Free IIA-ACCA Exam Braindumps
ACCA CIA Challenge Exam Questions 216–220 (page: 45)

According to IIA guidance, which of the following statements are true regarding the internal audit plan?
1. The audit plan is based on an assessment of risks to the organization.
2. The audit plan is designed to determine the effectiveness of the organization's risk management process.

3. The audit plan is developed by senior management of the organization.
4. The audit plan is aligned with the organization's goals.

An internal auditor is assessing the organization's risk management framework.
Which of the following formulas should he use to calculate the residual risk?



A)



B)



C)



D)

Which of the following statements is false regarding roles and responsibilities pertaining to risk management and control?

Which of the following should be included in a privacy audit engagement?

1. Assess the appropriateness of the information gathered.
2. Review the methods used to collect information.
3. Consider whether the information collected is in compliance with applicable laws.
4. Determine how the information is stored.

Due to price risk from the foreign currency purchase of aviation fuel, an airliner has purchased forward contracts to hedge against fluctuations in the exchange rate.
When recalculating the exchange losses from individual purchases of jet fuel, which of the following details does the internal auditor need to validate?
1. The hedge documentation designating the hedge.
2. The spot exchange rate on the transaction date.
3. The terms of the forward contract.
4. The amount of fuel purchased.