Online Access Free IIA-ACCA Exam Questions

When assessing the adequacy of a risk mitigation strategy, an internal auditor should consider which of the following?
1. Management's tolerance for specific risks.
2. The cost versus benefit of implementing a control.
3. Whether a control can mitigate multiple risks.
4. The ability to test the effectiveness of the control.

• A.1, 2, and 4
• B.1, 2, and 3
• C.2, 3, and 4
• D.1, 3, and 4

Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?

• A.Determine the organization's overall risk appetite.
• B.Delegate authority to members of senior management.
• C.Identify key stakeholders and their expectations.
• D.Establish a governance committee.

If legal or regulatory standards prohibit conformance with certain parts of The IIA's Standards, the auditor should do which of the following?

• A.Withdraw from the engagement.
• B.Conform with all other parts of The IIA's Standards and provide appropriate disclosures.
• C.Conform with all other parts of The IIA's Standards; there is no need to provide appropriate disclosures.
• D.Continue the engagement without conforming with the other parts of The IIA's Standards.

An internal auditor wants to sample data to test an audit theory in a cost-effective way. Which of the following sampling strategies should she use?

• A.A combination of both statistical and nonstatistical sampling.
• B.Nonstatistical sampling only
• C.Neither approach to testing the audit theory would be cost effective.
• D.Statistical sampling only

The first stage in the development of a crisis management program is to:

• A.Formulate contingency plans.
• B.Practice the response to a crisis.
• C.Create a crisis management team.
• D.Conduct a risk analysis.