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 Dec 21, 2024.

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Question No. 1

Which of the following statements is true about The IIA Global Internal Audit Competency Framework?

AThe core competencies outlined in the framework are not expected of a person undertaking an entry-level position as an internal auditor.

BThe framework is designed to be used primarily by chief audit executives that are developing indicators to measure the performance of the internal audit activity for which they are responsible.

CThe framework lists the core competencies internal auditors should possess before attempting to attain The IIA's Certified Internal Auditor certification.

DThe framework describes competencies needed for individual internal auditors, but not those necessary at the chief audit executive level.

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Correct Answer: B

Question No. 2

A rapidly expanding retail organization continues to be tightly controlled by its original small management team. Which of the following is a potential risk in this vertically centralized organization?

ALack of coordination among different business units.

BOperational decisions are inconsistent with organizational goals.

CSuboptimal decision-making.

DDuplication of business activities.

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Correct Answer: C

Question No. 3

Which of the following would be a risk in the development of end-user computing (EUC) applications, compared to traditional information systems?

AManagement might place the same degree of reliance in reports produced by EUC applications as it does in reports produced under traditional systems development procedures .

BThe organization may incur higher application development and maintenance costs for EUC systems.

CSince development time is typically longer for EUC applications, management may not be able to respond quickly to competitive pressures

DManagement may not be able to make quick and accurate decisions due to a diminished capacity to respond to managerial requests for computerized information

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Correct Answer: A

Question No. 4

An organization is facing a financial downturn and needs to impose major budget reductions to all departments. According to MA guidance, which of the following actions is most appropriate for the board to take to evaluate the potential impact on the internal audit activity?

AAsk management to determine which internal audit engagements are lower risk and could be considered for removal from the annual audit plan.

BAsk appropriate stakeholders for their opinion on the potential impacts of reducing the scope of the internal audit plan.

CAsk the chief audit executive to determine whether budgetary limitations impede the ability of the internal audit activity to execute its responsibilities.

DAsk The human resources department to determine how the annual compensation and salary of the audit staff could be adjusted to achieve savings.

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Correct Answer: C

Question No. 5

In the current year, a merchandising organization had an inventory turnover ratio of 3.0, which was less than the industry average of 6.5. Which of the following offers the most likely explanation for this difference?

AThe organization has understated the amount of inventory in its financial statements

BThe organization has overstated the cost of purchases in its financial statements.

CThe organization is holding obsolete or damaged items in its inventory

DThe organization experienced an unexpectedly large increase in sales shortly before year end.

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Correct Answer: C

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