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IIA Internal Audit Practitioner Sample Questions (Q41-Q46):

NEW QUESTION # 41
During an assurance engagement of an organization's procurement process, an internal auditor obtained the policy that specified the authorized dollar limits for invoices. This document would best support which of the following attributes of an audit report?

A. Condition
B. Criteria
C. Effect

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Audit Report Elements:
* Criteria: The benchmark or standard used for comparison during the audit (e.g., policies, regulations, contracts).
* Condition: The factual observation or evidence identified during the audit.
* Effect: The impact or consequence of the condition on the organization.
* Reasoning:
* Option Cis correct because the procurement policy specifies authorized limits, serving as the standard (criteria) against which compliance is assessed.
* Option B(condition) refers to the actual state of observed controls, processes, or compliance, not the benchmark.
* Option A(effect) describes the potential or realized impact of non-compliance but not the standard itself.
* Importance of Criteria:
* Criteria provide a clear benchmark, ensuring that findings are communicated with context and actionable insights.

NEW QUESTION # 42
Duties in a purchasing system are segregated and performed by different people. One person orders the goods, another person receives the goods, and another pays for the goods. This is an example of which of the following controls?

A. Preventive
B. Detective
C. Directive

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Controls:
* Preventive controlsare designed to prevent errors, fraud, or irregularities before they occur by ensuring that processes and activities are performed correctly from the start.
* Standard 2130 - Control: Internal auditors assess the design and effectiveness of controls to prevent risks from materializing.
* Reasoning:
* Option Ais correct because segregation of duties (ordering, receiving, and paying) is apreventive control, as it prevents a single person from having the authority to initiate, authorize, and complete a transaction, reducing the risk of fraud or errors.
* Option B(Directive) would focus on guiding behavior, such as setting policies or expectations.
* Option C(Detective) refers to controls that identify and detect errors after they occur, such as audits or reviews.
* Impact of Segregation of Duties:
* By ensuring duties are segregated, organizations minimize the risk of fraudulent activities and errors, thus acting as a preventive measure.

NEW QUESTION # 43
Which of the following would best support the overall risk assessment?

A. Policies and process procedures provided by the manager of the process under review.
B. Detailed organizational charts to understand roles and reporting lines in the area under review.
C. Process narratives and process maps with descriptions of risks and controls.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Process Narratives and Maps: These provide a comprehensive view of the process, including descriptions of risks and controls, making them the most relevant for supporting risk assessments. They help identify gaps or weaknesses in the control environment.

NEW QUESTION # 44
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 doesn't affect the adequacy of the internal controls because the existing process controls ensure that invoices are promptly and accurately paid.
C. 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.

Answer: C

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 # 45
When is it appropriate for the internal auditor to determine the engagement's scope and objectives?

A. During the planning of the engagement
B. In the final engagement report
C. During the performance of the engagement

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Planning Phase: According to the International Standards for the Professional Practice of Internal Auditing (ISPPIA),Standard 2200(Engagement Planning), the internal auditor must establish the engagement's objectives, scope, and criteria during the planning phase. This ensures that the audit is focused and aligned with organizational objectives and stakeholder expectations.
* Performance Phase: During this phase, auditors execute the planned activities, but the scope and objectives are typically fixed unless there are significant changes in circumstances.
* Final Engagement Report: The final report documents the outcomes of the audit, not the scope or objectives, which are pre-determined.
References:
* IIA Standard 2200: Engagement Planning.
* IIA Standard 2210: Engagement Objectives.
* IIA Implementation Guides on Engagement Planning emphasize determining the scope and objectives early to provide direction and clarity.
Thus, the correct answer isA. During the planning of the engagement.

NEW QUESTION # 46
......

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Test IAA-IAP Dumps Pdf, IAA-IAP Dump

Quiz 2025 IIA IAA-IAP – Valid Test Dumps Pdf

IIA Internal Audit Practitioner Sample Questions (Q41-Q46):

Free PDF 2025 IAA-IAP: Valid Test Internal Audit Practitioner Dumps Pdf

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