Quiz IIA - IAA-IAP - Latest Internal Audit Practitioner Reliable Study Notes

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IIA Internal Audit Practitioner Sample Questions (Q26-Q31):

NEW QUESTION # 26
Which of the following conditions involving the chief audit executive (CAE) is most likely to impair the independence of the internal audit activity?

A. The CAE regularly attends and participates in critical executive management meetings for the organization.
B. The CAE has direct access to records, personnel, and physical properties throughout the organization.
C. The CAE reports directly to the controller for the organization, and the internal audit activity resides in the office of the comptroller.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reporting to the Controller: Independence is compromised when the CAE reports to an operational management role such as the controller, as this creates a conflict of interest andundermines objectivity.
The IIA Standards recommend that the CAE report functionally to the board and administratively to the CEO to preserve independence.

NEW QUESTION # 27
Based on the three elements of the Fraud Triangle, which of the following might be considered a fraud indicator related to the opportunity element?

A. Executive management establishes financial performance objectives for business unit managers. The objectives include significant increases in annual sales and market penetration
B. Reserves were established based on conservative assumptions to maximize the amounts set aside for when operating results may not meet investors' expectations
C. Poor segregation of duties allows for an executive assistant to authorize payments to one-time vendors without supervisory approvals

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity Element: This element of the Fraud Triangle refers to situations where weaknesses in controls provide the ability for someone to commit fraud without being detected. Poor segregation of duties, as described in Option C, creates such opportunities.
* Example: Allowing an executive assistant to authorize payments without oversight significantly increases the risk of fraud.

NEW QUESTION # 28
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 # 29
Which of the following best demonstrates that appropriate and sufficient resources were allocated to an audit engagement to achieve its objectives?

A. Staff skills audit.
B. Approved engagement work program.
C. Post-engagement survey of management of the audited area.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: The engagement work program outlines the resources, timelines, and procedures necessary to achieve the engagement's objectives.
* The work program must be approved to ensure alignment with objectives and resource requirements.
* Reasoning:
* Option Bis correct because an approved engagement work program confirms that the scope, procedures, and resources were planned and allocated effectively.
* Option A(staff skills audit) evaluates team competencies but does not confirm specific resource allocation for an engagement.
* Option C(post-engagement survey) evaluates the outcome of the audit but does not provide evidence of initial resource planning.
* Significance of the Work Program:
* The work program ensures that the engagement is structured to meet objectives efficiently, with adequate and relevant resources.

NEW QUESTION # 30
An internal auditor discovers a number of control concerns while reviewing the organization's online payment system and decides to interview key employees involved in the system's design and maintenance. Which of the following best describes the results of those interviews?

A. Testimonial evidence.
B. Documentary evidence.
C. Analytical evidence.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Types of Audit Evidence:
* Testimonial Evidence: Information obtained through interviews, discussions, or statements from individuals.
* Documentary Evidence: Written or recorded materials, such as policies, procedures, or reports.
* Analytical Evidence: Evidence derived from analysis or comparisons of data.
* Reasoning:
* Option Ais correct because interviews with employees provide testimonial evidence based on their knowledge, perspectives, or observations.
* Option Brefers to tangible documents or records, which are not the direct result of interviews.
* Option Crefers to data analysis, which is not applicable in this scenario.
* Role of Testimonial Evidence:
* Testimonial evidence is often used to corroborate documentary evidence or provide insights into processes and controls.

NEW QUESTION # 31
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