Free Access IIA.IIA-ACCA.v2022-04-22.q201 Practice Test (Page 6)

Question 21

Which of the following COSO internal control framework components encompasses establishing structures, reporting lines, authorities, and responsibilities?

A.Control environment.

B.Monitoring.

C.Information and communication.

D.Control activities.

Question 22

Which of the following is true regarding an organization's relationship with external stakeholders?

A.Legal representation should be consulted before releasing internal audit information to other assurance providers.

B.Specific guidance must be followed when interacting with nongovernmental organizations.

C.There are several internationally recognized standards for dealing with financial donors.

D.Disclosure laws tend to be consistent from one jurisdiction to another.

Question 23

Which of the following is the primary purpose of financial statement audit engagements?

A.To assess the efficiency and effectiveness of the accounting department.

B.To evaluate organizational and departmental structures, including assessments of process flows related to financial matters.

C.To provide a review of routine financial reports, including analyses of selected accounts for compliance with generally accepted accounting principles.

D.To provide an analysis of business process controls in the accounting department, including tests of compliance with internal policies and procedures.

Question 24

An internal auditor who is carrying out an engagement to review controls related to corporate tax reporting must possess which of the following competencies?
1. Proficiency in analyzing key IT risks and controls.
2. The ability to recognize significant deviations from good business practices.
3. Knowledge of key indicators of fraud in tax reporting.
4. The ability to recognize the existence of problems related to tax accounting.

A.3 and 4 only.

B.2, 3, and 4 only.

C.1,2, 3, and 4.

D.1 and 4 only.

Question 25

Which of the following statements about matrix organizations is false?

A.In a matrix organization, staff under dual command is more likely to suffer stress at work.

B.Matrix organizations offer the advantage of greater flexibility.

C.Matrix organizations minimize costs and simplify communication.

D.In a matrix organization, conflict between functional and product managers may arise.

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