Pass the IIA CIA Challenge Exam IIA-ACCA Questions and answers with ExamsMirror

1 and 4

2 and 3 only

1, 2, and 3

2, 3, and 4

Delegate final approval of the risk-based internal audit plan to the chief audit executive (CAE).

Approve the annual budget and resource plan for the internal audit activity.

Assist the CAE with hiring objective and competent internal audit staff.

Encourage the CAE to communicate and coordinate with the external auditor.

Automatic shut-off valve.

Auto-correct software functionality.

Confirmation with suppliers and vendors.

Safety instructions.

1 and 2 only

3 and 4 only

1, 2, and 4 only

1, 2, 3, and 4

Outline the schedule of future audits.

Define the scope of internal audit activities.

Establish the size of the internal audit activity.

Communicate the internal audit activity's goals.

The amount of risk that an organization is willing to seek or accept.

The extent and degree of interdependency for identified key risks.

The boundaries established to manage the amount of risk taken.

The exposure to risks following management's risk responses.

Maintaining industry-specific knowledge appropriate to the organization.

Assessing how IT contributes to organization objectives, risks, and relevance to audit.

Maintaining technical aspects of accounting standards and reporting processes.

Understanding regulatory and legal framework and assessing its relevance.

Graph A only

Graph B only

Both A and B.

Neither A nor B.

Objective setting.

Control activities.

Information and communication.

Event identification.

1 and 2.

1 and 3.

2 and 3.

3 and 4.

Imposing risk management processes.

Providing consolidated reporting on risks.

Taking accountability for risk management.

Making decisions on risk responses.

To enable Triple Bottom Line reporting capability.

To facilitate the conduct of risk assessment.

To achieve and maintain sustainable development.

To fulfill regulatory and compliance requirements.

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

The 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.

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

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

Internal auditors shall continually improve their proficiency and effectiveness and quality of their services.

Internal auditors shall respect and contribute to legitimate and ethical objectives of the organization.

Internal auditors shall not accept anything that may impair or be presumed to impair their professional judgment.

Internal auditors shall be prudent in the use and protection of information acquired in the course of their duties.

The practice of surprise audits and the implementation of an employee support program.

Hiring an employee with a prior fraud conviction and yearly management review.

Occasional accounting department overrides and discontinuation of the anonymous fraud hotline due to infrequent use.

A veteran employee in upper management experiencing financial difficulties and recently implemented enhanced controls.