Selected IIA-ACCA CIA Challenge Exam Questions Answers

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Question 56

An internal auditor is conducting a financial audit. Which of the following audit procedures is most appropriate when existing internal controls are weak?

Options:

Analytical procedures.

Detail testing.

Test of design.

Test of control.

Question 57

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.

Options:

1 and 2 only

3 and 4 only

1, 2, and 4

1, 3, and 4

Question 58

According to IIA guidance, which of the following factors should the auditor in charge consider when determining the resource requirements for an audit engagement?

Options:

The number, experience, and availability of audit staff as well as the nature, complexity, and time constraints of the engagement.

The appropriateness and sufficiency of resources and the ability to coordinate with external auditors.

The number, proficiency, experience, and availability of audit staff as well as the ability to coordinate with external auditors.

The appropriateness and sufficiency of resources as well as the nature, complexity, and time constraints of the engagement.

Question 59

It is close to the fiscal year end for a government agency, and the chief audit executive (CAE) has the following items to submit to either the board or the chief executive officer (CEO) for approval. According to IIA guidance, which of the following items should be submitted only to the CEO?