IIA-ACCA Exam Dumps - ACCA CIA Challenge Exam

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Question # 73

Capacity overbuilding is most likely to occur when management is focused on which of the following?

Marketing.

Finance.

Production.

Diversification.

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Question # 74

A chief audit executive (CAE) was asked to participate in the selection of an external auditor. Which of the following would not be a typical responsibility for the CAE?

Evaluate the proposed external auditor fee.

Recommend criteria to be used in the selection process.

Develop appropriate performance metrics.

Monitor the work of the external auditors.

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Question # 75

An organization is beginning to implement an enterprise risk management program. One of the first steps is to develop a common risk language. Which of the following statements about a common risk language is true?

Management will be able to reduce inherent risk because they will have a better understanding of risk.

Internal auditors will be able to reduce their sample sizes because controls will be more consistent.

Stakeholders will have more assurance that the risks are assessed consistently.

Decision makers will understand that the likelihood of missing or ineffective controls will be reduced.

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Question # 76

Which of the following is not an outcome of control self-assessment?

Informal, soft controls are omitted, and greater focus is placed on hard controls.

The entire objectives-risks-controls infrastructure of an organization is subject to greater monitoring and continuous improvement.

Internal auditors become involved in and knowledgeable about the self-assessment process.

Nonaudit employees become experienced in assessing controls and associating control processes with managing risks.

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Question # 77

According to IIA guidance, which of the following are the most important objectives for helping to ensure the appropriate completion of an engagement?

1. Coordinate audit team members to ensure the efficient execution of all engagement procedures.

2. Confirm engagement workpapers properly support the observations, recommendations, and conclusions.

3. Provide structured learning opportunities for engagement auditors when possible.

4. Ensure engagement objectives are reviewed for satisfactory achievement and are documented properly.

1, 2, and 3

1, 2, and 4

1, 3, and 4

2, 3, and 4

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Question # 78

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

Require the approval of additions and changes to the vendor master listing, where the inherent risk of false vendors is high.

Monitor amounts paid each period and compare them to the budget to identify potential issues.

Compare employee addresses to vendor addresses to identify potential employee fraud.

Monitor customer quality complaints compared to the prior period to identify vendor issues.

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Question # 79

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

Report follow-up activities to senior management.

Implement follow-up procedures to evaluate residual risk.

Determine the costs of implementing the recommendations.

Evaluate the extent of improvements.

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Question # 80

An internal auditor notes that employees continue to violate segregation-of-duty controls in several areas of the finance department, despite previous audit recommendations. Which of the following recommendations is the most appropriate to address this concern?

Recommend additional segregation-of-duty reviews.

Recommend appropriate awareness training for all finance department staff.

Recommend rotating finance staff in this area.

Recommend that management address these concerns immediately.

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