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IIA IIA-ACCA Exam
ACCA CIA Challenge Exam (Page 8 )

Updated On: 15-Feb-2026
Page 8 of 122
PDF with 604 Questions

According to the COSO enterprise risk management (ERM) framework, which of the following is not part of the new paradigm in ERM?

  1. Assessing the risk factors.
  2. Aligning risk appetite and strategy.
  3. Enhancing risk response decisions.
  4. Reducing operational surprises and losses.

Answer(s): A



Forty-five percent of an organization's customer payments are submitted online. Eight percent of online payments are rejected. Executive management decides to outsource its online payment services to a contractor that will assume 75 percent of the total value of rejected payments. The organization estimates $1.25 million customer payments due during the contract period.
Which of the following represents the organization's residual risk for online customer payments due?

  1. $11, 250
  2. $25, 000
  3. $33, 750
  4. $45, 000

Answer(s): A



Which of the following control methods is effective in reducing the risk of purchasing-scheme fraud?
1. Periodically reviewing the vendor list for unusual vendors and addresses.
2. Segregating duties for amount purchasing, receiving, shipping, and accounting.
3. Validating sequential integrity of purchase orders.
4. Verifying the validity of invoices with post office box addresses.

  1. 1 and 2 only
  2. 3 and 4 only
  3. 1, 2, and 4 only
  4. 1, 2, 3, and 4

Answer(s): B



Which of the following is a common type of payroll fraud?

  1. Unauthorized overtime.
  2. Fictitious employees.
  3. Unearned bonuses or commissions.
  4. Skimming.

Answer(s): B



Reviewing prior audit reports and supporting workpapers before an engagement starts enables an internal auditor to do which of the following?
1. To understand better the activity and processes that will be audited.
2. To identify the audit procedures that will be used during the engagement.
3. To ensure that matters of greatest vulnerability will be addressed.
4. To use the information obtained as evidence in the current engagement.

  1. 4 only
  2. 1 and 3 only
  3. 1 and 4 only
  4. 2, 3, and 4 only

Answer(s): B






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