NEW IAA-IAP DUMPS SHEET & NEW IAA-IAP TEST QUESTION

New IAA-IAP Dumps Sheet & New IAA-IAP Test Question

New IAA-IAP Dumps Sheet & New IAA-IAP Test Question

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IIA Internal Audit Practitioner Sample Questions (Q51-Q56):

NEW QUESTION # 51
During engagement planning, which of the following sources would provide the internal auditor with relevant information to obtain an understanding of the process under review?

  • A. Mission, strategic objectives, and key performance indicators of the process under review, based on documented plans, policies, procedures, and discussions with management
  • B. The internal audit activity's annual audit plan and discussions that led to its development
  • C. Final report from an external financial audit of the process under review, which includes the status of management's corrective action plans

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Understanding the Process: The mission, strategic objectives, and key performance indicators (KPIs) provide a foundational understanding of the process under review and how it aligns with organizational goals. This information helps identify critical areas for assessment during the audit.


NEW QUESTION # 52
A newly hired internal auditor has been asked to examine the sales of a specific product over the last four years. Which of the following analytical review techniques should the auditor employ?

  • A. Ratio analysis.
  • B. External benchmarking.
  • C. Trend analysis.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Analytical Techniques:
* Trend Analysisinvolves examining data over a period to identify patterns, shifts, or anomalies.
* This technique is appropriate for longitudinal data like sales over four years.
* Reasoning:
* Option B(Trend analysis) is correct as it helps the auditor analyze sales performance over time and identify patterns or deviations.
* Option A(Ratio analysis) compares related metrics, such as profitability or liquidity, but does not focus on changes over time.
* Option C(External benchmarking) involves comparing performance to external standards or competitors, not internal historical data.
* Application in Audit:
* Trend analysis allows the auditor to assess growth, seasonal patterns, or irregularities in sales data, providing actionable insights.


NEW QUESTION # 53
What is the purpose of establishing engagement objectives during the planning phase of an internal audit?

  • A. To ensure that audit procedures are designed to address the risks relevant to the area being audited.
  • B. To ensure that the work performed by other internal or external assurance providers is considered during audit planning.
  • C. To ensure that all auditors have a common understanding of the area being audited.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2210 - Engagement Objectives: Internal auditors must establish objectives for each engagement to align with the organization's goals and address identified risks.
* Reasoning:
* Option Ais correct because engagement objectives focus on ensuring audit procedures target and mitigate identified risks effectively.
* Option B(common understanding) is important for team alignment but is secondary to risk- focused objectives.
* Option C(considering work of other assurance providers) is part of planning but not the primary purpose of setting objectives.
* Importance of Objectives:
* Engagement objectives drive the audit's focus, ensuring that procedures are purposeful and tailored to mitigate relevant risks.


NEW QUESTION # 54
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 # 55
Which of the following is considered an organization-level control, as opposed to process-level or transaction- level?

  • A. Supervision of finance employees, including day-to-day oversight and periodic performance evaluations.
  • B. Personnel policies requiring the employment of competent personnel, based on training and experience, to manage complex functions such as accounting and financial reporting.
  • C. Segregated budgeting responsibilities of finance employees, including review and approval of financial reports.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Organization-Level Controls: These controls address risks at the entity-wide level, such as governance, tone at the top, and policies affecting multiple processes. Personnel policies requiring qualified employees are an organization-level control as they apply broadly across the organization.


NEW QUESTION # 56
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