assessor.

The scope and cost of the QAIP. frequency of internal and external assessments, and conclusions of the assessor.

The scope, findings, risks, recommendations, and agreed-upon improvement actions.

The number and types of people involved in the assessment, costs, and duration of the QAIP

The auditor performs thorough reviews and provides absolute assurance of regulatory compliance.

The auditor is alert to the possibility of fraud and activities where irregularities are most likely to occur.

The auditor recommends improvements for all of the organization's procedures and practices.

The auditor is cognizant of reducing travel expenses by combining a personal vacation with a business trip.

Perform ongoing surveys of the employees, customers, and partners of the organization to assess the organization's ethical climate. ^Evaluate the effectiveness of the organization's strategies and B. processes for achieving the desired level of legal and ethical compliance.

Maintain a whistleblower hotline to identify inappropriate or illegal activity within the organization.

Perform background checks of potential new employees before they are hired by the organization.

Immediately notify management of the area under review and the other internal auditors involved in the engagement.

Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.

Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud.

Provide the evidence that was discovered to local law enforcement for possible prosecution of the suspected fraud.

Replace the auditor with another audit staff member.

Continue with the present auditor, as more than one year has passed.

Withdraw the audit team and outsource the financial audit of the division.

Work with the division's management to resolve the situation.

Management will be able to reduce inherent risk because they will have a better understanding of risk.

Internal auditors will be able to reduce their sample sizes because controls will be more consistent.

Stakeholders will have more assurance that the risks are assessed consistently.

Decision makers will understand that the likelihood of missing or ineffective controls will be reduced.

1 and 2 only

1, 2, and 3 only

1, 2, and 4 only

2, 3, and 4 only

The auditor should accept the calculations generated by the function, as any further work or documentation would be inefficient.

The auditor should perform a manual recalculation of several results to validate and document the results.

The auditor should review the programming of the macro before its use to ensure that it is appropriate for the required calculations.

The auditor should tabulate the results in the spreadsheet to ensure the macro has generated the correct results for all calculations.

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

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

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

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