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IIA Internal Audit Practitioner Sample Questions (Q72-Q77):

NEW QUESTION # 72
Which of the following is an element of a well-formed audit recommendation?

A. Measures to prevent recurrence of the condition.
B. Factors that allowed the condition to exist.
C. Factual evidence identified during the engagement.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Audit Recommendations:
* According to theIIA Standards, a recommendation must be actionable, specific, and designed to address the root cause of an identified issue.
* Reasoning:
* Option Bis correct because effective recommendations focus on preventing recurrence by addressing root causes or implementing control measures.
* Option A(factual evidence) supports findings but does not constitute the recommendation itself.
* Option C(factors allowing the condition) provides context for findings but does not include actionable measures to resolve or prevent the issue.
* Key Components of a Recommendation:
* Recommendations should propose practical solutions to mitigate risks, improve processes, or enhance controls.
* Measures to prevent recurrence align with the goal of sustainable improvements.

NEW QUESTION # 73
A member of the internal audit team worked eight months ago in an area of the organization that she is now being tasked with auditing. Which of the following would most likely be impacted by her participation in the audit?

A. Competency
B. Objectivity
C. Integrity

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1120 - Individual Objectivity: Internal auditors must perform engagements with honesty and without any bias.
* Serving in an operational or management role in the area being audited within the past year can impair objectivity, as the auditor may unconsciously favor or critique processes they were involved in developing or managing.
* Reasoning:
* Option Bis correct because recent involvement in the audited area could compromise objectivity, leading to potential conflicts of interest or biased assessments.
* Option A(integrity) is less likely impacted, as integrity relates to adherence to ethical principles and honesty.
* Option C(competency) is not affected, as the individual's skills and knowledge remain intact regardless of the recency of their involvement.
* Mitigating Actions:
* The chief audit executive (CAE) should evaluate and address potential impairments to objectivity, possibly assigning the auditor to a different engagement.

NEW QUESTION # 74
Which of the following analytical procedures would be most effective for an internal auditor to examine changes in performance over time?

A. Trend analysis
B. Analysis of common size financial statements
C. Ratio analysis

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Trend Analysis: This technique identifies patterns or shifts in performance by analyzing data over time. It is particularly effective for tracking metrics like revenue, expenses, or production volumes across reporting periods to spot anomalies or trends.

NEW QUESTION # 75
Which of the following creates an opportunity for an employee to commit fraud?

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

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 # 76
When is it appropriate for the internal auditor to determine the engagement's scope and objectives?

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

Answer: C

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 # 77
......

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