Free IIA-ACCA Mock Exam – Practice Online Confidently

After the team member who specialized in fraud investigations left the internal audit team, the chief audit executive decided to outsource fraud investigations to a third party service provider on an as needed basis. Which of the following is most likely to be a disadvantage of this outsourcing decision?

An internal auditor is conducting an assessment of the organization's fraud prevention program using the COSO enterprise risk management framework. According to this framework, which of the following activities would fall under the control environment component for preventing fraud?1. The organization uses an automated authority approval matrix to control payments.2. The organization has a whistleblower hotline that is available to employees.3. Annually, every manager completes a comprehensive fraud assessment of his or her department.4. Annually, the organization reviews and communicates the code of expected behavior.

Which of the following statements are true regarding the use of heat maps as risk assessment tools?1. They focus primarily on known risks, limiting the ability to identify new risks.2. They rely heavily on objective assessments and related risk tolerances.3. They are too complex to provide an easily understandable view of key risks.4. They are helpful but limited in value in a rapidly changing environment.

Which of the following is not a potential area of concern when an internal auditor places reliance on spreadsheets developed by users?

Which of the following control features consists of a set of authorization codes that distinguishes among actions such as reading, adding, and deleting records?