Iia itexams cia Challenge Exam Iia-acca Dumps Pdf by Leilani q121 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:	leilani

Question 56

Reviewing prior audit reports and supporting workpapers before an engagement starts enables an internal auditor to do which of the following?

1. To understand better the activity and processes that will be audited.

2. To identify the audit procedures that will be used during the engagement.

3. To ensure that matters of greatest vulnerability will be addressed.

4. To use the information obtained as evidence in the current engagement.

Options:

4 only

1 and 3 only

1 and 4 only

2, 3, and 4 only

Discussion

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Question 57

An internal auditor completed an audit of a bank's loan department and found all significant risks to be managed adequately through effective internal controls. Which of the following would be an appropriate conclusion to report to management?

Options:

The residual risk is lower than or equal to the risk appetite.

The residual risk is higher than or equal to the risk appetite.

The inherent risk is lower than or equal to the risk tolerance.

The inherent risk is higher than or equal to the risk tolerance.

Discussion

Question 58

According to The IIA's Code of Ethics, which of the following statements is true?

Options:

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.

When an internal auditor limits the scope of the audit engagement after learning that management is hiding relevant information, he demonstrates integrity.

When an internal auditor disagrees with the treatment received by workers in the organization's foreign subsidiary and alters the audit program to highlight the issue, he fails to demonstrate objectivity.

When an internal auditor continues with an audit engagement, despite the audit client's claims that the work performed is unnecessary and redundant he fails to demonstrate competency.

Discussion

Question 59

Which of the following is most likely to be considered a control weakness?

Options:

Vendor invoice payment requests are accompanied by a purchase order and receiving report.

Purchase orders are typed by the purchasing department using prenumbered forms.

Buyers promptly update the official vendor listing as new supplier sources become known.

Department managers initiate purchase requests that must be approved by the plant superintendent.

Discussion

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