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IIA Internal Audit Practitioner Sample Questions (Q47-Q52):

NEW QUESTION # 47
Information collected and documented in audit workpapers should be sufficient to:

A. Confirm that management has effectively implemented recommended actions to resolve all identified control weaknesses.
B. Allow the work to be repeated and achieve the same results that logically lead to the same conclusion.
C. Support engagement observations and be consistent with engagement objectives.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Sufficient Documentation: Audit workpapers must support observations, conclusions, and recommendations made during the engagement and align with engagement objectives.

NEW QUESTION # 48
When determining the appropriate level of resources needed for an engagement, which of the following would be the first step?

A. Identify required technology and audit tools
B. Determine travel and related costs for the engagement
C. Determine the sufficiency of internal audit staff

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Resource Sufficiency: Ensuring that the internal audit team has sufficient staff with the appropriate expertise is the foundational step in resource planning for an engagement.

NEW QUESTION # 49
Which of the following best describes the purpose of a detailed engagement risk assessment?

A. To prioritize risks to the activity's objectives, according to the likelihood of occurrence.
B. To ensure that all risks identified during the engagement planning process are addressed during the audit.
C. To consider significant risks to the activity's objectives and the means by which the potential impact of risk is kept to an acceptable level.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Engagement Risk Assessment:
* Definition: Engagement risk assessment evaluates specific risks relevant to the engagement and identifies controls or mitigations.
* Standard 2210.A1: Internal auditors must consider significant risks to objectives, focusing on their likelihood and impact.
* Reasoning:
* Option Cis correct because it aligns with assessing significant risks and ensuring they are mitigated to acceptable levels.
* Option A(ensuring all risks are addressed) is impractical since auditors prioritize significant risks within resource constraints.
* Option Bfocuses on prioritizing risks but does not encompass the broader purpose of addressing their impact or mitigation.
* Importance of Risk Assessment:
* It ensures that the audit focuses on high-impact risks, aligning resources with the organization's risk management framework.

NEW QUESTION # 50
Which of the following would have the most direct impact on management's decision regarding the amount of risk that is considered acceptable?

A. Risk capacity.
B. Risk appetite.
C. Risk perception.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2120 - Risk Management: Internal audit should evaluate the organization's risk appetite and alignment with decision-making processes.
* Definitions:
* Risk Appetite(Option B): The level of risk an organization is willing to accept in pursuit of its objectives, making it the most direct determinant of acceptable risk levels.
* Risk Capacity(Option A): The organization's ability to absorb risk, which is more strategic and long-term.
* Risk Perception(Option C): Subjective views of risk, which can influence decisions but do not directly determine acceptable risk.

NEW QUESTION # 51
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. Directive
B. Preventive
C. Detective

Answer: B

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 # 52
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