Most Recent IIA-ACCA Exam Questions & Answers

Prepare for the IIA ACCA CIA Challenge Exam exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the IIA-ACCA exam and achieve success.

The questions for IIA-ACCA were last updated on Nov 19, 2024.

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Question No. 1

In mergers and acquisitions, which of the following is an example of a horizontal combination?

ADairy manufacturing company taking over a large dairy farm.

BA movie producer acquires movie theaters.

CA petroleum processing company acquires an agro-processing firm.

DA baker taking over a competitor.

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Correct Answer: D

Question No. 2

It is close to the fiscal year end for a government agency, and the chief audit executive (CAE) has the following items to submit to either the board or the chief executive officer (CEO) for approval. According to IIA guidance, which of the following items should be submitted only to the CEO?

AThe internal audit risk assessment and audit plan for the next fiscal year.

BThe internal audit budget and resource plan for the coming fiscal year.

CA request for an increase of the CAE's salary for the next fiscal year.

DThe evaluation and compensation of the internal audit team.

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Correct Answer: D

Question No. 3

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

AManage and support a quality assurance and improvement program.

BMaintain industry-specific knowledge appropriate to the audit engagements

CSet clear performance standards for internal auditors and the internal audit activity.

DApply problem-solving techniques for routine situations.

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Correct Answer: C

Question No. 4

Reviewing prior audit reports and supporting workpapers before an engagement starts enables an internal auditor to do which of the following?

1. To understand better the activity and processes that will be audited.

2. To identify the audit procedures that will be used during the engagement.

3. To ensure that matters of greatest vulnerability will be addressed.

4. To use the information obtained as evidence in the current engagement.

A4 only

B1 and 3 only

C1 and 4 only

D2, 3, and 4 only

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Correct Answer: B

Question No. 5

Which of the following descriptions of the internal control system are indicators that risks are managed effectively?

1. Existing controls promote compliance with applicable laws and regulations.

2. The control environment is designed to address all identified risks to the organization.

3. Key controls for significant risks to the organization remain consistent over time.

4. Monitoring systems are in place to alert management to unexpected events.

A1 and 3.

B1 and 4.

C2 and 3.

D2 and 4.

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Correct Answer: B

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