IIA-IAP : INTERNAL AUDIT PRACTITIONER STUDY QUESTION IS VERY WORTHY OF STUDY EFFICIENTLY - DUMPEXAM

IIA-IAP : Internal Audit Practitioner Study Question is Very Worthy of Study Efficiently - DumpExam

IIA-IAP : Internal Audit Practitioner Study Question is Very Worthy of Study Efficiently - DumpExam

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IIA Internal Audit Practitioner Sample Questions (Q71-Q76):

NEW QUESTION # 71
Based on the three elements of the Fraud Triangle, which of the following might be considered a fraud indicator related to the opportunity element?

  • A. Executive management establishes financial performance objectives for business unit managers. The objectives include significant increases in annual sales and market penetration
  • B. Poor segregation of duties allows for an executive assistant to authorize payments to one-time vendors without supervisory approvals
  • C. Reserves were established based on conservative assumptions to maximize the amounts set aside for when operating results may not meet investors' expectations

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity Element: This element of the Fraud Triangle refers to situations where weaknesses in controls provide the ability for someone to commit fraud without being detected. Poor segregation of duties, as described in Option C, creates such opportunities.
* Example: Allowing an executive assistant to authorize payments without oversight significantly increases the risk of fraud.


NEW QUESTION # 72
Which of the following best demonstrates that appropriate and sufficient resources were allocated to an audit engagement to achieve its objectives?

  • A. Approved engagement work program.
  • B. Post-engagement survey of management of the audited area.
  • C. Staff skills audit.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: The engagement work program outlines the resources, timelines, and procedures necessary to achieve the engagement's objectives.
* The work program must be approved to ensure alignment with objectives and resource requirements.
* Reasoning:
* Option B is correct because an approved engagement work program confirms that the scope, procedures, and resources were planned and allocated effectively.
* Option A (staff skills audit) evaluates team competencies but does not confirm specific resource allocation for an engagement.
* Option C (post-engagement survey) evaluates the outcome of the audit but does not provide evidence of initial resource planning.
* Significance of the Work Program:
* The work program ensures that the engagement is structured to meet objectives efficiently, with adequate and relevant resources.


NEW QUESTION # 73
What is the primary objective for testing controls?

  • A. To understand whether a control is in place.
  • B. To determine whether controls are operating effectively.
  • C. To identify major patterns of errors or irregularities that might exist in final account balances.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess whether internal controls are designed and operating effectively to mitigate identified risks.
* Standard 2200 - Engagement Planning: The objective of testing controls is to evaluate their effectiveness in achieving the desired outcomes.
* Reasoning:
* Option A is correct because the main goal of testing controls is to determine whether they are functioning effectively to manage the identified risks and achieve control objectives.
* Option B (understanding whether a control is in place) focuses on control design but not its operational effectiveness.
* Option C (identifying patterns of errors) is related to detecting irregularities, not directly testing the control's effectiveness.
* Effectiveness of Controls:
* Internal audit testing focuses on evaluating the effectiveness and operational efficiency of controls to ensure they reduce risks to an acceptable level.


NEW QUESTION # 74
Which of the following statements is true regarding root cause analysis?

  • A. Root cause analysis is a simple, straightforward tool that can be implemented by internal auditors who may not possess relevant subject matter expertise.
  • B. Root cause analysis enables internal auditors to improve the effectiveness and efficiency of the organization's governance, risk management, and control processes.
  • C. Root cause analysis enables internal auditors to reveal multiple causes and recommend control enhancements for each cause identified.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Root Cause Analysis: This method identifies underlying causes of issues rather than just addressing symptoms, allowing internal auditors to recommend targeted improvements to controls and processes.
By identifying multiple causes, auditors can propose tailored control enhancements to address each cause effectively.


NEW QUESTION # 75
An internal auditor was gathering information regarding the receiving process and decided that a narrative memorandum was the best way to document the process. Which of the following explanations best supports the auditor's decision?

  • A. The department has comprehensive manuals
  • B. The audit engagement is not considering efficiency
  • C. The process is simple and does not need a visual depiction

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Narrative Memorandum: A narrative is most suitable for documenting simple processes that do not require detailed visuals or flowcharts for clarity. If the process can be effectively described in writing, a narrative is appropriate.


NEW QUESTION # 76
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