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Free IIA-ACCA Exam Braindumps
ACCA CIA Challenge Exam Questions 131–135 (page: 28)

Updated On: 9-Feb-2026
Page 28 of 122
PDF with 604 Questions

Which of the following best describes the details that must be included in the quality assurance and improvement program (QAIP) report to senior management and the board?

  1. The scope and frequency of internal and external assessments as well as the qualifications and independence of the assessor.
  2. The scope and cost of the QAIP. frequency of internal and external assessments, and conclusions of the assessor.
  3. The scope, findings, risks, recommendations, and agreed-upon improvement actions.
  4. The number and types of people involved in the assessment, costs, and duration of the QAIP

Answer(s): C



Which of the following situations is most likely to impair internal audit objectivity?

  1. An internal auditor reports both functionally and administratively to the chief financial officer (CFO).
  2. An internal auditor, who was an accounts receivable intern for the organization three years prior, performs an audit of the accounts receivable cycle.
  3. According to policy, the internal auditor must obtain approval from the CFO prior to requesting information for internal audit purposes.
  4. An internal auditor performs an audit in a department that is led by the auditor's close friend.

Answer(s): D



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?

  1. 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.
  2. The external auditor may use the work, as the board has approved the charter, thus taking responsibility for any deficiencies.
  3. 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.
  4. The external auditor may use the work with caution, due to the internal audit activity's scope and responsibility restrictions.

Answer(s): D



In the area of business acumen, which of the following competencies would be the sole responsibility of an internal audit staff member?

  1. Maintaining industry-specific knowledge appropriate to the organization.
  2. Assessing how IT contributes to organization objectives, risks, and relevance to audit.
  3. Maintaining technical aspects of accounting standards and reporting processes.
  4. Understanding regulatory and legal framework and assessing its relevance.

Answer(s): D



The security department uncovered what appears to be a complex fraud in the accounting department. The CEO has requested the internal audit activity to investigate the fraud. If the internal audit staff lacks the expertise to conduct the investigation, how should the chief audit executive proceed?

  1. Disclose the deficiency, and request that the investigation be reassigned to the first line of defense.
  2. Proceed with the investigation, as internal auditors are not required to have fraud expertise.
  3. Outsource the sensitive investigation to a third-party consultant with fraud expertise.
  4. Select a member of the accounting department who is not involved in the fraud to join the investigation team in a consulting capacity.

Answer(s): C



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