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IIA IIA-ACCA Exam Syllabus Topics:
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NEW QUESTION 79
The chief audit executive (CAE) of a small internal audit activity (IAA) performs all high-risk engagements on the annual audit plan to make use of his knowledge and experience and to maximize the efficient use of audit resources. Which of the following statements is most relevant regarding this practice?
- A. The CAE may self-review his work, provided he discloses this practice in the final report.
- B. The CAE should avoid performing engagements to ensure he is able to review all audit work objectively.
- C. The CAE's work may be reviewed by any other experienced staff member within the IAA.
- D. The CAE's work should be reviewed by an individual with the appropriate background and knowledge.
Answer: D
NEW QUESTION 80
An internal auditor was asked to review an equal equity partnership In one sampled transaction Partner A transferred equipment into the partnership with a self-declared value of $10,000 and Partner B contributed equipment with a self-declared value of $15 000 The capital accounts of each partner were subsequently credited with S12,500. Which of the following statements is true regarding this transaction?
- A. The capital accounts of the partners should be increased by the original cost of the contnbuted equipment.
- B. The capital accounts of the partners should be increased by the fair market value of their contribution
- C. No action is needed as the capital account of each partner was increased by the correct amount
- D. The capital accounts should be increased using a weighted average based on the current percentage of ownership
Answer: C
NEW QUESTION 81
Click the Exhibit.
Internal auditors are asked to keep track of how many hours per day they spend planning the audit, conducting the engagement, and writing the audit report. The data for two days has been collected as follows:
Day 1
Day 2
Planning the audit
2 hours
3 hours
Conducting the engagement
1 hour
1 hour
Writing the audit report
2 hours
4 hours
Which of the following graphs depicts the data accurately?
- A. Both A and B.
- B. Neither A nor B.
- C. Graph B only
- D. Graph A only
Answer: A
NEW QUESTION 82
Preferred stock is less risky for investors than is common stock because:
- A. Common stock has priority over preferred stock with regard to earnings and assets.
- B. Preferred dividends are usually cumulative.
- C. Preferred stock with no conversion feature has a higher dividend yield than does convertible preferred stock.
- D. Common stock pays dividends as a stated percentage of face value.
Answer: B
NEW QUESTION 83
When attempting to devise creative solutions to problems, team members initially should do which of the following?
- A. Provide documentation to support their positions
- B. Weight suggestions based on the speaker's level of authority.
- C. Discuss the details of all options presented
- D. Suspend assumptions and negative feedback
Answer: C
NEW QUESTION 84
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. Align organizational activities to internal audit activities and measure according to the approved IAA performance measures.
- B. Use the results of IAA engagement and advisory reporting to guide current and future internal audit activities.
- C. Establish a format and frequency for IAA reporting that is appropriate and aligns with the organization's governance structure.
- D. Establish a periodic review of monitoring and reporting processes to help ensure relevant IAA reporting.
Answer: A
NEW QUESTION 85
Which of the following statements is true regarding the resolution of interpersonal conflict?
- A. Unrealized expectations can be avoided with open and honest discussion.
- B. Reorganization would probably not help ambiguous or overlapping jurisdictions.
- C. Timely and unambiguous clarification of roles and responsibilities will eliminate most interpersonal conflict.
- D. Deferring action should be used until there is sufficient time to fully deal with the issue.
Answer: A
NEW QUESTION 86
An organization had three large centralized divisions: one that received customer orders for service work; one that scheduled the service work at customer locations; and one that answered customer calls about service problems. These three divisions were restructured into seven regional groups, each of which performed all three functions. One advantage of this restructuring would be:
- A. Greater economies of scale.
- B. Increased specialization.
- C. Improved work flow.
- D. Better internal controls.
Answer: C
NEW QUESTION 87
Which of the following is most important for an internal auditor to check with regard to the database version?
- A. Verify whether the database software version has been recently upgraded
- B. Verify whether the organization uses the most recent database software version
- C. Verify whether the database software version is supported by the vendor.
- D. Verify whether access to database version information is appropriately restricted
Answer: C
NEW QUESTION 88
Which of the following professional organizations sets standards for quality and environmental audits?
- A. The Committee of Sponsoring Organizations of the Treadway Commission.
- B. The Board of Environmental, Health, and Safety Auditor Certifications.
- C. The International Standards Organization.
- D. The International Organization of Supreme Audit Institutions.
Answer: C
NEW QUESTION 89
When granting third parties temporary access to an entity's computer systems, which of the following is the most effective control?
- A. User accounts specify expiration dates and are based on services provided.
- B. Access is approved by the supervising manager.
- C. User accounts are deleted when the work is completed.
- D. Administrator access is provided for a limited period.
Answer: A
NEW QUESTION 90
Multinational organizations generally spend more time and effort to identify and evaluate:
- A. Break-even points.
- B. Internal risk factors.
- C. External trends and events.
- D. Internal strengths and weaknesses.
Answer: C
NEW QUESTION 91
An internal auditor and engagement client are deadlocked over the auditor's differing opinion with management on the adequacy of access controls for a major system. Which of the following strategies would be the most helpful in resolving this dispute?
- A. Escalate the issue to senior management for a decision.
- B. Conduct a joint brainstorming session with management.
- C. Ask the chief audit executive to mediate.
- D. Disclose the client's differing opinion in the final report.
Answer: B
NEW QUESTION 92
An organization uses a database management system (DBMS) as a repository for data. The DBMS, in turn, supports a number of end-user developed applications which were created using fourth-generation programming languages. Some of the applications update the database. Which of the following is the most important control related to the integrity of the data in the database?
- A. End users have their read-only applications approved by the information systems department before accessing the database.
- B. End-user applications are developed on personal computers before being implemented on the mainframe.
- C. Concurrency update controls are in place.
- D. A hierarchical database model is adopted so that multiple users can be served at the same time.
Answer: C
NEW QUESTION 93
Which of the following statements is false regarding roles and responsibilities pertaining to risk management and control?
- A. The chief audit executive is responsible for overseeing the evaluation risk management and control processes.
- B. Senior management is charged with overseeing the establishment risk management and control processes.
- C. Internal auditors provide assurance about risk management and control process effectiveness.
- D. Operating managers are responsible for assessing risks and controls in their departments.
Answer: A
NEW QUESTION 94
Which of the following documents is most appropriate in promoting the objectivity of the internal audit activity?
- A. Risk management framework.
- B. Personal responsibility policy.
- C. Acceptance of gifts policy.
- D. Usage of IT system policy.
Answer: C
NEW QUESTION 95
Which of the following is a typical example of structured data?
- A. Sales reports documented in word processing software.
- B. Production information maintained in relational tables.
- C. Tweets and posts of users on social media.
- D. Photos and videos stored in hard drive catalogs.
Answer: B
NEW QUESTION 96
According to the COSO enterprise risk management (ERM) framework, which of the following is not a typical responsibility of the chief risk officer?
- A. Defining ERM roles and responsibilities.
- B. Guiding integration of ERM with other management activities.
- C. Providing the board with an independent, objective risk perspective on financial reporting.
- D. Establishing risk category definitions and a common risk language for likelihood and impact measures.
Answer: C
NEW QUESTION 97
To fill a critical vacancy, an internal auditor is assigned temporarily to a nonaudit role in the purchasing department, where she worked previously before joining the internal audit activity. According to IIA guidance, which of the following statements is true regarding these circumstances?
- A. The CAE may conduct audits in the purchasing department during the auditor's temporary assignment.
- B. Any work performed by the auditor during her temporary assignment must conform to the internal audit charter.
- C. The chief audit executive (CAE) should review all work performed by the auditor during her temporary assignment to ensure no impairments.
- D. The auditor should obtain the CAE's approval as to the nature and scope of the duties she is permitted to perform during her temporary assignment.
Answer: D
NEW QUESTION 98
According to IIA guidance, which of the following are considerations of due professional care when an internal auditor conducts a formal consulting engagement?
1. The complexity of the work required.
2. The needs and expectations of the client.
3. The potential value of the engagement compared to the effort.
4. Information regarding assumptions and procedures to be employed.
- A. 1 and 4 only
- B. 2 and 3 only
- C. 1, 2, and 3 only
- D. 1, 2, 3, and 4
Answer: C
NEW QUESTION 99
Refer to the exhibit.
A company's financial balance sheet is presented below:
The company has net working capital of:
- A. $490
- B. $160
- C. $210
- D. $350
Answer: C
NEW QUESTION 100
An audit client responded to recommendations from a recent consulting engagement. The client indicated that several recommended process improvements would not be implemented. Which of the following actions should the internal audit activity take in response?
- A. Initiate an assurance engagement on the unresolved issues.
- B. Escalate the unresolved issues to the board, because they could pose significant risk exposures to the organization.
- C. Document the issue in the audit file and follow up until the issues are resolved.
- D. Confirm the decision with management and document this decision in the audit file.
Answer: D
NEW QUESTION 101
Which two of the following are preventive controls in a check disbursement process?
1. Daily reconciliation of the bank account used for check disbursements and prompt follow-up of un-reconciled items.
2. Segregation of the following duties: establishing new vendors, approving checks, and reconciling the bank account.
3. An activity report detailing who accesses the check disbursement system and the nature of any action taken in the system.
4. Evidence of strong access controls ensuring that authorized individuals have access only to the functions related to their responsibilities.
- A. 1 and 4.
- B. 2 and 4.
- C. 2 and 3.
- D. 1 and 3.
Answer: B
NEW QUESTION 102
According to The MA Global Internal Audit Competency Framework, which of the following areas of training would best assist the internal audit activity in improving its use of tools and techniques?
- A. Ethics and fraud.
- B. Financial accounting.
- C. Project management.
- D. Negotiation and conflict resolution.
Answer: C
NEW QUESTION 103
If appropriate safeguards exist, which of the following is considered a legitimate internal audit role within risk management at an organization?
- A. Taking accountability for risk management.
- B. Imposing risk management processes.
- C. Making decisions on risk responses.
- D. Providing consolidated reporting on risks.
Answer: D
NEW QUESTION 104
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