IIA IIA-ACCA ACCA CIA Challenge Exam Online Training
IIA IIA-ACCA Online Training
The questions for IIA-ACCA were last updated at May 11,2025.
- Exam Code: IIA-ACCA
- Exam Name: ACCA CIA Challenge Exam
- Certification Provider: IIA
- Latest update: May 11,2025
Evidence discovered during the course of an engagement suggests that multiple incidents
of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence.
Which of the following is the internal auditor’s most appropriate next step?
- A . Immediately notify management of the area under review and the other internal auditors involved in the engagement.
- B . Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
- C . Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud.
- D . Provide the evidence that was discovered to local law enforcement for possible prosecution of the suspected fraud.
Ensure that the entire data set is tested.
- A . 1 and 2.
- B . 1 and 3.
- C . 2 and 3.
- D . 2 and 4.
What is the primary benefit to the internal audit activity for undertaking an internal quality assessment?
- A . To help the internal audit activity complete its annual assurance plan.
- B . To identify inefficiencies within the internal audit team.
- C . To help improve the overall quality of the internal audit activity’s work.
- D . To identify key risks and areas of concern within the organization.
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 results of self-assessments with independent external validation are shared with the board upon completion, and monitoring of recommended improvements must be reported monthly.
- C . 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.
- D . The requirements for reporting quality assessment results are the same for external assessments and self-assessments with independent external validation.
A large sales organization maintains a system of internal control according to the COSO model and has updated its code of conduct.
This change relates to which component of the COSO framework?
- A . Control activities.
- B . Information and communication.
- C . Commitment.
- D . Control environment.
Which of the following techniques would provide the most compelling evidence that a safety hazard exists within a manufacturing facility?
- A . Observation of the facility during operations.
- B . Questioning of facility management, including the facility safety officer.
- C . Analysis of facility operating reports, focusing on instances when breakdowns occurred.
- D . Review of records involving safety violations, filed by facility production employees.
An IT contractor applied for an internal audit position at a bank. The contractor worked for the bank’s IT security manager two years ago.
If the audit manager interviewed the contractor and wants to extend a job offer, which of the following actions should the chief audit executive pursue?
- A . Allow the audit manager to hire the contractor and state that the individual is free to perform IT audits, including security.
- B . Not allow the audit manager to hire the contractor, as it would be a conflict of interest.
- C . Allow the audit manager to hire the contractor, but state that the individual is not allowed to work on IT security audits for one year.
- D . Not allow the audit manager to hire the contractor and ask the individual to apply again in one year.
A new internal audit activity is creating its first charter.
According to IIA guidance, which of the following objectives would be appropriate for inclusion in the charter?
- A . Continuously monitor the organization’s overall risk activities in relation to its risk appetite.
- B . Evaluate the adequacy and effectiveness of the organization’s governance activities.
- C . Oversee the establishment and administration of an effective risk management program.
- D . Assist management in implementing recommended control improvements.
An internal audit charter, approved by the board, restricts the internal audit activity to providing assurance only on the reliability of financial information and the effectiveness of internal accounting controls.
Which of the following statements is true regarding the extent to which the external auditor may rely on the internal audit activity’s work?
- A . The external auditor may make full use of the work, as the audit charter is very specific as to the work the internal audit activity may undertake.
- B . The external auditor may use the work, as the board has approved the charter, thus taking responsibility for any deficiencies.
- C . The external auditor must disregard the work, as the scope of the charter may introduce bias and result in a lack of due professional care.
- D . The external auditor may use the work with caution, due to the internal audit activity’s scope and responsibility restrictions.
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 . Higher inventory turnover.
- B . Higher operating margin.
- C . Lower obsolete stock disposal.
- D . Lower sales volume.
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