CIMA Exam CIMAPRA17-BA4-1 Topic 7 Question 86 Discussion

Actual exam question for CIMA's CIMAPRA17-BA4-1 exam

Question #: 86
Topic #: 7

Internal audit is considered best practice but is not required by law Which of the following does NOT describe a benefit of internal audit to the board of directors?

AThe internal audit function can help the audit committee have confidence in the fraud prevention systems within the company

BThe internal audit function can provide independent assurance of the financial policies applied to the financial statements

CThe internal audit function can report back to the audit committee if controls are not as effective as they should be

DThe internal audit function can help the audit committee to discharge their responsibilities for the ongoing monitoring of the risk in the company

Show Suggested Answer

Suggested Answer: A

by Lavonna at Apr 29, 2024, 01:33 AM

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Milly

4 days ago

Whoa, hold on! Isn't the internal audit function supposed to report back to the audit committee if controls are not as effective as they should be? That's a no-brainer. I'm going with Option C.

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Haha, this is a tough one! Maybe the internal audit function can help the audit committee to discharge their responsibilities for the ongoing monitoring of the risk in the company. That's a pretty good one, right? I'll go with Option D.

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Teri

11 days ago

I'm not so sure about that. The internal audit function can provide independent assurance of the financial policies, which is a pretty important benefit for the board. I'd go with Option B.

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Kimbery

13 days ago

Why do you think that?

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Jesusita

14 days ago

Option A seems like the best choice to me. The internal audit function can help the audit committee have confidence in the fraud prevention systems, which is crucial for the board's oversight responsibilities.

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Willard

16 days ago

I disagree, I believe the answer is C

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Kimbery

21 days ago

I think the answer is B

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CIMA Exam CIMAPRA17-BA4-1 Topic 7 Question 86 Discussion

Contribute your Thoughts:

Milly

Leslie

Teri

Kimbery

Jesusita

Willard

Kimbery