IIA-ACCA IIA Exam Lab Questions

ACCA CIA Challenge Exam Questions and Answers

Question 33

According to IIA guidance, which of the following best describes internal auditors' responsibility regarding fraud?

Options:

Internal auditors should take a leading role in investigating all fraud-related cases.

Internal auditors must have sufficient knowledge to evaluate the risk of fraud.

Internal auditors should report all fraud cases to law enforcement agents, in accordance with the Code of Ethics.

Internal auditors are responsible for ensuring that fraud does not occur.

Question 34

A chief audit executive (CAE) is selecting an internal audit team to perform an audit engagement that requires a high level of knowledge in the areas of finance, investment portfolio management, and taxation. If neither the CAE nor the existing internal audit staff possess the required knowledge, which of the following actions should the CAE take?

Options:

Postpone the audit until the CAE hires internal audit staff with the required knowledge.

Ask the audit committee to decide the course of action.

Select the most experienced auditors in the department to perform the engagement.

Hire consultants who possess the required knowledge to perform the engagement.

Question 35

According to IIA guidance, when preparing the charter for the internal audit activity, the chief audit executive (CAE), board, and senior management should agree on which of the following?

1. The standards to be used by the internal audit activity.

2. The internal audit activity's code of ethics.

3. The CAE's reporting line.

4. The internal audit activity's responsibilities.

Options:

4 only.

1 and 2 only.

3 and 4.

1,2, and 3.

Question 36

According to IIA guidance, which of the following statements is true when an internal auditor performs consulting services that improve an organization's operations?

Options:

The services must be aligned with those defined in the internal audit charter.

The services must not be performed by the same internal auditor who performed assurance services, in order to maintain objectivity.

The services may preclude assurance services from the consulting engagement.

The services impose no responsibility to communicate information other than to the engagement client.

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ACCA CIA Challenge Exam Questions and Answers

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