IIA-ACCA

An internal auditor in a small broadcasting organization was assigned to review the revenue collection process. The auditor discovered that some checks from three customers were never recorded in the organization's financial records. Which of the following documents would be the least useful for the auditor to verify the finding?A...

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 . Negotiation and conflict resolution.B . Project management.C . Financial accounting.D . Ethics and fraud.View AnswerAnswer: B

A furniture manufacturer has installed a new fire sprinkler system at its central warehouse and canceled the existing fire insurance policy on that property. What change of risk response strategy does this course of action most likely reflect?A . From sharing to reduction.B . From acceptance to reduction.C . From...

Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?A . Workshops.B . Surveys.C . Interviews.D . Observation.View AnswerAnswer: B

Which of the following is an example of a directive control?A . Segregation of duties.B . Exception reports.C . Incentive compensation plans.D . Automated reconciliations.View AnswerAnswer: C

Which of the following are generally recognized as essential elements of a corporate social responsibility program?A . Human rights and the environment.B . Organizational governance and financial reporting.C . Fair operating practices and government regulation.D . Consumer issues and return on investment.View AnswerAnswer: A

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...

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.View AnswerAnswer: B

Which of the following actions should the audit committee take to promote organizational independence for the internal audit activity?A . Delegate final approval of the risk-based internal audit plan to the chief audit executive (CAE).B . Approve the annual budget and resource plan for the internal audit activity.C . Assist...

Which of the following best demonstrates the authority of the internal audit activity?A . Suggesting alternatives to decision makers.B . Improving the integrity of information.C . Determining the scope of internal audit services.D . Achieving engagement objectives.View AnswerAnswer: C