IIA-ACCA

According to The IIA's Code of Ethics, which of the following statements is true?A . When an internal auditor releases required information to a regulator, resulting in a significant loss through fines and penalties for the organization, he fails to add value.B . When an internal auditor limits the scope...

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 would be the most appropriate first step for the board to take when developing an effective system of governance?A . Determine the organization's overall risk appetite.B . Establish a governance committee.C . Delegate authority to members of senior management.D . Identify key stakeholders and their expectations.View...

According to the COSO enterprise risk management (ERM) framework, which of the following is not part of the new paradigm in ERM?A . Assessing the risk factors.B . Aligning risk appetite and strategy.C . Enhancing risk response decisions.D . Reducing operational surprises and losses.View AnswerAnswer: A

According to IIA guidance, which of the following should be formally documented in the internal audit charter?A . The internal audit activity's responsibility for imposing risk management processes.B . The internal audit activity's responsibility for the organization's governance framework.C . The nature of consulting services provided by the internal audit...

Which of the following actions best demonstrates that an internal auditor is exercising due professional care?A . The auditor performs thorough reviews and provides absolute assurance of regulatory compliance.B . The auditor is alert to the possibility of fraud and activities where irregularities are most likely to occur.C . The...

In which of the following scenarios would the chief audit executive (CAE) be required to decline the assignment?A . The CAE would need to procure external services to deliver the internal audit assurance program.B . There is no expertise within the internal audit team for detecting and investigating fraud.C ....

According to IIA guidance, which of the following statements is true when an internal auditor performs consulting services that improve an organization's operations?A . The services must be aligned with those defined in the internal audit charter.B . The services must not be performed by the same internal auditor who...

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 ....

Which of the following activities is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?A . Planning an engagement of the area in which fraud is suspected.B . Employing audit tests to detect fraud.C . Interrogating a suspected fraudster.D . Completing...