IIA Updated IIA-ACCA Exam Questions and Answers by cillian

Internal assessments are conducted to benchmark the internal audit activity's performance against industry best practices.

Internal assessments must be performed at least once every five years by a qualified assessor.

An internal auditor may perform a peer review of a colleague's workpapers, as long as the auditor wasn't involved in the audit under review.

Follow-up to ensure appropriate improvements are implemented is a recommended, but not mandatory, element of internal assessments.

Resisting both internal and external distractions.

Waiting to review key concepts until the speaker has finished talking.

Tuning out messages that do not seem to fit the meeting purpose.

Factoring in biases in order to evaluate the information being given.

Systems-based preventive control.

People-based preventive control.

Systems-based detective control.

People-based detective control.

The extent to which management judgments are required in an area could serve as a risk factor in assisting the auditor in making a comparative risk analysis.

The highest risk assessment should always be assigned to the area with the largest potential loss.

The highest risk assessment should always be assigned to the area with the highest probability of occurrence.

Risk analysis must be reduced to quantitative terms in order to provide meaningful comparisons across an organization.