Latest IIA-ACCA Exam Real Tests Free Updated Today
IIA-ACCA Real Exam Question Answers Updated [Dec 28, 2021]
NEW QUESTION 290
Refer to the exhibit.
A company's financial balance sheet is presented below:
The company has net working capital of:
- A. $210
- B. $490
- C. $160
- D. $350
Answer: A
NEW QUESTION 291
Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor's most appropriate next step?
- A. Immediately notify management of the area under review and the other internal auditors involved in the engagement.
- B. Provide the evidence that was discovered to local law enforcement for possible prosecution of the suspected fraud.
- C. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
- D. Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud.
Answer: A
NEW QUESTION 292
Which of the following is a role of the board of directors in the governance process?
- A. Review and approve operational goals and objectives.
- B. Conduct periodic assessments of the organization's governance systems.
- C. Obtain assurance concerning the effectiveness of the organization's governance systems.
- D. Implement an effective system of internal controls to support the organization's governance systems.
Answer: C
NEW QUESTION 293
Under a value-added taxing system:
- A. Businesses must pay a tax only if they make a profit.
- B. Consumer savings are discouraged.
- C. The consumer ultimately bears the cost of the tax through higher prices.
- D. The amount of value added is the difference between an organization's sales and its cost of goods sold.
Answer: C
NEW QUESTION 294
An employee frequently uses a personal smart device to send and receive work-related emails. Which of the following controls would be most effective to mitigate security risks related to these transmissions?
- A. Data encryption.
- B. Authentication.
- C. Software encryption
- D. Hardware encryption.
Answer: A
NEW QUESTION 295
When granting third parties temporary access to an entity's computer systems, which of the following is the most effective control?
- A. Administrator access is provided for a limited period.
- B. User accounts are deleted when the work is completed.
- C. Access is approved by the supervising manager.
- D. User accounts specify expiration dates and are based on services provided.
Answer: D
NEW QUESTION 296
Which of the following statements is true with regard to information protection?
- A. Good protection controls remove any restrictions on the quantity of personal information that can be collected
- B. All personal information, by definition is considered to be sensitive, requiring specialized controls.
- C. Individuals who provide personal information to organizations share in the risk of inappropriate disclosure.
- D. Information is not considered personal if it can only be linked to or used to identify an individual indirectly.
Answer: B
NEW QUESTION 297
Which type of bond sells at a discount from face value, then increases in value annually until it reaches maturity and provides the owner with the total payoff?
- A. Zero coupon bonds.
- B. High-yield bonds.
- C. Junk bonds.
- D. Commodity-backed bonds.
Answer: A
NEW QUESTION 298
According to IIA guidance, which of the following should be included in the internal audit charter?
- A. Organizational relationships and reporting lines.
- B. Identification of the organizational units where engagements are to be performed.
- C. The minimum resources and competencies needed for the internal audit activity.
- D. Assigned responsibilities for designing and implementing controls.
Answer: A
NEW QUESTION 299
Which of the following best explains why integrity is a necessary personal quality for internal auditors at all levels?
- A. Internal auditor integrity enables the internal auditor to avoid being challenged by any party in the organization.
- B. Internal auditor integrity enables stakeholders to constantly question the work of the internal audit activity.
- C. Internal auditor integrity enables users of internal auditors' work to make important business decisions.
- D. Internal auditor integrity enables the internal audit activity to be able to demonstrate independence.
Answer: C
NEW QUESTION 300
Which of the following performance measures would be appropriate for evaluating an investment center, which has responsibility for its revenues, costs, and investment base, but would not be appropriate for evaluating cost, revenue, or profit centers?
- A. Residual income.
- B. Variance analysis.
- C. A flexible budget.
- D. A contribution margin income statement by segment.
Answer: A
NEW QUESTION 301
Which of the following types of data analytics would be used by a hospital to determine which patients are likely to require readmittance for additional treatment?
- A. Descriptive analytics
- B. Diagnostic analytics
- C. Predictive analytics
- D. Prescriptive analytics
Answer: C
NEW QUESTION 302
Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?
- A. Identifying and managing risks in line with the entity's risk appetite.
- B. Identifying and ensuring that appropriate controls exist to mitigate risks.
- C. Attaining an adequate understanding of the entity's key mitigation strategies.
- D. Ensuring that a proper and effective risk management process exists.
Answer: C
NEW QUESTION 303
Which of the following are appropriate functions for an IT steering committee?
1. Assess the technical adequacy of standards for systems design and programming.
2. Continually monitor of the adequacy and accuracy of software and hardware in use.
3. Assess the effects of new technology on the organization`s IT operations.
4. Provide broad oversight of implementation, training, and operation of new systems.
- A. 1, 3, and 4
- B. 1, 2, and 4
- C. 2, 3, and 4
- D. 1, 2, and 3
Answer: C
NEW QUESTION 304
Which of the following is the most effective control to prevent unauthorized entrance of a former employee of the organization?
- A. Keeping doors locked and accessible with a key that is provided only to employees
- B. Installing security guards who have undergone a background check at all entrances.
- C. Revoking the former employee's biometrics from the entrance systems
- D. Installing multiple high-powered surveillance cameras throughout the organization
Answer: C
NEW QUESTION 305
What kind of strategy would be most effective for an organization to adopt in order to implement a unique advertising campaign for selling identical product lines across all of its markets?
- A. Export strategy
- B. Multi-domestic strategy
- C. Transnational strategy.
- D. Globalization strategy.
Answer: B
NEW QUESTION 306
Which of the following statements about market signaling is correct?
1. The organization releases information about a new product generation.
2. The organization limits a challenger's access to the best source of raw materials or labor.
3. The organization announces that it is fighting a new process technology.
4. The organization makes exclusive arrangements with the channels.
- A. 1 and 3 only
- B. 2 and 4 only
- C. 2 and 3 only
- D. 1 and 4 only
Answer: A
NEW QUESTION 307
An internal auditor is conducting an assessment of the purchasing department. She has worked the full amount of hours budgeted for the engagement; however, the audit objectives are not yet complete. According to IIA guidance, which of the following are appropriate options available to the chief audit executive?
1. Allow the auditor to decide whether to extend the audit engagement.
2. Determine whether the work already completed is sufficient to conclude the engagement.
3. Provide the auditor feedback on areas of improvement for future engagements.
4. Provide the auditor with instructions and directions to complete the audit.
- A. 1, 3, and 4
- B. 1, 2, and 4
- C. 2, 3, and 4
- D. 1, 2, and 3
Answer: C
NEW QUESTION 308
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