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Free IIA-ACCA Exam Braindumps (page: 39)

Page 39 of 152
PDF with 604 Questions

In which of the following scenarios would the chief audit executive (CAE) be required to decline the assignment?

  1. The CAE would need to procure external services to deliver the internal audit assurance program.
  2. There is no expertise within the internal audit team for detecting and investigating fraud.
  3. There is no expertise within the internal audit team for auditing an IT engagement.
  4. There is no available expertise on the internal audit team to perform a consulting engagement.

Answer(s): B



According to The IIA's Code of Ethics, which of the following statements is true?

  1. When an internal auditor releases required information to a regulator, resulting in a significant loss through fines and penalties for the organization, he fails to add value.
  2. When an internal auditor limits the scope of the audit engagement after learning that management is hiding relevant information, he demonstrates integrity.
  3. When an internal auditor disagrees with the treatment received by workers in the organization's foreign subsidiary and alters the audit program to highlight the issue, he fails to demonstrate objectivity.
  4. When an internal auditor continues with an audit engagement, despite the audit client's claims that the work performed is unnecessary and redundant he fails to demonstrate competency.

Answer(s): C



While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditor's relative.
Which course of action should the auditor take?

  1. Proceed with the audit engagement, but do not include the relative's information.
  2. Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.
  3. Disclose in the engagement final communication that the relative is a customer.
  4. Immediately withdraw from the audit engagement.

Answer(s): B



According to IIA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the internal audit activity?

  1. CAE reviews and approves the annual audit plan.
  2. CAE meets privately with The CEO at least annually.
  3. CAE meets privately with The board at least annually.
  4. CAE reports to the board regarding audit staff performance evaluation and compensation.

Answer(s): D



Page 39 of 152



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Jeelzs commented on June 25, 2024
Awesome indeed
Anonymous
upvote