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IIA Internal Audit Practitioner Sample Questions (Q27-Q32):

NEW QUESTION # 27
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 inherent risk of travel expense fraud is low.
B. The cost of the control outweighs the benefit.
C. The duplication of effort in the review process is unnecessary.

Answer: B

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 # 28
Which of the following statements best describes quality audit workpapers?

A. They should be relevant and interesting.
B. They should be electronic and indexed.
C. They should be understandable and complete.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2330 - Documenting Information: Workpapers must be sufficient, reliable, relevant, and useful to support audit findings and conclusions.
* Practice Advisory: Clear and complete documentation enhances understanding and ensures consistency in audit conclusions.
* Characteristics of Quality Workpapers:
* They should clearly articulate audit procedures, results, and conclusions in a way that another auditor or stakeholder can understand and rely on them.
* While electronic and indexed workpapers (Option B) are desirable for organization, they are not defining characteristics of quality.

NEW QUESTION # 29
Which of the following consulting engagements leverages an internal auditor's risk and control knowledge to help the organization keep abreast of emerging risks?

A. Facilitating organizational control self-assessments
B. Assisting with the development of policies and procedures
C. Advising on control designs

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Facilitating Organizational Control Self-Assessments (CSA): This engagement helps the organization identify, evaluate, and monitor risks and controls. By facilitating CSAs, internal auditors use their expertise to highlight emerging risks and ensure that the organization proactively addresses them.

NEW QUESTION # 30
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. Management's cost-benefit analysis of internal control alternatives considered in the design of the fixed asset accounting process.
B. Reviewing the results of control effectiveness testing of the fixed asset capitalization subprocess.
C. Interviews with fixed asset management, control process walkthroughs, and internal control questionnaires.

Answer: C

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 # 31
Which of the following would an internal auditor most likely use to document a complex process that includes risks and controls, timelines, and ownership of key steps?

A. Process map.
B. Risk and control matrix.
C. Detailed flowchart.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2330 - Documenting Information: Internal auditors are required to document audit evidence and processes in a way that is clear, complete, and supports audit conclusions.
* Risk and control matricesare effective for documenting risks, controls, and related responsibilities in a structured way.
* Reasoning:
* Option Cis correct because arisk and control matrixclearly documents processes, the associated risks, control activities, and ownership of each step. It is the most suitable tool for understanding risks and controls along with associated timelines and responsibilities.
* Option A(process map) documents the steps in a process but does not directly link risks and controls.
* Option B(detailed flowchart) is used to map the flow of a process but also lacks the structure for detailing risks and control ownership.
* Best Practice for Documentation:
* Arisk and control matrixis the most structured and comprehensive tool for documenting complex processes that involve risks, controls, and ownership.

NEW QUESTION # 32
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IAA-IAP Preparation Store | IAA-IAP Original Questions

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IIA Internal Audit Practitioner Sample Questions (Q27-Q32):

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