[Jan-2022] IIA IIA-ACCA Exam Practice Test Questions - UpdateDumps
Updated Certification Exam IIA-ACCA Dumps - Practice Test Questions
IIA IIA-ACCA Exam Syllabus Topics:
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NEW QUESTION 80
Which of the following statements accurately describes the responsibility of the internal audit activity (IAA) regarding IT governance?
1. The IAA does not have any responsibility because IT governance is the responsibility of the board and senior management of the organization.
2. The IAA must assess whether the IT governance of the organization supports the organization's strategies and objectives.
3. The IAA may assess whether the IT governance of the organization supports the organization's strategies and objectives.
4. The IAA may accept requests from management to perform advisory services regarding how the IT governance of the organization supports the organization's strategies and objectives.
- A. 2 and 4
- B. 1 only
- C. 4 only
- D. 3 and 4
Answer: A
NEW QUESTION 81
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 acceptance.
- C. Risk sharing.
- D. Risk-benefit analysis.
Answer: B
NEW QUESTION 82
Which of the following is not a barrier to effective communication?
- A. Similar frames of reference.
- B. Filtering.
- C. Communication overload.
- D. Lack of source credibility.
Answer: A
NEW QUESTION 83
Which of the following components should be included in an audit finding?
1. The scope of the audit.
2. The standard(s) used by the auditor to make the evaluation.
3. The engagement's objectives.
4. The factual evidence that the internal auditor found in the course of the examination.
- A. 2 and 4
- B. 1 and 2
- C. 1 and 3 only
- D. 1, 3, and 4
Answer: A
NEW QUESTION 84
Which of the following best explains why integrity is a necessary personal quality for internal auditors at all levels?
- A. Internal auditor integrity enables the internal audit activity to be able to demonstrate independence.
- B. Internal auditor integrity enables stakeholders to constantly question the work of the internal audit activity.
- C. Internal auditor integrity enables users of internal auditors' work to make important business decisions.
- D. Internal auditor integrity enables the internal auditor to avoid being challenged by any party in the organization.
Answer: C
NEW QUESTION 85
An organization had three large centralized divisions: one that received customer orders for service work; one that scheduled the service work at customer locations; and one that answered customer calls about service problems. These three divisions were restructured into seven regional groups, each of which performed all three functions. One advantage of this restructuring would be:
- A. Increased specialization.
- B. Improved work flow.
- C. Greater economies of scale.
- D. Better internal controls.
Answer: B
NEW QUESTION 86
An organization invests its savings in a volatile stock with the potential for high gains rather than a mutual fund with a lower expected return and lower volatility. This best describes which of the following risk concepts?
- A. Risk tolerance.
- B. Risk capacity.
- C. Risk appetite.
- D. Risk identification.
Answer: A
NEW QUESTION 87
The audit committee of a global corporation has mandated a change in the organization's business ethics policy. Which of the following approaches describes the best way to accomplish the policy's diffusion worldwide?
- A. Introduce the policy region by region, using any lessons learned to change the subsequent version of the policy for the next area.
- B. Deploy the policy in the corporate headquarters' language, so everyone gets an unfiltered version simultaneously.
- C. Consult with legal and operational management in each affected country to ensure the final version can be implemented globally, following audit committee approval.
- D. Send the board-approved version of the policy to each country's senior leadership, and empower them to tailor the policy to the local language and culture.
Answer: C
NEW QUESTION 88
In terms of international business strategy, which of the following is true regarding a multi-domestic strategy?
- A. It provides cost advantages, improves coordinated activities, and speeds product development.
- B. It centralizes control with little decision-making authority given to the local level.
- C. It uses the same products in all countries.
- D. It is an effective strategy when large differences exist between countries.
Answer: D
NEW QUESTION 89
Which of the following purchasing scenarios would gain the greatest benefit from implementing electronic data interchange?
- A. A time-sensitive just-in-time purchase environment.
- B. A currently inefficient purchasing process.
- C. A variable volume sensitive to material cost.
- D. A large volume of custom purchases.
Answer: A
NEW QUESTION 90
According to MA guidance on IT. which of the following would be considered a primary control for a spreadsheet to help ensure accurate financial reporting?
- A. Check-in and check-out software is used to control versions.
- B. The spreadsheet is stored on a network server that is backed up daily.
- C. The purpose and use of the spreadsheet are documented.
- D. Formulas and static data are locked or protected.
Answer: D
NEW QUESTION 91
Which of the following statements is in accordance with COBIT?
1. Pervasive controls are general while detailed controls are specific.
2. Application controls are a subset of pervasive controls.
3. Implementation of software is a type of pervasive control.
4. Disaster recovery planning is a type of detailed control.
- A. 2, 3, and 4 only
- B. 1, 2, and 4 only
- C. 2 and 3 only
- D. 1 and 4 only
Answer: D
NEW QUESTION 92
Which of the following activities most significantly increases the risk that a bank will make poor-quality loans to its customers?
- A. Borrowers may not sign all required mortgage loan documentation.
- B. Loan officers may override the lending criteria established by senior management.
- C. Fees paid by the borrower at the time of the loan may not be deposited in a timely manner.
- D. The bank's loan documentation may not meet the government's disclosure requirements.
Answer: B
NEW QUESTION 93
Which of the following data analytics tools would be applied by an internal audit activity positioned at the lowest level of maturity?
- A. Spreadsheets.
- B. Data visualization applications.
- C. Workflow and data capture technology
- D. Software integrated with central data warehouse
Answer: A
NEW QUESTION 94
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 number of audits from the annual internal audit plan that were completed last year.
- B. The amount of the organization's potential loss prevented by the risk-based auditing of the internal audit activity.
- C. The qualifications and independence of the assessment Team.
- D. The internal audit activity's plan for resource allocation.
Answer: B
NEW QUESTION 95
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