IIA-ACCA Exam Dumps - ACCA CIA Challenge Exam

To assess the efficiency and effectiveness of the accounting department.

To evaluate organizational and departmental structures, including assessments of process flows related to financial matters.

To provide a review of routine financial reports, including analyses of selected accounts for compliance with generally accepted accounting principles.

To provide an analysis of business process controls in the accounting department, including tests of compliance with internal policies and procedures.

1 and 2

2 and 4

1, 2, and 3

2, 3, and 4

The auditor must not perform the training, because any task to improve the business process could impact audit independence.

The auditor must create a new, separate consulting engagement with the business process owner prior to performing the improvement task.

The auditor should get permission to extend the current engagement, and with the process owner's approval, perform the improvement task.

The auditor may proceed with the improvement task without obtaining formal approval, because the task is voluntary and not time-intensive.

Operational management, because they are responsible for the day-to-day management of the operational risks.

The CRO, because he is responsible for coordinating and project managing risk activities based on his specialized skills and knowledge.

The chief audit executive, although he is not accountable for risk management in the organization.

The CEO, because he has ultimate responsibility for ensuring that risks are managed within the agreed tolerance limits set by the board.

Delegate final approval of the risk-based internal audit plan to the chief audit executive (CAE).

Approve the annual budget and resource plan for the internal audit activity.

Assist the CAE with hiring objective and competent internal audit staff.

Encourage the CAE to communicate and coordinate with the external auditor.

The amount of risk that an organization is willing to seek or accept.

The extent and degree of interdependency for identified key risks.

The boundaries established to manage the amount of risk taken.

The exposure to risks following management's risk responses.

The practice of surprise audits and the implementation of an employee support program.

Hiring an employee with a prior fraud conviction and yearly management review.

Occasional accounting department overrides and discontinuation of the anonymous fraud hotline due to infrequent use.

A veteran employee in upper management experiencing financial difficulties and recently implemented enhanced controls.

3 only

1 and 2 only

2 and 3 only

1, 2, and 3