TEST IAA-IAP DUMP | NEW IAA-IAP TEST TESTKING

Test IAA-IAP Dump | New IAA-IAP Test Testking

Test IAA-IAP Dump | New IAA-IAP Test Testking

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IIA Internal Audit Practitioner Sample Questions (Q30-Q35):

NEW QUESTION # 30
Which of the following would be considered out of scope for a purchasing process audit engagement?

  • A. Matching goods received to requisitions
  • B. Authorization of requisitions
  • C. Control of goods

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Control of Goods: The control of goods is generally considered part of inventory management or logistics, not the purchasing process. The purchasing process typically endswith the receipt of goods or services and ensuring appropriate payments.
* Other Options:
* Authorization of Requisitions: Within scope, as it is directly related to the initiation of the purchasing process.
* Matching Goods Received to Requisitions: Part of the purchasing process audit scope to ensure accurate and legitimate transactions.
Thus, the correct answer isB. Control of Goods.


NEW QUESTION # 31
Management has decided that transactions less than $50 no longer require authorization. Which of the following risk management strategies does this represent?

  • A. Reduce.
  • B. Avoid.
  • C. Accept.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Acceptance: By deciding that transactions below $50 do not require authorization, management is consciously accepting the low-level risk associated with this decision to streamline processes and reduce administrative burdens.


NEW QUESTION # 32
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 what would prevent the achievement of objectives in the area being audited.
  • B. To determine whether established controls are operating effectively to mitigate critical risks.
  • C. To evaluate the adequacy of management's risk management process in the area being audited.

Answer: A

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 # 33
During which stage of an audit engagement would the engagement supervisor identify the tasks that were already completed and the remaining tasks to be performed?

  • A. When developing the test approach.
  • B. When allocating resources.
  • C. When documenting the work program.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
The engagement supervisor identifies tasks that are completed and remaining tasks during the process of documenting the work program.
* Reference to IIA Standards:
* According to theIIA's Performance Standards 2200 - Engagement Planning, an internal audit work program should detail the procedures necessary to achieve the engagement's objectives.
* Standard2240 - Engagement Work Programexplicitly states that internal auditors must develop and document work programs that achieve the objectives of the engagement.
* Key Responsibilities:
* Documenting the work program involves listing tasks already performed to avoid redundancy and tasks remaining to ensure coverage of all planned activities.
* Supervisors are responsible for overseeing this process and ensuring the work aligns with the overall engagement plan.
* Relevance to Audit Practice:
* The work program serves as a roadmap for auditors, detailing specific steps to be taken.
* Identifying completed and pending tasks ensures proper time management and resource allocation during the engagement.


NEW QUESTION # 34
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 # 35
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