Free IIA IIA-ACCA Practice Exams Questions 2026  - TheExamsLabs

When forming an opinion on the adequacy of management's systems of internal control, which of the following findings would provide the most reliable assurance to the chief audit executive?* During an audit of the hiring process in a law firm, it was discovered that potential employees' credentials were not always confirmed sufficiently. This process remained unchanged at the following audit.* During an audit of the accounts payable department, auditors calculated that two percent of accounts were paid past due. This condition persisted at a follow up audit.* During an audit of the vehicle fleet of a rental agency, it was determined that at any given time, eight percent of the vehicles were not operational. During the next audit, this figure had increased.* During an audit of the cash handling process in a casino, internal audit discovered control deficiencies in the transfer process between the slot machines and the cash counting area. It was corrected immediately.

Which of the following is a major advantage of decentralized organizations, compared to centralized organizations?

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 COSO internal control framework components encompasses establishing structures, reporting lines, authorities, and responsibilities?

Which type of bond sells at a discount from face value, then increases in value annually until it reaches maturity and provides the owner with the total payoff?