Free Access IIA.IIA-ACCA.v2022-04-22.q201 Practice Test (Page 7)

Question 26

Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?

A.Establish a governance committee.

B.Identify key stakeholders and their expectations.

C.Delegate authority to members of senior management.

D.Determine the organization's overall risk appetite.

Question 27

According to IIA guidance, which of the following statements is true regarding the authority of the chief audit executive (CAE) to release previous audit reports to outside parties?

A.The CAE can release prior information provided it is as originally published and distributed within the organization.

B.The CAE can release prior internal audit reports with the approval of the board and senior management.

C.The CAE can employ judgment and release prior audit results as they deem appropriate and necessary.

D.The CAE can only release prior information outside the organization when mandated by legal or statutory requirements.

Question 28

Which of the following is a characteristic of an emerging industry?

A.Established strategy of players.

B.Low number of new firms.

C.High unit costs.

D.Technical expertise.

Question 29

An internal auditor is conducting a financial audit. Which of the following audit procedures is most appropriate when existing internal controls are weak?

A.Detail testing.

B.Test of control.

C.Analytical procedures.

D.Test of design.

Question 30

Which of the following is true regarding the COSO enterprise risk management framework?

A.The framework facilitates effective risk management, even if objectives have not been established.

B.Control environment is one of the framework's eight components.

C.The framework categorizes an organization's objectives to distinct, non overlapping objectives.

D.The framework integrates with, but is not dependent upon, the corresponding internal control framework.

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