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ACCA CIA Challenge Exam Questions and Answers

Question 5

An organization's board would like to establish a formal risk management function and has asked the chief audit executive (CAE) to be involved in the process. According to IIA guidance, which of the following roles should the CAE not undertake?

Options:

Manage and coordinate risk management processes.

Audit risk management processes.

Become involved in risk oversight committees, monitoring activities, and status reporting.

Accept management's responsibility for risk management without board approval.

Question 6

After the team member who specialized in fraud investigations left the internal audit team, the chief audit executive decided to outsource fraud investigations to a third party service provider on an as needed basis. Which of the following is most likely to be a disadvantage of this outsourcing decision?

Options:

Cost.

Independence.

Familiarity.

Flexibility.

Question 7

According to IIA guidance, which of the following statements best justifies a chief audit executive's request for external consultants to complement internal audit activity (IAA) resources?

Options:

The organization's audit universe is extensive and diverse.

There has been an increase in unanticipated requests for advisory work.

Previous work provided by the external service provider has been of great quality and value.

A recent benchmarking study found that using external service providers is a common practice of similarly-sized IAAs in other organizations.

Question 8

During an assurance engagement, an internal auditor discovered that a sales manager approved numerous sales contracts for values exceeding his authorization limit. The auditor reported the finding to the audit supervisor, noting that the sales manager had additional new contracts under negotiation. According to IIA guidance, which of the following would be the most appropriate next step?

Options:

The audit supervisor should include the new contracts in the finding for the final audit report.

The audit supervisor should communicate the finding to the supervisor of the sales manager through an interim report.

The audit supervisor should remind the sales manager of his authority limit for the contracts under negotiation.

The auditor should not reference the new contracts, because they are not yet signed and therefore cannot be included in the final report.

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ACCA CIA Challenge Exam Questions and Answers

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