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IIA Internal Audit Practitioner Sample Questions (Q37-Q42):
NEW QUESTION # 37
Which of the following creates an opportunity for an employee to commit fraud?
- A. The need for money to pay personal medical bills
- B. Unfair compensation practices
- C. Lack of adequate internal controls
Answer: C
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: In the Fraud Triangle, "opportunity" refers to the ability to commit fraud due to weaknesses in internal controls, such as poor segregation of duties, lack of oversight, or inadequate monitoring systems. These factors are directly within the organization's control to address.
NEW QUESTION # 38
Which of the following best ensures that the internal audit activity is free from undue interference from management?
- A. Audit policies and procedures that are comprehensive and well-documented, in accordance with the Standards.
- B. An audit charter that defines the chief audit executive's functional reporting relationship with the board.
- C. A board audit committee that is composed of competent, independent members.
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: The chief audit executive (CAE) must report functionally to the board to ensure independence.
* The audit charter must define the CAE's functional reporting line to the board, securing protection from undue management influence.
* Reasoning:
* Option Caddresses the foundational document-the audit charter-that establishes the CAE's authority and independence.
* Option Arefers to operational standards, but they do not directly safeguard against interference.
* Option Bstrengthens governance but is secondary to the audit charter in securing independence.
* Impact:
* A robust audit charter formalizes the CAE's reporting relationship and ensures organizational independence, empowering internal audit.
NEW QUESTION # 39
Which of the following best explains why internal auditors should identify risk scenarios during a risk assessment of the area being audited?
- A. To evaluate the adequacy of management's risk management process in the area being audited.
- B. To determine whether established controls are operating effectively to mitigate critical risks.
- C. To determine what would prevent the achievement of objectives in the area being audited.
Answer: C
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2120 - Risk Management: Internal audit must assess and evaluate the risk management processes of the organization.
* Identifying risk scenarios supports engagement objectives by determining vulnerabilities and threats to process objectives.
* Reasoning:
* Option Ais correct because risk scenarios provide insights into potential events or conditions that could hinder achieving objectives. This allows auditors to assess risk exposure and evaluate controls effectively.
* Option B(control effectiveness) is a subsequent step in the audit process but does not explain the need for identifying risk scenarios.
* Option Cfocuses on evaluating management's process, which is broader than identifying specific risks for the engagement.
* Practical Application:
* Risk scenarios guide auditors in tailoring their approach to address areas of greatest vulnerability.
NEW QUESTION # 40
Which of the following would have the most direct impact on management's decision regarding the amount of risk that is considered acceptable?
- A. Risk perception.
- B. Risk capacity.
- C. Risk appetite.
Answer: C
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2120 - Risk Management: Internal audit should evaluate the organization's risk appetite and alignment with decision-making processes.
* Definitions:
* Risk Appetite(Option B): The level of risk an organization is willing to accept in pursuit of its objectives, making it the most direct determinant of acceptable risk levels.
* Risk Capacity(Option A): The organization's ability to absorb risk, which is more strategic and long-term.
* Risk Perception(Option C): Subjective views of risk, which can influence decisions but do not directly determine acceptable risk.
NEW QUESTION # 41
During which stage of an audit engagement would the engagement supervisor identify the tasks that were already completed and the remaining tasks to be performed?
- A. When documenting the work program.
- B. When allocating resources.
- C. When developing the test approach.
Answer: A
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
The engagement supervisor identifies tasks that are completed and remaining tasks during the process of documenting the work program.
* Reference to IIA Standards:
* According to theIIA's Performance Standards 2200 - Engagement Planning, an internal audit work program should detail the procedures necessary to achieve the engagement's objectives.
* Standard2240 - Engagement Work Programexplicitly states that internal auditors must develop and document work programs that achieve the objectives of the engagement.
* Key Responsibilities:
* Documenting the work program involves listing tasks already performed to avoid redundancy and tasks remaining to ensure coverage of all planned activities.
* Supervisors are responsible for overseeing this process and ensuring the work aligns with the overall engagement plan.
* Relevance to Audit Practice:
* The work program serves as a roadmap for auditors, detailing specific steps to be taken.
* Identifying completed and pending tasks ensures proper time management and resource allocation during the engagement.
NEW QUESTION # 42
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