ACC550 1 Exam Questions with Complete Answers Latest Update 2024
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ACC550 1
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ACC550 1
ACC550 1 Exam Questions with Complete Answers Latest Update 2024
Given that internal audit engagements must be performed with proficiency and due professional care, which of the following is true?
a. all internal auditors must be proficient in all necessary competencies
b. the internal audit act...
ACC550 1 Exam Questions with Complete Answers Latest Update 2024
Given that internal audit engagements must be performed with proficiency and due professional care,
which of the following is true?
a. all internal auditors must be proficient in all necessary competencies
b. the internal audit activity need not decline an engagement because it lacks the needed competencies
c. an internal auditor should have the expertise of a specialist in fraud detection
d. an internal auditor should have the expertise of a specialist in IT auditing - Answers B? not A
when hiring entry-level internal auditing staff, which of the following will most likely predict the
applicant's success as an internal auditor?
a. ability to organize thoughts well
b. grade point average on college accounting courses
c. level of detailed knowledge of the organization
d. ability to fit well socially into a group - Answers A
the code of ethics of a professional organization sets forth: - Answers broad standards of conduct for the
members of the organization
the degree of voluntary compliance with an organization's adopted code of ethics is a measure of the: -
Answers B? not C
the internal audit activity collectively must possess certain competencies. internal audit staff should be
competent in: - Answers the exercise of business acumen
your organization has selected you to develop an internal audit activity. your approach will most likely
be to hire: - Answers internal auditors who collectively have the knowledge and skills needed to perform
the responsibilities of the internal audit activity
which of the following statements is true with respect to due professional care?
a. an internal auditor has no responsibility to recommend improvements
b. an item should not be mentioned in an engagement communication unless the internal auditor is
absolutely certain of the item
c. an internal auditor should perform detailed tests of all transactions before communicating results
d. an engagement communication should never be viewed as providing an infallible truth about a
subject - Answers D
,which of the following statements with regard to continuing professional development of internal
auditors is false?
a. internal auditors are required to continue their knowledge and abilities throughout their careers
b. participating in conferences, seminars, training programs, online and classroom courses, and webinars
contribute to continuing professional development
c. practicing and nonpracticing CIAs must complete 40 hours of continuing professional education
annually, including at lease 2 hours of ethics training
d. CIAs may earn CPE hours by translating, authoring, or contributing to publications - Answers C
while auditing accounts receivable using analytical procedures, the internal auditors discovered the
actual accounts receivables numbers were not within the limits of their projected results. which of the
following describes the best response in exercising due professional care under this situation?
a. confirm that all results of the analytical procedures are documented in the audit workpapers
b. investigate the unexpected results from the analytical procedures and make sure that they are
adequately explained
c. notify the CAE that the analytical procedures have uncovered fraud in the organization
d. revise the limits of the projected results according to the needs and expectations of the client -
Answers B
a primary purpose of a code of ethical conduct is to: - Answers communicate acceptable values
according to the IIA, continuing professional development activities may include
a. up to 8 hours of ethics training of which 4 hours are mandatory for nonpracticing CIAs
b. participating in conferences, online and classroom courses, and webinars
c. completion of at least 40 hours of continuing professional education annually by nonpractitioners
d. earning an advanced degree in any field - Answers B
an internal auditor observes that a new clerk has physical access to accounting records. accordingly, the
auditor notes in the engagement working papers that controls over receipts are inadequate. has the
auditor exercised due professional care? - Answers No, reasonable care was not taken
which of the following violates the IIA's code of ethics principle of competency?
a. the internal auditor accepted gifts of material value from the engagement client
, b. the internal auditor failed to complete the required continuing education needed to obtain the skills
necessary for the engagement
c. the internal auditor directed his brother to sell company stock during the company's blackout period
d. the manager failed to disclose all revenues and sales taxes collected to the states taxation
department - Answers B
a typical code of ethical conduct for financial managers or management accountants in an organization
requires all of the following except
a. independence from conflicts of professional interest
b. independence from conflicts of economic interest
c. subjectivity in presenting information, preparing reports, and making analyses
d. integrity and refusal to compromise professional values for the sake of personal goals - Answers C
the internal audit activity collectively must possess or obtain certain competency in: - Answers
information technology controls
the chief audit executive is setting up a team to perform an assurance engagement on the organization's
information system security structure. the organization has offices all over the world that rely on the
system. the audit team will assess risks, monitor implementation of corrective action, and evaluate
controls. which question does not require an answer when selecting the team to conduct this audit
engagement?
a. how many hours are needed to complete this engagement?
b. which auditors have the skills and experience to work on this audit?
c. are specialty skills from outside the internal audit department required?
d. what types of skills are needed on the engagement? - Answers A? not C
a manufacturing organization often hires recent college graduates to fill entry level internal auditor
positions. which of the following would not support the organization's commitment to the rule of
conduct for competency?
a. the organization routinely brings in motivational speakers to inspire employees
b. the organization requires a training program for entry level auditors
c. the organization pays for and requires all professional employees to take continuing education classes
d. annually, the organization holds a seminar and provides the professional employees with updates on
changes to IIA standards and guidance - Answers A
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