Online Access Free IIA-ACCA Exam Questions

Which of the following is the best way to detect fraud?

• A.Perform background investigations.
• B.Conduct anti-fraud training.
• C.Implement process controls.
• D.Activate a whistleblower hotline.

Which of the following methods, if used in conjunction with electronic data interchange (EDI), will improve the organization's cash management program, reduce transaction data input time and errors, and allow the organization to negotiate discounts with EDI vendors based on prompt payment?

• A.Biometrics.
• B.Electronic funds transfer.
• C.Standardized graphical user interface.
• D.Knowledge-based systems.

An internal auditor was asked to review an equal equity partnership In one sampled transaction Partner A transferred equipment into the partnership with a self-declared value of $10,000 and Partner B contributed equipment with a self-declared value of $15 000 The capital accounts of each partner were subsequently credited with S12,500. Which of the following statements is true regarding this transaction?

• A.The capital accounts of the partners should be increased by the fair market value of their contribution
• B.The capital accounts should be increased using a weighted average based on the current percentage of ownership
• C.No action is needed as the capital account of each partner was increased by the correct amount
• D.The capital accounts of the partners should be increased by the original cost of the contnbuted equipment.

Which of the following best illustrates the primary focus of a risk-based approach to control self-assessment?

• A.To link a financial institution's business objectives to a work unit responsible for the associated risk.
• B.To examine the processes involved in exploring, developing, and operating a gold mine.
• C.To assess the likelihood and impact of events associated with operating a finished goods warehouse.
• D.To evaluate controls regarding the computer security of an oil refinery.

An internal auditor completed an audit of a bank's loan department and found all significant risks to be managed adequately through effective internal controls. Which of the following would be an appropriate conclusion to report to management?

• A.The inherent risk is lower than or equal to the risk tolerance.
• B.The residual risk is higher than or equal to the risk appetite.
• C.The inherent risk is higher than or equal to the risk tolerance.
• D.The residual risk is lower than or equal to the risk appetite.