Free Access IIA.IIA-ACCA.v2022-04-22.q201 Practice Test (Page 16)

Question 71

The most important reason to use risk assessment in audit planning is to:

A.Assist in developing audit programs.

B.Improve budgeting accuracy.

C.Identify redundant controls.

D.Enhance assurance provided to management.

Question 72

While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditor's relative. Which course of action should the auditor take?

A.Immediately withdraw from the audit engagement.

B.Proceed with the audit engagement, but do not include the relative's information.

C.Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.

D.Disclose in the engagement final communication that the relative is a customer.

Question 73

An audit client responded to recommendations from a recent consulting engagement. The client indicated that several recommended process improvements would not be implemented. Which of the following actions should the internal audit activity take in response?

A.Confirm the decision with management and document this decision in the audit file.

B.Escalate the unresolved issues to the board, because they could pose significant risk exposures to the organization.

C.Initiate an assurance engagement on the unresolved issues.

D.Document the issue in the audit file and follow up until the issues are resolved.

Question 74

Which of the following scenarios best illustrates the principle of due professional care?

A.An internal auditor declares that he would have a conflict of interest in providing planned audit support.

B.An internal auditor has been given sufficient authority to access documents needed to make an appraisal of an issue.

C.An internal auditor uses technology-based audit techniques to ensure that all significant risks are identified.

D.An internal auditor evaluates the significant risks arising from a consulting engagement.

Question 75

A new director was hired to lead the internal audit activity at a small start-up company. Which of the following assignments would impair the director's independence?

A.Performing a pre-implementation review of the company's payroll application.

B.Providing the COBIT framework as a possible IT management tool.

C.Preparing the financial statements for the company's defined contribution plan.

D.Reviewing the company's policy for foreign currency translation adjustments for compliance with accounting standards.

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