Free Access IIA.IIA-ACCA.v2022-04-22.q201 Practice Test (Page 10)

Question 41

The internal audit activity completed an initial risk analysis of the organization's data storage center and found several areas of concern. Which of the following is the most appropriate next step?

A.Identification of context.

B.Risk assessment.

C.Risk response.

D.Risk identification.

Question 42

During an assurance engagement, an internal auditor noted that the time staff spent accessing customer information in large Excel spreadsheets could be reduced significantly through the use of macros. The auditor would like to train staff on how to use the macros. Which of the following is the most appropriate course of action for the internal auditor to take?

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

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

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

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

Question 43

Which of the following statements describes impairment to the internal auditor's objectivity?

A.An internal auditor reduces the scope of an audit engagement due to budget restrictions.

B.An internal auditor receives a promotional gift that is available to the organization's employees.

C.An internal auditor reviews a purchasing agent's contract drafts prior to their execution.

D.An internal auditor performs an assessment of the operations for which he was recently responsible.

Question 44

Which of the following distinguishes the added-value negotiation method from traditional negotiating methods?

A.Each party's negotiator presents a menu of options to the other party.

B.Each party adopts one initial position from which to start.

C.Each negotiator starts with an offer, which is optimal from the negotiator's perspective.

D.Each negotiator minimizes the information provided to the other party.

Question 45

All of the following are true with regard to the first-in, first-out inventory valuation method except:

A.It values inventory close to current replacement cost.

B.It approximates the physical flow of goods.

C.It minimizes current-period income taxes.

D.It generates the highest profit when prices are rising.

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