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

NEW QUESTION # 17
During engagement planning, which of the following would provide an internal auditor with a sufficient understanding of the process being audited?

A. The mission, vision, and strategic objectives of the organization.
B. The objectives and risk management of the process.
C. Management's opinion on the thoroughness of a previous internal audit of the same process.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: Internal auditors must develop a plan that considers the objectives, risks, and controls of the area being audited.
* Standard 2210 - Engagement Objectives: The objectives of the engagement must be aligned with the organization's processes and risk management practices.
* Reasoning:
* Option C is correct because understanding the process's objectives and associated risks allows the auditor to design procedures to assess how well risks are managed and objectives are achieved.
* Option A (mission, vision, and strategic objectives) provides organizational context but does not give detailed insights into the specific process.
* Option B (management's opinion) is subjective and insufficient for developing a comprehensive understanding of the process.
* Effective Engagement Planning:
* Focus on process-specific objectives, risks, and controls ensures a targeted and effective audit, contributing to meaningful outcomes.

NEW QUESTION # 18
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 has no professional qualifications.
B. The officer appears to be living beyond his means.
C. The officer never speaks about the operations.

Answer: B

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 # 19
Which of the following is an example of criteria in an engagement communication?

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

Answer: B

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 B is correct because it references the organization's policies and procedures, which serve as the criteria for evaluating compliance.
* Option A describes the condition (what was observed), not the criteria.
* Option C describes the effect (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 # 20
Which of the following best describes a compliance audit engagement?

A. The auditor analyzes the economic activity of the organization as measured and reported using international accounting standards.
B. The auditor reviews controls of the oil shale mining process to assess adherence to safety regulations established by local authorities.
C. The auditor conducts a review to provide assurance that the external service provider of maintenance for the organization has an effective risk management process.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Compliance Auditing:
* Definition: Compliance audits assess adherence to external laws, regulations, or internal policies and procedures.
* Standard 2130 - Control: Internal audit must evaluate the adequacy and effectiveness of controls to ensure compliance with applicable laws and regulations.
* Reasoning:
* Option A is correct because assessing adherence to safety regulations is a compliance activity focused on legal and regulatory conformity.
* Option B (analyzing economic activity) relates more to financial auditing or accounting standards compliance, not regulatory compliance.
* Option C (reviewing an external service provider's risk management process) aligns with a risk or assurance engagement, not compliance.
* Impact of Compliance Audits:
* Ensuring adherence to legal requirements protects the organization from regulatory penalties and enhances operational integrity.

NEW QUESTION # 21
Which of the following elements of the Fraud Triangle is directly under the organization's control?

A. Rationalization
B. Opportunity
C. Pressure

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: Organizations can reduce fraud risk by implementing strong internal controls, which limit opportunities for fraud. Examples include segregation of duties, access restrictions, and audit trails.

NEW QUESTION # 22
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Tom Hall Tom Hall

Biography

Test IIA-IAP Collection Pdf | Reliable IIA-IAP Dumps Pdf

Efficient Test IIA-IAP Collection Pdf - Trusted & Pass-Sure IIA-IAP Materials Free Download for IIA IIA-IAP Exam

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

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