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IIA Internal Audit Practitioner Sample Questions (Q68-Q73):

NEW QUESTION # 68
During a travel expense audit engagement, the internal auditor discovered that the accounts payable staff spend a significant amount of time previewing expense reports before the reports are sent to managers for review and approval. The total of all expense reports during a year represents less than 1% of the organization' s total budget. Which of the following best supports the auditor'srecommendation to reduce the level of reviews?

A. The duplication of effort in the review process is unnecessary.
B. The inherent risk of travel expense fraud is low.
C. The cost of the control outweighs the benefit.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Cost-Benefit Analysis: Controls should be cost-effective. Spending significant resources on a process that accounts for less than 1% of the budget indicates that the cost of the control (extensive reviews) outweighs the potential benefits.

NEW QUESTION # 69
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

A. Expertise in detecting and investigating fraud.
B. Specialized skills for developing and implementing controls to prevent fraud.
C. Sufficient knowledge to evaluate the risk of fraud.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210.A2: Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
* They are not expected to have the expertise of a fraud examiner or forensic investigator.
* Reasoning:
* Option Bis correct because internal auditors need enough knowledge to assess fraud risks and provide assurance over controls designed to mitigate those risks.
* Option Aoverstates the requirement, as fraud detection and investigation require specialized expertise typically outside the scope of general internal auditing.
* Option Crefers to control development, which is a management responsibility, not an internal audit role.
* Role of Internal Audit in Fraud:
* Auditors evaluate fraud risks and provide recommendations to improve controls, ensuring alignment with organizational risk management strategies.

NEW QUESTION # 70
Which of the following situations is most likely to require a compliance engagement from the internal audit activity?

A. An organization must restate its financial statements due to an error in fixed asset valuation.
B. An organization is preparing to launch an enhanced service for its online customer information system.
C. An organization is subject to newly imposed industry health and safety regulations.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Governance: Internal audit must assess compliance with applicable laws, regulations, and industry standards.
* Compliance Auditing: These engagements assess whether the organization adheres to specific rules and regulations.
* Reasoning:
* Option Cinvolves newly imposed health and safety regulations, making compliance auditing critical to ensure the organization avoids penalties or operational disruptions.
* Option Apertains to financial reporting, typically addressed in assurance or financial audits.
* Option Binvolves a new service launch, which may require consulting or operational audits but not necessarily compliance-focused.

NEW QUESTION # 71
A senior internal auditor is using a risk and control matrix to facilitate an internal control assessment of the fixed asset accounting process. Which of the following activities would aid the auditor in determining inputs for the risk and control matrix?

A. Interviews with fixed asset management, control process walkthroughs, and internal control questionnaires.
B. Reviewing the results of control effectiveness testing of the fixed asset capitalization subprocess.
C. Management's cost-benefit analysis of internal control alternatives considered in the design of the fixed asset accounting process.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Gathering Inputs for the Matrix: Interviews, walkthroughs, and questionnaires areprimary tools for gathering detailed insights into risks, controls, and processes. These activities provide the information necessary to populate a risk and control matrix effectively.

NEW QUESTION # 72
Operational management has asked the internal auditor for recommendations regarding an ineffective process. According to IIA guidance, which of the following would be the auditor's most appropriate response?

A. Refrain from providing recommendations to preserve audit independence.
B. Agree to offer recommendations based on observations and conclusions.
C. Explain that only management should recommend and implement the corrective action.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2410 - Criteria for Communicating: Recommendations should be provided where appropriate to address identified issues and improve processes.
* Standard 1100 - Independence and Objectivity: Providing recommendations does not impair independence as long as the auditor does not implement them.
* Reasoning:
* Option Bis correct because providing recommendations based on objective observations is part of an internal auditor's role in adding value and improving operations.
* Option Aunnecessarily avoids recommendations, misinterpreting independence requirements.
* Option Cincorrectly suggests that the auditor cannot provide input; while management owns the implementation, the auditor's recommendations can guide effective solutions.
* Adding Value Through Recommendations:
* Recommendations are a critical output of the audit process, guiding management to address inefficiencies and improve operations.

NEW QUESTION # 73
......

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