IIA-ACCA Exam Questions Instant Access - No Installation Required

Question 1

Which of the following statements is in accordance with COBIT?

1. Pervasive controls are general while detailed controls are specific.

2. Application controls are a subset of pervasive controls.

3. Implementation of software is a type of pervasive control.

4. Disaster recovery planning is a type of detailed control.

A1 and 4 only

B2 and 3 only

C2, 3, and 4 only

D1, 2, and 4 only

Answer : A

Question 2

A retail organization is considering acquiring a composite textile company. The retailer's due diligence team determined the value of the textile company to be $50 million. The financial experts forecasted net present value of future cash flows to be $60 million. Experts at the textile company determined their company's market value to be $55 million if purchased by another entity. However, the textile company could earn more than $70 million from the retail organization due to synergies. Therefore, the textile company is motivated to make the negotiation successful. Which of the following approaches is most likely to result in a successful negotiation?

ADevelop a bargaining zone that lies between $50 million and $70 million and create sets of outcomes between $50 million and $70 million.

BAdopt an added-value negotiating strategy, develop a bargaining zone between $50 million and $70 million, and create sets of outcomes between $50 million and $70 million.

CInvolve a mediator as a neutral party who can work with the textile company's management to determine a bargaining zone.

DDevelop a bargaining zone that lies between $55 million and $60 million and create sets of outcomes between $55 million and $60 million.

Answer : D

Question 3

In the area of business acumen, which of the following competencies would be the sole responsibility of an internal audit staff member?

AMaintaining industry-specific knowledge appropriate to the organization.

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

CMaintaining technical aspects of accounting standards and reporting processes.

DUnderstanding regulatory and legal framework and assessing its relevance.

Answer : D

Question 4

An organization has started allowing employees to use their personal smart devices to accept vendor payments. What should the organization's bring-your-own-device (BYOD) policy include to specifically address security and privacy required by the Payment Card Data Security Standard (PCI DSS)?

AApproved devices

BMobile applications

CData storage.

DBackups and transfers

Answer : C

Question 5

According to the COSO internal control framework, which of the following best describes the use of continuous auditing programs by the internal audit activity?

AControl environment.

BControl activities.

CRisk assessment.

DMonitoring.

Answer : D

Question 6

A large retail organization, which sells most of its products online, experiences a computer hacking incident. The chief IT officer immediately investigates the incident and concludes that the attempt was not successful. The chief audit executive (CAE) learns of the attack in a casual conversation with an IT auditor. Which of the following actions should the CAE take?

1. Meet with the chief IT officer to discuss the report and control improvements that will be implemented as a result of the security breach, if any.

2. Immediately inform the chair of the audit committee of the security breach, because thus far only the chief IT officer is aware of the incident.

3. Meet with the IT auditor to develop an appropriate audit program to review the organization's Internet-based sales process and key controls.

4. Include the incident in the next quarterly report to the audit committee.

A1 and 2

B1 and 3

C2 and 4

D3 and 4

Answer : A

Question 7

Which of the following authentication controls combines what a user knows with the unique characteristics of the user respectively?

AVoice recognition and token.

BPassword and fingerprint.

CFingerprint and voice recognition

DPassword and token

Answer : B

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