Iia exams lab exactprep Iia-acca Questions by Ocean q483 vce pdf

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Exam Name:	ACCA CIA Challenge Exam
Exam Code:	IIA-ACCA Dumps
Vendor:	IIA	Certification:	CIA Challenge Exam
Questions:	604 Q&A's	Shared By:	ocean

Question 12

An internal control questionnaire would be most appropriate in which of the following situations?

Options:

Testing controls where operating procedures vary.

Testing controls in decentralized offices.

Testing controls in high risk areas.

Testing controls in areas with high control failure rates.

Discussion

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Question 13

The chief audit executive of a medium-sized financial institution is evaluating the staffing model of the internal audit activity (IAA). According to IIA guidance, which of the following are the most appropriate strategies to maximize the value of the current IAA resources?

• The annual audit plan should include audits that are consistent with the skills of the IAA.

• Audits of high-risk areas of the organization should be conducted by internal audit staff.

• External resources may be hired to provide subject-matter expertise but should be supervised.

• Auditors should develop their skills by being assigned to complex audits for learning opportunities.

Options:

1 and 2 only

1 and 4 only

2 and 3 only

3 and 4 only

Discussion

Question 14

An internal auditor submitted a report containing recommendations for management to enhance internal controls related to investments. To follow up, which of the following is the most appropriate action for the internal auditor to take?

Options:

Observe corrective measures.

Seek a management assurance declaration.

Follow up during the next scheduled audit.

Conduct appropriate testing to verify management responses.

Discussion

Question 15

An internal auditor is conducting an assessment of the purchasing department. She has worked the full amount of hours budgeted for the engagement; however, the audit objectives are not yet complete. According to IIA guidance, which of the following are appropriate options available to the chief audit executive?

1. Allow the auditor to decide whether to extend the audit engagement.

2. Determine whether the work already completed is sufficient to conclude the engagement.

3. Provide the auditor feedback on areas of improvement for future engagements.

4. Provide the auditor with instructions and directions to complete the audit.

Options:

1, 2, and 3

1, 2, and 4

1, 3, and 4

2, 3, and 4

Discussion

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