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Study IAA-IAP Plan | IAA-IAP Reliable Test Guide

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IIA Internal Audit Practitioner Sample Questions (Q17-Q22):

NEW QUESTION # 17
An internal auditor is performing an internal control assessment at a manufacturing company. The auditor observed that the accounts payable clerks have the ability to create new vendors without management's review and approval. How should the auditor document this observation?

A. The observation is a sign of adequate internal controls; however, effectiveness testing should be performed to ensure that the controls are operating as designed and intended.
B. The observation is an internal control weakness; therefore, additional testing should be performed to determine whether secondary mitigating controls exist or whether the control should be redesigned.
C. The observation doesn't affect the adequacy of the internal controls because the existing process controls ensure that invoices are promptly and accurately paid.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Control Assessment:
* Standard 2130 - Control: Internal auditors must evaluate the adequacy and effectiveness of controls in mitigating risks.
* COSO Framework: Proper segregation of duties is essential for preventing unauthorized transactions and fraud.
* Reasoning:
* Option Bis correct because the lack of management review and approval for creating vendors indicates a control weakness, as it creates opportunities for unauthorized vendors or fraud. The auditor should investigate whether mitigating controls exist (e.g., periodic review of vendor lists) or recommend redesigning the process to include managerial oversight.
* Option Adismisses the observation without considering its impact on control adequacy. Prompt payment alone does not address risks related to unauthorized vendors.
* Option Cincorrectly assumes the observation reflects adequate controls, which is not the case given the lack of management approval.
* Actionable Next Steps:
* Document the observation as a control deficiency.
* Perform additional testing to identify whether compensating controls mitigate the risk or recommend enhancements to strengthen controls.

NEW QUESTION # 18
Which of the following internal auditor attributes benefits the most from continuous professional development?

A. Competency.
B. Objectivity.
C. Integrity.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Competency: Continuous professional development ensures auditors maintain and enhance their knowledge, skills, and expertise, directly supporting their ability to perform engagements effectively.

NEW QUESTION # 19
An internal auditor is conducting a human resources audit engagement. Which of the following observations would increase the probability of fraud?

A. Lack of background checks.
B. Vague job descriptions.
C. Poor interview skills.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Fraud Risk Factors:
* Lack of proper vetting processes, such as background checks, significantly increases the likelihood of hiring individuals who may pose a fraud risk.
* Reasoning:
* Option Bis correct because failing to conduct background checks creates opportunities for hiring individuals with a history of unethical behavior, increasing fraud risk.
* Option A(vague job descriptions) may lead to inefficiencies or unclear expectations but does not directly relate to fraud risk.
* Option C(poor interview skills) might affect hiring quality but does not increase fraud probability.
* Best Practice:
* Conducting thorough background checks is a critical control to reduce fraud risk in human resources processes.

NEW QUESTION # 20
An internal auditor is reporting on the organization's asset management system. Which of the following would likely add the greatest value to the organization?

A. Confirmation that controls are operating efficiently.
B. Reports that state identified deficiencies were remedied during the audit.
C. Recommendations aimed at reducing risk exposure.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2410 - Criteria for Communicating: Internal audit reports must provide relevant and constructive information, including recommendations for improvement.
* Recommendations focused on reducing risk exposure align with the purpose of internal auditing:
improving governance, risk management, and controls.
* Reasoning:
* Option Bis correct because providing recommendations aimed at reducing risk exposure directly addresses the organization's strategic and operational vulnerabilities, adding significant value.
* Option A(confirmation of efficient controls) ensures reliability but does not proactively improve risk management or processes.
* Option C(deficiencies remedied during the audit) is informative but lacks the forward-looking impact of targeted recommendations.
* Adding Value through Recommendations:
* Internal audit recommendations guide management in addressing critical risks, improving operational efficiency, and enhancing organizational resilience.

NEW QUESTION # 21
Management has decided that transactions less than $50 no longer require authorization. Which of the following risk management strategies does this represent?

A. Accept.
B. Reduce.
C. Avoid.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Acceptance: By deciding that transactions below $50 do not require authorization, management is consciously accepting the low-level risk associated with this decision to streamline processes and reduce administrative burdens.

NEW QUESTION # 22
......

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Michael Wilson Michael Wilson

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