Free Access IIA.IIA-ACCA.v2022-04-22.q201 Practice Test (Page 25)

Question 116

According to Porter's model of competitive strategy, which of the following is a generic strategy?
1. Differentiation.
2. Competitive advantage.
3. Focused differentiation.
4. Cost focus.

A.1, 3, and 4 only

B.2 only

C.3 and 4 only

D.1, 2, 3, and 4

Question 117

Which of the following would not be considered part of preliminary survey of an engagement area?

A.Sampling scope.

B.Interviews with individuals affected by the entity.

C.Functional walk through test.

D.Analytical reviews.

Question 118

Which of the following responsibilities would fall under the role of the chief audit executive, rather than internal audit staff or the audit manager?

A.Manage and support a quality assurance and improvement program.

B.Maintain industry-specific knowledge appropriate to the audit engagements

C.Apply problem-solving techniques for routine situations.

D.Set clear performance standards for internal auditors and the internal audit activity.

Question 119

The percentage of sales method, rather than the percentage of receivables method, would be used to estimate uncollectible accounts if an organization seeks to:

A.Eliminate the need for an allowance for doubtful accounts.

B.Emphasize the accuracy of the net realizable value of the receivables on the balance sheet.

C.Use a method that approximates the matching principle.

D.Use an aging schedule to more closely estimate uncollectible accounts.

Question 120

Which of the following is a justifiable reason for omitting advance client notice when planning an audit engagement?

A.The audit engagement has already been communicated and approved through the annual audit plan.

B.The engagement includes audit assurance procedures such as sensitive or restricted asset verifications.

C.Previous management action plans addressing prior internal audit recommendations remain incomplete.

D.Advance notice may result in management making corrections to reduce the number of potential deficiencies.

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