Free Access IIA.IIA-ACCA.v2022-04-22.q201 Practice Test (Page 4)

Question 11

According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization's social responsibility program is effective?

A.Internal audit activity.

B.Senior management.

C.Board of directors.

D.All employees.

Question 12

Which of the following is the best reason for considering the acquisition of a nondomestic organization?

A.Improved cash flow of the acquiring organization.

B.Opportunity to influence local government policy.

C.Increased diversity of corporate culture.

D.Relatively fast market entry.

Question 13

A chief audit executive (CAE) is selecting an internal audit team to perform an audit engagement that requires a high level of knowledge in the areas of finance, investment portfolio management, and taxation. If neither the CAE nor the existing internal audit staff possess the required knowledge, which of the following actions should the CAE take?

A.Hire consultants who possess the required knowledge to perform the engagement.

B.Select the most experienced auditors in the department to perform the engagement.

C.Ask the audit committee to decide the course of action.

D.Postpone the audit until the CAE hires internal audit staff with the required knowledge.

Question 14

Which of the following situations is most likely to impair internal audit objectivity?

A.An internal auditor reports both functionally and administratively to the chief financial officer (CFO).

B.According to policy, the internal auditor must obtain approval from the CFO prior to requesting information for internal audit purposes.

C.An internal auditor, who was an accounts receivable intern for the organization three years prior, performs an audit of the accounts receivable cycle.

D.An internal auditor performs an audit in a department that is led by the auditor's close friend.

Question 15

An internationally recognized brand name is an entrance barrier to new competitors because new competitors would:

A.Face increased production costs.

B.Have to initiate a price war in order to enter the industry.

C.Face increased marketing costs.

D.Face higher learning costs, which would increase fixed costs.

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