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IIA IIA-ACCA Exam With Confidence Using Practice Dumps

Exam Code:
IIA-ACCA
Exam Name:
ACCA CIA Challenge Exam
Certification:
Vendor:
Questions:
604
Last Updated:
Jul 17, 2025
Exam Status:
Stable
IIA IIA-ACCA

IIA-ACCA: CIA Challenge Exam Exam 2025 Study Guide Pdf and Test Engine

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ACCA CIA Challenge Exam Questions and Answers

Question 1

Due to price risk from the foreign currency purchase of aviation fuel, an airliner has purchased forward contracts to hedge against fluctuations in the exchange rate. When recalculating the exchange losses from individual purchases of jet fuel, which of the following details does the internal auditor need to validate?

1. The hedge documentation designating the hedge.

2. The spot exchange rate on the transaction date.

3. The terms of the forward contract.

4. The amount of fuel purchased.

Options:

A.

1 and 2

B.

1 and 4

C.

2 and 3

D.

3 and 4

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Question 2

An internal audit charter, approved by the board, restricts the internal audit activity to providing assurance only on the reliability of financial information and the effectiveness of internal accounting controls. Which of the following statements is true regarding the extent to which the external auditor may rely on the internal audit activity's work?

Options:

A.

The external auditor may make full use of the work, as the audit charter is very specific as to the work the internal audit activity may undertake.

B.

The external auditor may use the work, as the board has approved the charter, thus taking responsibility for any deficiencies.

C.

The external auditor must disregard the work, as the scope of the charter may introduce bias and result in a lack of due professional care.

D.

The external auditor may use the work with caution, due to the internal audit activity's scope and responsibility restrictions.

Question 3

An auditor in charge was reviewing the workpapers submitted by a newly hired internal auditor. She noted that the new auditor's analytical work did not include any rating or quantification of the risk assessment results, and she returned the workpapers for correction. Which section of the workpapers will the new auditor need to modify?

Options:

A.

Condition section.

B.

Criteria section.

C.

Effect section.

D.

Cause section.