Jan-2022 Realistic IIA-ACCA Exam Dumps with Accurate & Updated Questions
IIA-ACCA Exam Dumps - PDF Questions and Testing Engine
IIA IIA-ACCA Exam Syllabus Topics:
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NEW QUESTION 143
According to IIA guidance, which of the following statements is true regarding the reporting of results from an external quality assessment of the internal audit activity?
- A. The external assessment results are reported upon completion in confidence directly to the board, and senior management is advised only of the recommendations and improvement action plans.
- B. The external assessment results are communicated upon completion to senior management and the board, but action plans for recommended improvements do not have to be reported.
- C. The results of self-assessments with independent external validation are shared with the board upon completion, and monitoring of recommended improvements must be reported monthly.
- D. The requirements for reporting quality assessment results are the same for external assessments and self-assessments with independent external validation.
Answer: C
NEW QUESTION 144
Which of the following best describes the details that must be included in the quality assurance and improvement program (QAIP) report to senior management and the board?
- A. The scope, findings, risks, recommendations, and agreed-upon improvement actions.
- B. The scope and cost of the QAIP. frequency of internal and external assessments, and conclusions of the assessor.
- C. The scope and frequency of internal and external assessments as well as the qualifications and independence of the assessor.
- D. The number and types of people involved in the assessment, costs, and duration of the QAIP
Answer: A
NEW QUESTION 145
Which of the following best describes the purpose of disaster recovery planning?
- A. To establish a protected area of network that is accessible to the public after a disaster
- B. To describe how data should move from one system to another system in case of an emergency.
- C. To reconstitute systems efficiently following a disruptive event.
- D. To define rules on how devices within the system should communicate after a disaster.
Answer: C
NEW QUESTION 146
Which of the following factors would reduce dissatisfaction for a management trainee but would not particularly motivate the trainee?
- A. An incremental increase in salary.
- B. Promotion.
- C. Recognition.
- D. A sense of achievement.
Answer: A
NEW QUESTION 147
An organization has implemented a software system that requires a supervisor to approve transactions that would cause treasury dealers to exceed their authorized limit. This is an example of which of the following types of controls?
- A. Directive controls.
- B. Soft controls.
- C. Preventive controls.
- D. Detective controls.
Answer: C
NEW QUESTION 148
If appropriate safeguards exist, which of the following is considered a legitimate internal audit role within risk management at an organization?
- A. Making decisions on risk responses.
- B. Providing consolidated reporting on risks.
- C. Imposing risk management processes.
- D. Taking accountability for risk management.
Answer: B
NEW QUESTION 149
An internal auditor is performing analytical reviews as part of an audit of a supermarket's merchandising department. Because the economy has declined since midyear, the auditor can expect to encounter which of the following?
- A. Lower sales volume.
- B. Higher operating margin.
- C. Higher inventory turnover.
- D. Lower obsolete stock disposal.
Answer: A
NEW QUESTION 150
Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?
- A. An independent third party has assessed the organization's system of internal controls to be adequate and effective.
- B. The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.
- C. The internal audit charter is drafted properly and approved by the appropriate parties.
- D. The chief audit executive reports both functionally and administratively to the CEO.
Answer: D
NEW QUESTION 151
Which of the following best describes the misdirection of payments on accounts receivable to an employee's bank account?
- A. Fraud open on the books.
- B. Fraud hidden on the books.
- C. Fraud off the books.
- D. Fraud on the balance sheet.
Answer: C
NEW QUESTION 152
According to IIA guidance, which of the following is a primary component of a network security strategy?
- A. Firewall controls.
- B. Application input controls
- C. Transmission encryption controls
- D. Change management controls
Answer: A
NEW QUESTION 153
A department purchased one copy of a software program for internal use. The manager of the department installed the program on an office computer and then made two complete copies of the original software.
Copy 1 was solely for backup purposes.
Copy 2 was for use by another member of the department.
In terms of software licenses and copyright law, which of the following is correct?
- A. Both copies are legal.
- B. Only copy 2 is legal.
- C. Neither copy is legal.
- D. Only copy 1 is legal.
Answer: D
NEW QUESTION 154
An internal auditor wants to determine whether employees are complying with the information security policy, which prohibits leaving sensitive information on employee desks overnight. The auditor checked a sample of
90 desks and found eight that contained sensitive information. How should this observation be reported, if the organization tolerates 4 percent noncompliance?
- A. The incidents of noncompliance exceed the tolerance level and should be included in the final engagement report.
- B. The deviations are within the acceptable tolerance limit, so the matter only needs to be reported to the information security manager.
- C. The incidents of noncompliance fall outside the acceptable tolerance limit and require immediate corrective action, as opposed to reporting.
- D. The matter does not need to be reported, because the noncompliant findings fall within the acceptable tolerance limit.
Answer: A
NEW QUESTION 155
Which of the following corporate social responsibility strategies is likely to be most effective in minimizing confrontations with influential activists and lobbyists?
- A. Ensure strict compliance with applicable laws and regulations to avoid incidents.
- B. Continually evaluate the needs and opinions of all stakeholder groups.
- C. Increase goodwill through philanthropic activities among stakeholder communities.
- D. Maintain a comprehensive publicity campaign that highlights the organization's efforts.
Answer: B
NEW QUESTION 156
Which of the following IT controls includes protection for mainframe computers and workstations?
- A. System software controls
- B. Physical and environmental controls.
- C. Organization and management controls
- D. Change management controls
Answer: A
NEW QUESTION 157
Which of the following is a justifiable reason for omitting advance client notice when planning an audit engagement?
- A. Advance notice may result in management making corrections to reduce the number of potential deficiencies.
- B. The audit engagement has already been communicated and approved through the annual audit plan.
- C. Previous management action plans addressing prior internal audit recommendations remain incomplete.
- D. The engagement includes audit assurance procedures such as sensitive or restricted asset verifications.
Answer: D
NEW QUESTION 158
Which of the following is the best reason for considering the acquisition of a nondomestic organization?
- A. Increased diversity of corporate culture.
- B. Opportunity to influence local government policy.
- C. Relatively fast market entry.
- D. Improved cash flow of the acquiring organization.
Answer: C
NEW QUESTION 159
During an audit of the organization's annual financial statements, the internal auditor notes that the current cost of goods sold percentage is substantially higher than in prior years. Which of the following is the most likely explanation for this increase?
- A. Write-off of inventory is increasing.
- B. Process to manufacture goods is more efficient.
- C. Labor productivity to produce goods is increasing.
- D. Cost of raw material inventory items is decreasing.
Answer: D
NEW QUESTION 160
While reviewing the contracts for a large city, the internal auditor learns that the organization contracted to perform trash collection is paid based on the number of bins emptied each week As a result, the city has minimal control over payments Which of the following actions should the auditor recommend to give the city greater control over payments?
- A. Require that the contractor provide supervisory review of the number of bins emptied each day
- B. Assign a city employee to verify the number of bins emptied each day
- C. Renegotiate a lump-sum contract when the contract is up for renewal
- D. Change the contract so payment is based on the distances traveled by the contractor during collection.
Answer: C
NEW QUESTION 161
Which of the following statements about matrix organizations is false?
- A. Matrix organizations offer the advantage of greater flexibility.
- B. In a matrix organization, staff under dual command is more likely to suffer stress at work.
- C. Matrix organizations minimize costs and simplify communication.
- D. In a matrix organization, conflict between functional and product managers may arise.
Answer: C
NEW QUESTION 162
An internal audit team is performing an audit of workplace accident claims.
Which of the following actions by the audit team best demonstrates due professional care?
- A. Reviewing claims to ensure all accidents actually occurred in the workplace.
- B. Having an occupational health officer on the engagement team.
- C. Determining that the claims have been classified properly.
- D. Placing reliance on medical reports from the injured worker's doctor.
Answer: B
NEW QUESTION 163
Which of the following is a role of the board of directors in the governance process?
- A. Obtain assurance concerning the effectiveness of the organization's governance systems.
- B. Review and approve operational goals and objectives.
- C. Implement an effective system of internal controls to support the organization's governance systems.
- D. Conduct periodic assessments of the organization's governance systems.
Answer: A
NEW QUESTION 164
According to IIA guidance, which of the following best describes internal auditors' responsibility regarding fraud?
- A. Internal auditors should take a leading role in investigating all fraud-related cases.
- B. Internal auditors should report all fraud cases to law enforcement agents, in accordance with the Code of Ethics.
- C. Internal auditors must have sufficient knowledge to evaluate the risk of fraud.
- D. Internal auditors are responsible for ensuring that fraud does not occur.
Answer: C
NEW QUESTION 165
When auditing an application change control process, which of the following procedures should be included in the scope of the audit?
1. Ensure system change requests are formally initiated, documented, and approved.
2. Ensure processes are in place to prevent emergency changes from taking place.
3. Ensure changes are adequately tested before being placed into the production environment.
4. Evaluate whether the procedures for program change management are adequate.
- A. 1 and 3 only
- B. 2 and 4 only
- C. 1 only
- D. 1, 3, and 4 only
Answer: D
NEW QUESTION 166
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