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IIA Internal Audit Practitioner Sample Questions (Q53-Q58):

NEW QUESTION # 53
Which of the following is an example of criteria in an engagement communication?

A. Annual business conduct training was not performed over the past two years due to inadequate operating budgets.
B. As a result of inadequate business conduct training, 16% of the executive team was unaware of their obligation to report potential conflicts of interest.
C. The audit test was designed to evaluate compliance with the organization's policies and procedures related to business conduct and ethics.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Criteria:
* Definition: Criteria are the standards, policies, or benchmarks used to evaluate the subject matter during an audit.
* IIA Standard 2410 - Criteria for Communicating: Audit reports should clearly state criteria to ensure findings are relevant and actionable.
* Reasoning:
* Option Bis correct because it references the organization's policies and procedures, which serve as the criteria for evaluating compliance.
* Option Adescribes thecondition(what was observed), not the criteria.
* Option Cdescribes theeffect(the impact of the observed condition).
* Importance of Criteria in Audit Reporting:
* Including criteria provides a basis for comparison, helping stakeholders understand why a finding is significant and how it deviates from expectations.

NEW QUESTION # 54
Which of the following is a purpose of an embedded audit module?

A. It identifies program code that may have been inserted for unauthorized purposes.
B. It verifies the correctness of account balances on a master file.
C. It enables continuous monitoring of transaction processing.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Embedded Audit Modules:
* Definition: Embedded audit modules are software components integrated into systems to monitor transactions in real-time or at regular intervals.
* They supportcontinuous auditingby flagging anomalies or predefined conditions.
* Reasoning:
* Option Ais correct because embedded audit modules facilitate continuous monitoring by evaluating transactions as they occur.
* Option Brelates to detecting unauthorized program code, a task better suited to software integrity checks or penetration testing.
* Option C(verifying account balances) is a manual or batch review task unrelated to embedded audit modules.
* Benefits of Embedded Audit Modules:
* Real-time insights into compliance, fraud detection, and operational inefficiencies.
* Enhance audit efficiency and effectiveness in high-transaction environments.

NEW QUESTION # 55
During an accounts payable audit engagement, the internal auditor identified a risk that vendor invoices may be paid multiple times. Which of the following would be appropriate preventive controls to mitigate this risk?

A. System controls to identify identical invoice amounts from the same vendor that prohibit payment after the initial invoice.
B. System controls to identify identical invoice numbers and dates from the same vendor prior to payment.
C. Manual controls requiring the reconciliation of paid vendor invoices to monthly invoice statements provided by the vendor.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Preventive System Controls: Identifying duplicate invoice numbers and dates is a robust preventive control, as it helps flag duplicate invoices before payment is processed.

NEW QUESTION # 56
Which of the following best explains why internal auditors should identify risk scenarios during a risk assessment of the area being audited?

A. To determine whether established controls are operating effectively to mitigate critical risks.
B. To evaluate the adequacy of management's risk management process in the area being audited.
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 # 57
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 # 58
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