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IIA Internal Audit Practitioner Sample Questions (Q84-Q89):

NEW QUESTION # 84
When determining the appropriate level of resources needed for an engagement, which of the following would be the first step?

A. Determine travel and related costs for the engagement
B. Determine the sufficiency of internal audit staff
C. Identify required technology and audit tools

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Resource Sufficiency: Ensuring that the internal audit team has sufficient staff with the appropriate expertise is the foundational step in resource planning for an engagement.

NEW QUESTION # 85
Which of the following would be the best indicator that the organization's risk management processes are operating effectively?

A. Management openly discusses both risks and opportunities facing the organization.
B. Management established policies and procedures that state risk will be considered.
C. The organization implemented formal operational risk management processes.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Open Discussions of Risks and Opportunities: The best indicator of effective risk management is a culture where management actively identifies, evaluates, and discusses risks and opportunities, integrating them into decision-making processes.

NEW QUESTION # 86
According to IIA guidance, which of the following is the primary criterion that should determine the extent of supervision required for an audit engagement?

A. The proficiency of the internal auditors and the complexity of the engagement.
B. The number of hours approved by the board for that engagement.
C. Whether the engagement involves possible violations of laws and governmental regulations.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Extent of Supervision: The level of supervision required is determined by the auditors' proficiency (experience and skill set) and the complexity of the engagement. This ensures the work is executed effectively while maintaining compliance with IIA standards.

NEW QUESTION # 87
An internal auditor is performing an internal control assessment at a manufacturing company. The auditor observed that the accounts payable clerks have the ability to create new vendors without management's review and approval. How should the auditor document this observation?

A. The observation is a sign of adequate internal controls; however, effectiveness testing should be performed to ensure that the controls are operating as designed and intended.
B. The observation is an internal control weakness; therefore, additional testing should be performed to determine whether secondary mitigating controls exist or whether the control should be redesigned.
C. The observation doesn't affect the adequacy of the internal controls because the existing process controls ensure that invoices are promptly and accurately paid.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Control Assessment:
* Standard 2130 - Control: Internal auditors must evaluate the adequacy and effectiveness of controls in mitigating risks.
* COSO Framework: Proper segregation of duties is essential for preventing unauthorized transactions and fraud.
* Reasoning:
* Option Bis correct because the lack of management review and approval for creating vendors indicates a control weakness, as it creates opportunities for unauthorized vendors or fraud. The auditor should investigate whether mitigating controls exist (e.g., periodic review of vendor lists) or recommend redesigning the process to include managerial oversight.
* Option Adismisses the observation without considering its impact on control adequacy. Prompt payment alone does not address risks related to unauthorized vendors.
* Option Cincorrectly assumes the observation reflects adequate controls, which is not the case given the lack of management approval.
* Actionable Next Steps:
* Document the observation as a control deficiency.
* Perform additional testing to identify whether compensating controls mitigate the risk or recommend enhancements to strengthen controls.

NEW QUESTION # 88
Which of the following creates an opportunity for an employee to commit fraud?

A. The need for money to pay personal medical bills
B. Lack of adequate internal controls
C. Unfair compensation practices

Answer: B

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 # 89
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IAA-IAP Brain Dumps, IAA-IAP Cheap Dumps

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IIA Internal Audit Practitioner Sample Questions (Q84-Q89):

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