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IIA IIA-ACCA PDF Questions - Exceptional Practice To ACCA CIA Challenge Exam
IIA IIA-ACCA Exam Syllabus Topics:
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NEW QUESTION 157
Unsecured loans are loans:
- A. Granted on the basis of a company's credit standing.
- B. That do not have to be repaid for over one year.
- C. Backed by mortgaged assets.
- D. That appear to be too risky for most lenders to consider.
Answer: A
NEW QUESTION 158
Which of the following best illustrates the primary focus of a risk-based approach to control self-assessment?
- A. To evaluate controls regarding the computer security of an oil refinery.
- B. To examine the processes involved in exploring, developing, and operating a gold mine.
- C. To link a financial institution's business objectives to a work unit responsible for the associated risk.
- D. To assess the likelihood and impact of events associated with operating a finished goods warehouse.
Answer: D
NEW QUESTION 159
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. Allow the audit manager to hire the contractor and state that the individual is free to perform IT audits, including security.
- B. Allow the audit manager to hire the contractor, but state that the individual is not allowed to work on IT security audits for one year.
- C. Not allow the audit manager to hire the contractor and ask the individual to apply again in one year.
- D. Not allow the audit manager to hire the contractor, as it would be a conflict of interest.
Answer: A
NEW QUESTION 160
While reviewing the contracts for a large city, the internal auditor learns that the organization contracted to perform trash collection is paid based on the number of bins emptied each week As a result, the city has minimal control over payments Which of the following actions should the auditor recommend to give the city greater control over payments?
- A. Require that the contractor provide supervisory review of the number of bins emptied each day
- B. Assign a city employee to verify the number of bins emptied each day
- C. Renegotiate a lump-sum contract when the contract is up for renewal
- D. Change the contract so payment is based on the distances traveled by the contractor during collection.
Answer: C
NEW QUESTION 161
An organization needs to borrow a large amount of cash to fund its expansion plan. Which of the following annual interest rates is least expensive?
- A. 7 percent discount interest.
- B. 7 percent compounding interest.
- C. 7 percent simple interest with a 10 percent compensating balance.
- D. 7 percent simple interest paid at the end of each year.
Answer: D
NEW QUESTION 162
Which of the following options is the most cost-effective and efficient way for internal auditors to keep current with the latest developments in the internal audit profession?
- A. Attending annual professional conferences and seminars.
- B. Maintaining membership in The HA and similar professional organizations and subscribing to relevant email updates or news feeds.
- C. Pursuing as many professional certifications as possible.
- D. Participating in on-the-job training in various departments of the organization.
Answer: B
NEW QUESTION 163
Which of the following is an example of an application control?
- A. Formatted data fields
- B. User testing of system changes
- C. Automated password change requirements
- D. System data backup process
Answer: A
NEW QUESTION 164
Which of the following is useful for forecasting the required level of inventory?
1. Statistical modeling.
2. Information about seasonal variations in demand.
3. Knowledge of the behavior of different business cycles.
4. Pricing models linked to seasonal demand.
- A. 1, 2, 3, and 4
- B. 2 and 3 only
- C. 1 and 2 only
- D. 1, 2, and 3 only
Answer: D
NEW QUESTION 165
An organization is projecting sales of 100,000 units, at a unit price of $12. Unit variable costs are $7. If fixed costs are $350,000, what is the projected total contribution margin?
- A. $350,000
- B. $850,000
- C. $500,000
- D. $1,200,000
Answer: C
NEW QUESTION 166
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. 1, 2, and 4 only
- B. 1 and 4 only
- C. 2, 3, and 4 only
- D. 2 and 3 only
Answer: B
NEW QUESTION 167
According to the Standards, which of the following is based on the assertion that the quality of an organization's risk management process should improve with time?
- A. Maturity model.
- B. Key principles.
- C. Process element.
- D. Assurance.
Answer: A
NEW QUESTION 168
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. 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.
- D. Consult with legal and operational management in each affected country to ensure the final version can be implemented globally, following audit committee approval.
Answer: D
NEW QUESTION 169
An organization accumulated the following data for the prior fiscal year:
Value of
Percentage of
Quarter
Output Produced
Cost X
1
$4,750,000
2.9
2
$4,700,000
3.0
3
$4,350,000
3.2
4
$4,000,000
3.5
Based on this data, which of the following describes the value of Cost X in relation to the value of Output Produced?
- A. Cost X is a variable cost.
- B. Cost X is a fixed cost.
- C. Cost X is a semi-fixed cost.
- D. Cost X and the value of Output Produced are unrelated.
Answer: B
NEW QUESTION 170
An audit identified a number of weaknesses in the configuration of a critical client/server system. Although some of the weaknesses were corrected prior to the issuance of the audit report, correction of the rest will require between 6 and 18 months for completion. Consequently, management has developed a detailed action plan, with anticipated completion dates, for addressing the weaknesses. What is the most appropriate course of action for the chief audit executive to take?
- A. Assess the effectiveness of corrections by reviewing statistics related to unplanned system outages, and denials of service.
- B. Assess the status of corrective action during a follow-up audit engagement after the action plan has been completed.
- C. Reassign information systems auditors to assist in implementing management's action plan.
- D. Evaluate the ability of the action plan to correct the weaknesses and monitor key dates and deliverables.
Answer: D
NEW QUESTION 171
When establishing a quality assurance and improvement program, the chief audit executive should ensure the program is designed to accomplish which of the following objectives?
1. Add value.
2. Improve operations.
3. Provide assurance that the internal audit activity conforms with the Standards.
4. Provide assurance that the internal audit activity conforms with the IIA Code of Ethics.
- A. 1 and 3 only
- B. 1 only
- C. 1, 2, 3, and 4
- D. 1 and 2 only
Answer: C
NEW QUESTION 172
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