IAA-IAP TEST PAPERS & IAA-IAP STUDY TOOL

IAA-IAP Test Papers & IAA-IAP Study Tool

IAA-IAP Test Papers & IAA-IAP Study Tool

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IIA Internal Audit Practitioner Sample Questions (Q38-Q43):

NEW QUESTION # 38
An internal auditor discovers that a vendor had submitted invoices and was paid for services not rendered. Which of the following controls is most appropriate to address this type of issue?

  • A. The supervisor should verify that the amount paid agrees with the contracted amount.
  • B. The accounts payable clerk should compare the acknowledgment of goods and services to the invoice.
  • C. The supervisor should observe the input of invoices into the payment system.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal audit must assess whether controls ensure compliance and prevent fraud.
* Reasoning:
* Option Adirectly addresses the root cause: payment for unrendered services. Requiring acknowledgment of receipt ensures only valid invoices are paid.
* Option B(observing invoice input) ensures data entry accuracy but does not address fraud.
* Option C(verifying amounts) ensures correct payments for legitimate invoices but does not prevent unauthorized payments.
* Best Practice:
* Verifying acknowledgment of services before payment is a preventive control, reducing fraud risk.


NEW QUESTION # 39
Which of the following consulting engagements leverages an internal auditor's risk and control knowledge to help the organization keep abreast of emerging risks?

  • A. Assisting with the development of policies and procedures
  • B. Facilitating organizational control self-assessments
  • C. Advising on control designs

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Facilitating Organizational Control Self-Assessments (CSA): This engagement helps the organization identify, evaluate, and monitor risks and controls. By facilitating CSAs, internal auditors use their expertise to highlight emerging risks and ensure that the organization proactively addresses them.


NEW QUESTION # 40
If an internal auditor needs to evaluate compliance with an internal control policy, which sampling method is most appropriate?

  • A. Difference estimation sampling
  • B. Probability-proportional-to-size sampling
  • C. Attribute sampling

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Attribute Sampling: This method is used to evaluate compliance by determining the presence or absence of specific attributes (e.g., adherence to policies or procedures). It is most suitable for assessing yes/no questions or deviations in internal control testing.
* Example: Checking whether purchase orders are properly approved as per policy.


NEW QUESTION # 41
Which of the following is an important consideration when providing quality audit communications?

  • A. Demonstrate knowledge by using technical language.
  • B. Provide a fair and balanced assessment.
  • C. Include as much detail as possible.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2420 - Quality of Communications: Audit communications must be accurate, objective, clear, concise, constructive, complete, and timely.
* A fair and balanced assessment ensures objectivity and builds credibility.
* Reasoning:
* Option Bis correct because fair and balanced reporting reflects both positive and negative findings, maintaining the credibility and usefulness of the audit report.
* Option A(including as much detail as possible) risks overwhelming the audience and detracting from key messages.
* Option C(using technical language) can reduce clarity and accessibility for non-technical stakeholders.
* Importance of Balanced Reporting:
* Objective and balanced communications ensure that the audit report is actionable and supports informed decision-making by management and the board.


NEW QUESTION # 42
A senior police officer was in charge of the cash fund used for undercover operations. In this situation, which of the following would likely be considered a red flag?

  • A. The officer appears to be living beyond his means.
  • B. The officer never speaks about the operations.
  • C. The officer has no professional qualifications.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Living Beyond Means: This is a classic red flag for potential fraud. It suggests that the officer may be using unauthorized funds to support an extravagant lifestyle, particularly when they have access to a cash fund with limited oversight.


NEW QUESTION # 43
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