IIA IIA-ACCA ACCA CIA Challenge Exam Online Training
IIA IIA-ACCA Online Training
The questions for IIA-ACCA were last updated at May 10,2025.
- Exam Code: IIA-ACCA
- Exam Name: ACCA CIA Challenge Exam
- Certification Provider: IIA
- Latest update: May 10,2025
If appropriate safeguards exist, which of the following is considered a legitimate internal audit role within risk management at an organization?
- A . Imposing risk management processes.
- B . Providing consolidated reporting on risks.
- C . Taking accountability for risk management.
- D . Making decisions on risk responses.
According to COSO, which of the following describes a principle related to the control environment?
- A . The organization identifies and assesses changes that could significantly impact the system of internal control.
- B . The organization establishes appropriate authorities and responsibilities in the pursuit of objectives.
- C . The organization selects and develops control activities that contribute to the mitigation of risks.
- D . The organization performs evaluations to ascertain whether internal control components are present and functioning.
The manager for an organization’s accounts payable department resigned her post in that capacity. Three months later, she was recruited to the internal audit activity and has been working with the audit team for the last eight months.
Which of the following assignments would the newly hired internal auditor be able to execute without any impairments to independence or objectivity?
- A . An operations audit of the accounts payable department.
- B . A consulting engagement related to a new accounts payable optimization initiative.
- C . A review of the employees’ sports club finances, which are overseen by the chief audit executive.
- D . An assurance review for a sales program on which she previously provided consultation.
A chief audit executive (CAE) is reviewing the internal audit activity’s performance and is concerned that the average number of revisions to findings is steadily rising, making it increasingly difficult to trace the finding to the supporting evidence and workpapers.
According to MA guidance, which of the following elements of the internal audit activity’s quality assurance and improvement program would provide the CAE with the most helpful insight into the cause of this problem?
- A . The overall effectiveness of the internal audit activity’s periodic self assessments.
- B . The type of audit productivity and performance statistics reported.
- C . The adequacy of the day-to-day supervision and review process.
- D . The scope and frequency of external assessments.
Which of the following is most likely to be considered a control weakness?
- A . Vendor invoice payment requests are accompanied by a purchase order and receiving report.
- B . Purchase orders are typed by the purchasing department using prenumbered forms.
- C . Buyers promptly update the official vendor listing as new supplier sources become known.
- D . Department managers initiate purchase requests that must be approved by the plant superintendent.
A new director was hired to lead the internal audit activity at a small start-up company.
Which of the following assignments would impair the director’s independence?
- A . Preparing the financial statements for the company’s defined contribution plan.
- B . Performing a pre-implementation review of the company’s payroll application.
- C . Providing the COBIT framework as a possible IT management tool.
- D . Reviewing the company’s policy for foreign currency translation adjustments for compliance with accounting standards.
A credit card company detects potential errors in credit card numbers by checking whether all entered numbers contain the correct amount of digits.
This is an example of which of the following IT controls?
- A . Logic test.
- B . Check digits.
- C . Data integrity tests.
- D . Balancing control activities.
According to IIA guidance, the results of a formal quality assessment should be reported to which of the following groups?
- A . The audit committee and senior management.
- B . The audit committee and the external auditors.
- C . Senior management and management of the audited area.
- D . Senior management and the external auditors.
Which of the following documents is most appropriate in promoting the objectivity of the internal audit activity?
- A . Usage of IT system policy.
- B . Risk management framework.
- C . Acceptance of gifts policy.
- D . Personal responsibility policy.
An organization decides to take no action on one of its financial risks because the cost of implementing the control outweighs the value of the asset being protected.
Which of the following best describes this risk strategy?
- A . Risk avoidance.
- B . Risk-benefit analysis.
- C . Risk sharing.
- D . Risk acceptance.
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