Free IIA IIA-ACCA Practice Exam with Questions & Answers | Set: 9

Identify redundant controls.

Improve budgeting accuracy.

Enhance assurance provided to management.

Assist in developing audit programs.

Continually evaluate the needs and opinions of all stakeholder groups.

Ensure strict compliance with applicable laws and regulations to avoid incidents.

Maintain a comprehensive publicity campaign that highlights the organization's efforts.

Increase goodwill through philanthropic activities among stakeholder communities.

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.

Due professional care.

Individual independence.

Individual objectivity.

Organizational independence.

Maintaining industry-specific knowledge appropriate to the organization.

Assessing how IT contributes to organization objectives, risks, and relevance to audit.

Maintaining technical aspects of accounting standards and reporting processes.

Understanding regulatory and legal framework and assessing its relevance.

1 and 2.

1 and 3.

2 and 3.

2 and 4.

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.

4 only

1 and 3 only

1 and 4 only

2, 3, and 4 only

Quality assessments and cultural biases of the internal audit activity.

Rotational assignments and familiarity of the internal audit activity.

Employee incentives and self review of the internal audit activity.

Organizational positioning and scope control of the internal audit activity.

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.

Competent, corroborative evidence of future working capital requirements.

Sufficient, analytical evidence of the cash flow position at a given point of time in the future.

Competent, documentary evidence of future cash flow changes within the organization.

Sufficient, circumstantial evidence of the future solvency of the organization.

If an organization does not have a mature privacy framework, the internal audit activity should assist in developing and implementing an appropriate privacy framework.

Because the audit committee is ultimately responsible for ensuring that appropriate control processes are in place to mitigate risks associated with personal information, the internal audit activity is C. required to conduct privacy assessments.

The internal audit activity may delegate to nonaudit IT specialists the responsibility of determining whether personal information has been secured adequately and data protection controls are sufficient.

The internal audit activity should have appropriate knowledge and competence to conduct an asses .......framework.

The amount of risk that an organization is willing to seek or accept.

The extent and degree of interdependency for identified key risks.

The boundaries established to manage the amount of risk taken.

The exposure to risks following management's risk responses.

The chief audit executive (CAE) approves the annual internal audit plan.

The CAE administratively reports to the board.

The audit committee approves the CAE's annual salary increase.

The chief executive officer approves the internal audit charter.

Assign more experienced internal auditors to mentor the less experienced auditors.

Send internal auditors to external trainings in advanced internal audit topics.

Appraise internal auditors' performance and competencies at least annually and issue constructive feedback.

Rotate internal auditors among different engagement assignments.