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Prepare IIA-ACCA Question Answers Free Update With 100% Exam Passing Guarantee [2022]
IIA IIA-ACCA Exam Syllabus Topics:
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NEW QUESTION 62
When assessing the adequacy of a risk mitigation strategy, an internal auditor should consider which of the following?
1. Management's tolerance for specific risks.
2. The cost versus benefit of implementing a control.
3. Whether a control can mitigate multiple risks.
4. The ability to test the effectiveness of the control.
- A. 2, 3, and 4
- B. 1, 2, and 4
- C. 1, 2, and 3
- D. 1, 3, and 4
Answer: D
NEW QUESTION 63
A small furniture-manufacturing firm with 100 employees is located in a two-story building and does not plan to expand. The furniture manufactured is not special-ordered or custom-made. The most likely structure for this organization would be:
- A. Product departmentalization.
- B. Divisional organization.
- C. Matrix organization.
- D. Functional departmentalization.
Answer: D
NEW QUESTION 64
While conducting an audit of a third party's Web-based payment processor, an internal auditor discovers that a programming error allows customers to create multiple accounts for a single mailing address. Management agrees to correct the program and notify customers with multiple accounts that the accounts will be consolidated. Which of the following actions should the auditor take?
1. Schedule a follow-up review to verify that the program was corrected and the accounts were consolidated.
2. Evaluate the adequacy and effectiveness of the corrective action proposed by management.
3. Amend the scope of the subsequent audit to verify that the program was corrected and that accounts were consolidated.
4. Submit management's plan of action to the external auditors for additional review.
- A. 1 and 4
- B. 1 and 2
- C. 2 and 3
- D. 3 and 4
Answer: B
NEW QUESTION 65
According to IIA guidance, which of the following would be a primary reason for an internal auditor to test the organization's IT contingency plan?
- A. To identify and address potential security weaknesses within the system.
- B. To ensure that tests contribute to improvement of the program.
- C. To ensure that deficiencies identified by the audit are promptly addressed.
- D. To ensure that adequate controls exist to prevent any significant business interruptions.
Answer: B
NEW QUESTION 66
Which of the following is the most appropriate test to assess the privacy risks associated with an organization's workstations?
- A. Penetration test.
- B. Physical control test.
- C. Social engineering test.
- D. Vulnerability test.
Answer: B
NEW QUESTION 67
During which phase of disaster recovery planning should an organization identify the business units, assets, and systems that are critical to continuing an acceptable level of operations?
- A. Business impact analysis.
- B. Scope and initiation phase.
- C. Testing.
- D. Plan development.
Answer: A
NEW QUESTION 68
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?
- A. She may participate for training purposes, to build her knowledge of the IAA.
- B. She may participate, because she did not previously work in the Human Resources Department.
- C. She may participate, but she must be supervised by the auditor in charge.
- D. She may participate, but only after she has completed one year with the IAA.
Answer: B
NEW QUESTION 69
Which of the following strategies is most appropriate for an industry that is in decline?
- A. Invest in research and development.
- B. Shift toward mass production.
- C. Control costs.
- D. Invest in marketing.
Answer: C
NEW QUESTION 70
In which of the following scenarios would transfer pricing be used?
- A. Company A moves goods internally from one location to another.
- B. Company A owns Company B; Company B sells goods to Company A.
- C. Company A owns both Company B and Company C; all three companies sell goods to the public.
- D. Company A does not own Company B. Company A charges Company B a fee to sell Company B's goods without taking ownership of the goods.
Answer: B
NEW QUESTION 71
According to IIA guidance, which of the following statements describes one of the similarities between assurance and consulting services?
- A. When planning assurance and consulting engagements, internal auditors must consider the strategies and objectives of the activity being reviewed.
- B. Internal auditors determine the engagement objectives, scope, and work program for both assurance and consulting services.
- C. Both assurance and consulting services generally involve the internal auditor, the area under review, senior management, and the board.
- D. Internal auditors must not provide assurance or consulting services for an activity for which they had responsibility within the previous year.
Answer: A
NEW QUESTION 72
According to IIA guidance, which of the following statements are true regarding the internal audit plan?
1. The audit plan is based on an assessment of risks to the organization.
2. The audit plan is designed to determine the effectiveness of the organization's risk management process.
3. The audit plan is developed by senior management of the organization.
4. The audit plan is aligned with the organization's goals.
- A. 1 and 2 only
- B. 3 and 4 only
- C. 1, 2, and 4
- D. 1, 3, and 4
Answer: C
NEW QUESTION 73
A multinational organization has multiple divisions that sell their products internally to other divisions. When selling internally, which of the following transfer prices would lead to the best decisions for the organization?
- A. Full cost
- B. Market price of the product
- C. Variable cost plus a markup
- D. Full cost plus a markup.
Answer: B
NEW QUESTION 74
A chief audit executive (CAE) was asked to participate in the selection of an external auditor. Which of the following would not be a typical responsibility for the CAE?
- A. Monitor the work of the external auditors.
- B. Develop appropriate performance metrics.
- C. Evaluate the proposed external auditor fee.
- D. Recommend criteria to be used in the selection process.
Answer: B
NEW QUESTION 75
Which of the following is a limiting factor for capacity expansion?
- A. Government pressure on organizations to increase or maintain employment.
- B. Company diversification.
- C. Lack of credible market leader in the industry.
- D. Production orientation of management.
Answer: B
NEW QUESTION 76
Which of the following control techniques would minimize the risk of interception during transmission in an electronic data interchange system?
1. Encryption.
2. Traffic padding.
3. Edit checks.
4. Structured data format.
- A. 3 and 4 only
- B. 2 and 3 only
- C. 1 and 2 only
- D. 1, 2, and 3 only
Answer: C
NEW QUESTION 77
According to IIA guidance, which of the following is not a responsibility of the chief audit executive pertaining to documenting information to support internal audit engagement results and conclusions?
- A. Controlling access to engagement records, including access by senior management.
- B. Forming policies governing the custody and retention of consulting engagement records before their release to other parties.
- C. Developing retention requirements for engagement records that are consistent with organizational guidelines.
- D. Rating each engagement record to assess its relevance and accessibility for the organization's board.
Answer: D
NEW QUESTION 78
Which of the following controls could an internal auditor reasonably conclude is effective by observing the physical controls of a large server room?
- A. Adequate signs are in place to assist in locating safety equipment.
- B. Servers are secured individually to their racks by locks.
- C. Foam fire extinguishers are operable to protect against electrical fires.
- D. Swipe card access is required to gain access to the server room.
Answer: A
NEW QUESTION 79
Which of the following statements describes an engagement planning best practice?
- A. The engagement plan includes the expected distribution of the audit results, which should be kept confidential until the audit report is final.
- B. It is best to determine planning activities on a case-by-case basis because they can vary widely from engagement to engagement.
- C. Engagement planning activities include setting engagement objectives that align with audit client's business objectives.
- D. If the engagement subject matter is not unique, it is not necessary to outline specific testing procedures during the planning phase.
Answer: C
NEW QUESTION 80
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