Free Access IIA.IIA-ACCA.v2022-04-22.q201 Practice Test (Page 32)

Question 151

Which of the following financial instruments should be recorded at fair market value on the financial statements?

A.Bonds to be held for sale in the short term.

B.Bonds to be held to maturity.

C.Accounts receivable in the short term

D.Notes receivable in the short term

Question 152

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

A.Perform background investigations.

B.Implement process controls.

C.Conduct anti-fraud training.

D.Activate a whistleblower hotline.

Question 153

According to IIA guidance, which of the following strategies would add the least value to the achievement of the internal audit activity's (IAA's) objectives?

A.Align organizational activities to internal audit activities and measure according to the approved IAA performance measures.

B.Establish a format and frequency for IAA reporting that is appropriate and aligns with the organization's governance structure.

C.Establish a periodic review of monitoring and reporting processes to help ensure relevant IAA reporting.

D.Use the results of IAA engagement and advisory reporting to guide current and future internal audit activities.

Question 154

Which of the following statements is most accurate with respect to various forms, elements, and characteristics of business contracts?

A.Differing legal requirements affect the attitudes of contracting parties as well as the length content and language of contracts

B.A contract is a tool used by both suppliers and customers, the model and complexity of which generally remains constant

C.Collaboration during contract negotiation encourages stakeholders to develop consensus but typically increases cycle times and the likelihood that the contract will fail

D.A contract is a tool used by both suppliers and customers though it offers commercial assurance of the relationship, purely from a customer perspective

Question 155

An internal auditor is conducting a review of the procurement function and uncovers a potential conflict of interest between the chief operating officer and a significant supplier of IT software development services.
Which of the following actions is most appropriate for the internal auditor to take?

A.Inform the external auditors of the potential conflict of interest.

B.Investigate the potential conflict of interest.

C.Disregard the potential conflict, because it is outside the scope of the audit assignment.

D.Inform the audit supervisor.

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Question 151

Question 152

Question 153

Question 154

Question 155

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