IAA-IAP EXAM DEMO & IAA-IAP PRACTICE ONLINE

IAA-IAP Exam Demo & IAA-IAP Practice Online

IAA-IAP Exam Demo & IAA-IAP Practice Online

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IIA Internal Audit Practitioner Sample Questions (Q34-Q39):

NEW QUESTION # 34
Which of the following best explains why internal auditors should identify risk scenarios during a risk assessment of the area being audited?

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

Answer: B

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 # 35
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 appetite.
  • B. Risk perception.
  • C. Risk capacity.

Answer: A

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 # 36
Which of the following is the best audit procedure to determine whether all of a bank's loans are backed by sufficient collateral, properly aged as to current payments, and properly categorized as current or noncurrent?

  • A. Select a block sample of all loans in excess of a specified dollar limit and determine whether they are current and properly categorized. For each loan approved, verify aging and categorization.
  • B. Select a discovery sample of all loan applications to determine whether each application contains a statement of collateral.
  • C. Use generalized audit software to read the total loan file, age the file by last payment due, and select a statistical sample stratified by the current and aged population. Examine each loan selected for proper collateralization and aging.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* IIA Performance Standard 1220.A2: Internal auditors must consider using technology-based audit techniques and other data analysis tools.
* Performance Standard 2320 - Analysis and Evaluation: Sufficient and appropriate analysis should be performed to achieve the engagement's objectives.
* Best Audit Practice for the Scenario:
* OptionAinvolves usinggeneralized audit software (GAS)to extract relevant data from the loan file and stratify it based on specific criteria (e.g., age of loans, collateral backing). This ensures a statistically valid sample.
* By examining a stratified sample, the auditor can determine whether each loan is sufficiently collateralized, aged correctly, and categorized properly.
* This method provides comprehensive coverage while maintaining efficiency and adhering to best practices.
* Why Other Options Are Less Effective:
* Option B: A block sample only includes loans over a certain dollar threshold, which introduces a selection bias and overlooks smaller loans, making the sample less representative.
* Option C: A discovery sample limited to loan applications focuses on documentation compliance (e.g., collateral statements) but does not address loan aging or categorization.
* Practical Implications:
* Generalized audit software automates data analysis, reduces manual effort, and increases the reliability of audit conclusions.
* By selecting a representative statistical sample stratified by population characteristics, auditors gain insights that are applicable to the entire population.


NEW QUESTION # 37
Internal and external benchmarking by the internal audit activity are examples of which of the following?

  • A. Inquiry
  • B. Confirmation
  • C. Analytical procedures

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Analytical Procedures: Benchmarking compares an organization's performance against internal or external standards, which is a core analytical procedure used to assess efficiency, effectiveness, or best practices.


NEW QUESTION # 38
An internal auditor is conducting a human resources audit engagement. Which of the following observations would increase the probability of fraud?

  • A. Poor interview skills.
  • B. Vague job descriptions.
  • C. Lack of background checks.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Fraud Risk Factors:
* Lack of proper vetting processes, such as background checks, significantly increases the likelihood of hiring individuals who may pose a fraud risk.
* Reasoning:
* Option Bis correct because failing to conduct background checks creates opportunities for hiring individuals with a history of unethical behavior, increasing fraud risk.
* Option A(vague job descriptions) may lead to inefficiencies or unclear expectations but does not directly relate to fraud risk.
* Option C(poor interview skills) might affect hiring quality but does not increase fraud probability.
* Best Practice:
* Conducting thorough background checks is a critical control to reduce fraud risk in human resources processes.


NEW QUESTION # 39
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