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IIA Internal Audit Practitioner Sample Questions (Q75-Q80):

NEW QUESTION # 75
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. Interviews with fixed asset management, control process walkthroughs, and internal control questionnaires.
C. Reviewing the results of control effectiveness testing of the fixed asset capitalization subprocess.

Answer: B

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 # 76
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 # 77
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 duplication of effort in the review process is unnecessary.
B. The inherent risk of travel expense fraud is low.
C. The cost of the control outweighs the benefit.

Answer: C

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 # 78
According to the IIA's Code of Ethics, which of the following best describes the conduct of an internal auditor who demonstrates the principle of competency?

A. The auditor is prudent in the use and protection of information acquired in the course of her work
B. The auditor does not accept anything that may impair or be presumed to impair her professional judgment
C. The auditor continually improves her proficiency and the effectiveness and quality of her services

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Competency Principle: According to the IIA Code of Ethics, internal auditors must apply the knowledge, skills, and experience needed to perform their duties effectively.
* Key Characteristics: Continuous improvement in proficiency, quality of services, and effectiveness directly align with the principle of competency.

NEW QUESTION # 79
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 # 80
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