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Guide for IIA ACCA CIA Challenge

Quiz IIA ACCA CIA Challenge

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/ 10

Quiz

1/10
An internal audit team is performing an audit of workplace accident claims. Which of the following actions by the audit team best demonstrates due professional care?
Select the answer
1 correct answer
A.
Having an occupational health officer on the engagement team.
B.
Determining that the claims have been classified properly.
C.
Placing reliance on medical reports from the injured worker's doctor.
D.
Reviewing claims to ensure all accidents actually occurred in the workplace.

Quiz

2/10
A credit card company detects potential errors in credit card numbers by checking whether all entered numbers contain the correct amount of digits. This is an example of which of the following IT controls?
Select the answer
1 correct answer
A.
Logic test.
B.
Check digits.
C.
Data integrity tests.
D.
Balancing control activities.

Quiz

3/10
Which two of the following are preventive controls in a check disbursement process? 1. Daily reconciliation of the bank account used for check disbursements and prompt follow-up of un- reconciled items. 2. Segregation of the following duties: establishing new vendors, approving checks, and reconciling the bank account. 3. An activity report detailing who accesses the check disbursement system and the nature of any action taken in the system. 4. Evidence of strong access controls ensuring that authorized individuals have access only to the functions related to their responsibilities.
Select the answer
1 correct answer
A.
1 and 3.
B.
1 and 4.
C.
2 and 3.
D.
2 and 4.

Quiz

4/10
A large trucking organization wants to reduce traffic accidents by improving its system of internal controls. Which of the following controls is correctly classified? 1. Review of speeding violations to identify repetitive locations and drivers is an example of a preventive control. 2. Defensive driver training is an example of a directive control. 3. The installation of tracking devices in delivery vehicles is an example of a corrective control. 4. Providing a vehicle driver handbook is an example of a detective control.
Select the answer
1 correct answer
A.
1 and 2.
B.
1 and 4.
C.
2 and 3.
D.
3 and 4.

Quiz

5/10
Which segregation of duties would best reduce the risk of payroll fraud?
Select the answer
1 correct answer
A.
Human resources personnel add employees, and payroll personnel process hours and enter employee bank account numbers. Paychecks are automatically deposited in the employee's bank account.
B.
Human resources personnel add employees, payroll personnel process hours, and human resources personnel deliver paychecks to employees.
C.
Human resources personnel add employees, review and submit payroll hours to the payroll department for processing, and deliver paychecks to employees.
D.
Human resources personnel add employees and enter employee bank information. Payroll personnel process hours, and paychecks are automatically deposited in the employee's bank account.

Quiz

6/10
An organization is beginning to implement an enterprise risk management program. One of the first steps is to develop a common risk language. Which of the following statements about a common risk language is true?
Select the answer
1 correct answer
A.
Management will be able to reduce inherent risk because they will have a better understanding of risk.
B.
Internal auditors will be able to reduce their sample sizes because controls will be more consistent.
C.
Stakeholders will have more assurance that the risks are assessed consistently.
D.
Decision makers will understand that the likelihood of missing or ineffective controls will be reduced.

Quiz

7/10
An organization invests its savings in a volatile stock with the potential for high gains rather than a mutual fund with a lower expected return and lower volatility. This best describes which of the following risk concepts?
Select the answer
1 correct answer
A.
Risk identification.
B.
Risk appetite.
C.
Risk capacity.
D.
Risk tolerance.

Quiz

8/10
Which of the following best describes the misdirection of payments on accounts receivable to an employee's bank account?
Select the answer
1 correct answer
A.
Fraud open on the books.
B.
Fraud hidden on the books.
C.
Fraud off the books.
D.
Fraud on the balance sheet.

Quiz

9/10
When auditing the award of a major contract, which of the following should an internal auditor suspect as a red flag for a bidding fraud scheme? 1. Subsequent change orders increase requirements for low-bid items. 2. Material contract requirements are different on the actual contract than on the request for bids. 3. A high percentage of employees are charged to indirect accounts. 4. Losing bidders are hired as subcontractors.
Select the answer
1 correct answer
A.
1 only
B.
2 only
C.
1 and 3.
D.
2 and 4.

Quiz

10/10
Which of the following combinations of conditions is most likely a red flag for fraud?
Select the answer
1 correct answer
A.
The practice of surprise audits and the implementation of an employee support program.
B.
Hiring an employee with a prior fraud conviction and yearly management review.
C.
Occasional accounting department overrides and discontinuation of the anonymous fraud hotline due to infrequent use.
D.
A veteran employee in upper management experiencing financial difficulties and recently implemented enhanced controls.
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  • Quiz name:IIA ACCA CIA Challenge
  • Total number of questions:603
  • Number of questions for the test:50
  • Pass score:80%

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