IIA Updated IIA-ACCA Exam Questions and Answers by lexie

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Maintaining custody of inventory records.

Collecting payments on accounts.

Approving changes to employee records.

Preparing customer statements.

An independent third party has assessed the organization's system of internal controls to be adequate and effective.

The chief audit executive reports both functionally and administratively to the CEO.

The internal audit charter is drafted properly and approved by the appropriate parties.

The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.

The external auditor may make full use of the work, as the audit charter is very specific as to the work the internal audit activity may undertake.

The external auditor may use the work, as the board has approved the charter, thus taking responsibility for any deficiencies.

The external auditor must disregard the work, as the scope of the charter may introduce bias and result in a lack of due professional care.

The external auditor may use the work with caution, due to the internal audit activity's scope and responsibility restrictions.