Free IIA-ACCA Mock Exam – Practice Online Confidently

A code of business conduct should include which of the following to increase its deterrent effect?1. Appropriate descriptions of penalties for misconduct.2. A notification that code of conduct violations may lead to criminal prosecution.3. A description of violations that injure the interests of the employer.4. A list of employees covered by the code of conduct.

Which of the following is an effective approach for internal auditors to take to improve collaboration with audit clients during an engagement?1. Obtain control concerns from the client before the audit begins so the internal auditor can tailor the scope accordingly.2. Discuss the engagement plan with the client so the client can understand the reasoning behind the approach.3. Review test criteria and procedures where the client expresses concerns about the type of tests to be conducted.4. Provide all observations at the end of the audit to ensure the client is in agreement with the facts before publishing the report.

Which of the following phases of a business cycle are marked by an underuse of resources?1. The trough.2. The peak.3. The recovery.4. The recession.

An internal auditor is reviewing the accounts receivable when she discovers account balances more than three years old. The auditor was previously supervising the area during this time, and she subsequently advises the chief audit executive (CAE) of a potential conflict.Which of the following is the most appropriate course of action for the CAE to take?

According to IIA guidance, which of the following is true regarding audit supervision?1. Supervision should be performed throughout the planning, examination, evaluation, communication, and follow-up stages of the audit engagement.2. Supervision should extend to training, time reporting, and expense control, as well as administrative matters.3. Supervision should include review of engagement workpapers, with documented evidence of the review.