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IIA-ACCA Exam Dumps : ACCA CIA Challenge Exam

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IIA IIA-ACCA Exam Dumps FAQs

Q. # 1: What is the IIA IIA-ACCA Exam?

The IIA IIA-ACCA Exam is a certification exam designed to validate the knowledge and skills of internal auditors. It is a collaboration between the Institute of Internal Auditors (IIA) and the Association of Chartered Certified Accountants (ACCA).

Q. # 2: Who should take the IIA IIA-ACCA Challenge Exam?

The IIA IIA-ACCA exam is ideal for ACCA (Association of Chartered Certified Accountants) members who possess relevant internal audit experience. It allows them to bypass the three-part CIA (Certified Internal Auditor) exam and earn the prestigious CIA designation.

Q. # 3: What topics are covered in the IIA IIA-ACCA Exam?

The IIA IIA-ACCA exam focuses on The IIA's International Standards for the Professional Practice of Internal Auditing (Standards) and essential internal audit concepts like:

  • Internal Control
  • Risk Management
  • Governance
  • Internal Audit Methodology
  • Technology Audit

Q. # 4: How many questions are on the IIA IIA-ACCA Exam?

The IIA IIA-ACCA exam consists of 150 multiple-choice questions.

Q. # 5: How long does it take to complete the IIA IIA-ACCA Exam?

The IIA IIA-ACCA exam duration is 3 hours.

Q. # 6: What is the passing score for the IIA IIA-ACCA Exam?

The passing score for the IIA IIA-ACCA exam is 70%.

Q. # 7: What is the difference between IIA IIA-ACCA and IIA-CHAL-QISA Exams?

The IIA IIA-ACCA Exam and the IIA-CHAL-QISA Exam are both pathways to earn the Certified Internal Auditor (CIA) designation, but they cater to different professional backgrounds:

  • IIA IIA-ACCA Exam: The IIA IIA-ACCA Exam focuses on internal auditing standards and practices that are not covered in the ACCA curriculum. It is tailored for ACCA members, enabling them to earn the CIA designation by proving their expertise in areas specific to internal auditing.
  • IIA IIA-CHAL-QISA Exam: The IIA IIA-CHAL-QISA Exam is designed for Certified Information Systems Auditors (CISA) and covers internal auditing standards and practices not included in the CISA curriculum. It allows CISA holders to leverage their existing knowledge while gaining specialized internal auditing skills to earn the CIA designation.

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ACCA CIA Challenge Exam Questions and Answers

Question 1

During an audit of the accounts receivable (AR) process, an internal auditor noted that reconciliations are still not performed regularly by the AR staff, a recommendation that was made following a previous audit. Monitoring by the financial reporting function has failed to detect the shortcoming. Both the financial reporting function and AR report to the controller, who is responsible for implementing action plans. Which of the following supports the internal auditor's decision to combine both observations into one reported finding?

Options:

A.

The observation was made during the same audit, and the action plan has a common owner.

B.

The observation relates to the same control activity within a common process.

C.

The observation has a common control, and it was noted in a prior audit.

D.

The observation has a common process, and the action plan for the observation has a common owner.

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Question 2

According to IIA guidance, which of the following would not be a consideration for the internal audit activity (IAA) when determining the need to follow-up on recommendations?

Options:

A.

Degree of effort and cost needed to correct the reported condition.

B.

Complexity of the corrective action.

C.

Impact that may result should the corrective action fail.

D.

Amount of resources required to conduct the follow-up activities.

Question 3

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.