QUIZ 2025 AUTHORITATIVE IIA IAA-IAP EXAM TUTORIALS

Quiz 2025 Authoritative IIA IAA-IAP Exam Tutorials

Quiz 2025 Authoritative IIA IAA-IAP Exam Tutorials

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IIA Internal Audit Practitioner Sample Questions (Q20-Q25):

NEW QUESTION # 20
Which of the following best explains why internal auditors should identify risk scenarios during a risk assessment of the area being audited?

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

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 # 21
Which of the following is the most important initial action for a chief audit executive to perform when establishing a new internal audit activity?

  • A. Approve the internal audit budget.
  • B. Establish a code of ethics for the internal audit activity.
  • C. Establish an internal audit charter.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1000 - Purpose, Authority, and Responsibility: The internal audit charter must define the purpose, authority, and responsibility of the internal audit activity and establish its position within the organization.
* The charter is foundational to the independence, authority, and effectiveness of the internal audit activity.
* Reasoning:
* Option Ais correct because the charter formalizes the internal audit activity's role and ensures alignment with organizational governance. Without a charter, the internal audit function cannot operate effectively or independently.
* Option B(establishing a code of ethics) is important but is part of overall compliance withIIA Standard 1300 - Quality Assurance and Improvement Programand is not the first step.
* Option C(approving the budget) is administrative and secondary to establishing the internal audit charter.
* Importance of the Audit Charter:
* The charter provides the internal audit activity with the mandate to perform its duties, ensuring accountability and defining its scope and authority.


NEW QUESTION # 22
What are the typical elements of a risk and control matrix used in the engagement planning process?

  • A. Inherent process risks, as defined in a globally accepted risk and control framework.
  • B. Experience level of key management personnel, susceptibility of the process to fraud, and process automation.
  • C. Business objectives, risks to the objectives, and impact and likelihood of the risk occurring.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk and Control Matrix: A risk and control matrix links business objectives, the risks threatening those objectives, and the likelihood and impact of the risks. It is used to prioritize areas for review and identify necessary controls.


NEW QUESTION # 23
Which of the following statements is appropriate to include in a high-quality internal audit engagement communication?

  • A. The internal audit team noted numerous weaknesses in the organization's internal controls over financial reporting. The team recommends that management determine the root cause of the weaknesses.
  • B. The internal audit team conducted an engagement under the assumption that significant control weaknesses were likely. The purpose of the review was to uncover those weaknesses.
  • C. The internal audit team conducted a review of the financial reporting process prior to year-end. The overall findings have been provided for management's consideration prior to the completion of the organization's annual external financial audit.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2420 - Quality of Communications: Reports should be accurate, objective, clear, concise, constructive, and complete.
* Findings must be presented factually and free from assumptions or bias.
* Reasoning:
* Option Ais correct because it presents the purpose, timing, and findings in a clear and professional manner, allowing management to take informed action.
* Option Blacks balance and shifts responsibility for identifying root causes to management without actionable recommendations.
* Option Cincludes a biased assumption, undermining the report's objectivity and professionalism.
* Impact of Quality Communication:
* High-quality communications support decision-making by presenting findings and recommendations constructively.


NEW QUESTION # 24
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. Preventive
  • B. Directive
  • C. Detective

Answer: A

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 # 25
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