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Free IIA-ACCA Exam Braindumps
ACCA CIA Challenge Exam Questions 286–290 (page: 59)

Updated On: 9-Feb-2026
Page 59 of 122
PDF with 604 Questions

According to IIA guidance, which of the following is least likely to be a key financial control in an organization's accounts payable process?

  1. Require the approval of additions and changes to the vendor master listing, where the inherent risk of false vendors is high.
  2. Monitor amounts paid each period and compare them to the budget to identify potential issues.
  3. Compare employee addresses to vendor addresses to identify potential employee fraud.
  4. Monitor customer quality complaints compared to the prior period to identify vendor issues.

Answer(s): D



Which of the following is an appropriate role for the internal audit activity with regard to the organization's risk management program?

  1. Identify and manage risks in line with the organization's risk appetite.
  2. Ensure that a proper and effective risk management process exists.
  3. Attain an adequate understanding of the organization's key risk mitigation strategies.
  4. Identify and ensure that appropriate controls exist to mitigate risks.

Answer(s): C



Which of the following would not be a typical activity for the chief audit executive to perform following an audit engagement?

  1. Report follow-up activities to senior management.
  2. Implement follow-up procedures to evaluate residual risk.
  3. Determine the costs of implementing the recommendations.
  4. Evaluate the extent of improvements.

Answer(s): C



During an audit of the accounts receivable (AR) process, an internal auditor noted that reconciliations are still not performed regularly by the AR staff, a recommendation that was made following a previous audit. Monitoring by the financial reporting function has failed to detect the shortcoming. Both the financial reporting function and AR report to the controller, who is responsible for implementing action plans.
Which of the following supports the internal auditor's decision to combine both observations into one reported finding?

  1. The observation was made during the same audit, and the action plan has a common owner.
  2. The observation relates to the same control activity within a common process.
  3. The observation has a common control, and it was noted in a prior audit.
  4. The observation has a common process, and the action plan for the observation has a common owner.

Answer(s): D



A chief audit executive (CAE) received a detailed internal report of senior management's internal control assessment.
Which of the following subsequent actions by the CAE would provide the greatest assurance over management's assertions?

  1. Assert whether the described and reported control processes and systems exist.
  2. Assess whether senior management adequately supports and promotes the internal control culture described in the report.
  3. Evaluate the completeness of the report and management's responses to identified deficiencies.
  4. Determine whether management's operating style and the philosophy described in the report reflect the effective functioning of internal controls.

Answer(s): C



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