IIA IIA-ACCA ACCA CIA Challenge Exam Online Training
IIA IIA-ACCA Online Training
The questions for IIA-ACCA were last updated at Feb 26,2025.
- Exam Code: IIA-ACCA
- Exam Name: ACCA CIA Challenge Exam
- Certification Provider: IIA
- Latest update: Feb 26,2025
Which of the following is the most common way that occupational fraud is detected?
- A . Internal audits.
- B . Whistleblower hotline.
- C . Key controls.
- D . External audits.
An internal auditor completed an audit of a bank’s loan department and found all significant risks to be managed adequately through effective internal controls.
Which of the following would be an appropriate conclusion to report to management?
- A . The residual risk is lower than or equal to the risk appetite.
- B . The residual risk is higher than or equal to the risk appetite.
- C . The inherent risk is lower than or equal to the risk tolerance.
- D . The inherent risk is higher than or equal to the risk tolerance.
An organization is facing a financial downturn and needs to impose major budget reductions to all departments.
According to MA guidance, which of the following actions is most appropriate for the board to take to evaluate the potential impact on the internal audit activity?
- A . Ask management to determine which internal audit engagements are lower risk and could be considered for removal from the annual audit plan.
- B . Ask appropriate stakeholders for their opinion on the potential impacts of reducing the scope of the internal audit plan.
- C . Ask the chief audit executive to determine whether budgetary limitations impede the ability of the internal audit activity to execute its responsibilities.
- D . Ask The human resources department to determine how the annual compensation and salary of the audit staff could be adjusted to achieve savings.
Which of the following control activities is the most effective to ensure users’ levels of access are appropriate for their current roles?
- A . The human resources department generates a monthly list of terminated and transferred
employees and requests IT to update the user access as required. - B . Standardized user access profiles are developed and the appropriate access profiles are automatically assigned to new or transferred employees.
- C . System administrator rights are assigned to one user in each department who can update user access of terminated or transferred employees immediately.
- D . Department managers are required to perform periodic user access reviews of relevant systems and applications.
Which of the following items should the chief audit executive disclose to senior management regarding the results of the internal audit activity’s quality assessments?
- A . The internal audit activity’s plan for resource allocation.
- B . The amount of the organization’s potential loss prevented by the risk-based auditing of the internal audit activity.
- C . The number of audits from the annual internal audit plan that were completed last year.
- D . The qualifications and independence of the assessment Team.
Which of the following is an example of a management control technique?
- A . A budget.
- B . A risk assessment.
- C . The board of directors.
- D . The control environment.
An internal auditor uses a predefined macro provided in a popular spreadsheet application to verify the present value of the organization’s investments.
Which of the following is the most appropriate course of action regarding the auditor’s use of this functionality?
- A . The auditor should accept the calculations generated by the function, as any further work or documentation would be inefficient.
- B . The auditor should perform a manual recalculation of several results to validate and document the results.
- C . The auditor should review the programming of the macro before its use to ensure that it is appropriate for the required calculations.
- D . The auditor should tabulate the results in the spreadsheet to ensure the macro has generated the correct results for all calculations.
CORRECT TEXT
According to IIA guidance, which of the following scenarios demonstrates an internal auditor exercising due professional care?
When auditing investments, the auditor identified instruments with which he was unfamiliar. He decided not to select that type of investment in his sample, as he did not have the knowledge needed to
- A . perform a proper assessment.
- B . An auditor was reviewing inventory counts conducted by the warehouse staff. One truck containing an immaterial amount of inventory was off-site and wasn’t verified by the auditor.
- C . An auditor visited a plant that produces a significant portion of the organization’s inventory. The day he arrived, the plant manager was out sick, so the auditor issued the report without interviewing the manager.
- D . An auditor in charge needed to have testing completed by the end of the month, but was behind schedule. He identified a junior auditor to conduct the work for him on a complex area of the organization.
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annua snowfall for the coming winter.
Which of the following best describes this type of risk?
- A . Residual.
- B . Net.
- C . Inherent.
- D . Accepted.
An internal auditor needs to recommend a policy element to be included in an organization’s code of ethics.
Which of the following recommendations would be most effective?
- A . Ethics should vary with local customs in the organization’s foreign operations.
- B . Whistleblowing should be discouraged because it can cause distrust among employees.
- C . Ethical behavior should be incorporated into performance evaluations.
- D . Senior management should be granted specific exemptions to the code of ethics.
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