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IIA Internal Audit Practitioner Sample Questions (Q83-Q88):

NEW QUESTION # 83
According to IIA guidance, which of the following are commonly standardized workpaper elements?

A. Workpapers should be supported by inclusion of original documentation
B. Workpapers should be completed in an electronic format only
C. Workpapers should include a uniform cross-referencing system

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Uniform Cross-Referencing System: A standardized cross-referencing system ensures consistency, facilitates review, and allows quick retrieval of supporting documents. This is a best practice widely recommended by the IIA in workpaper documentation.

NEW QUESTION # 84
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 # 85
During an assurance engagement of an organization's procurement process, an internal auditor obtained the policy that specified the authorized dollar limits for invoices. This document would best support which of the following attributes of an audit report?

A. Criteria
B. Condition
C. Effect

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Audit Report Elements:
* Criteria: The benchmark or standard used for comparison during the audit (e.g., policies, regulations, contracts).
* Condition: The factual observation or evidence identified during the audit.
* Effect: The impact or consequence of the condition on the organization.
* Reasoning:
* Option Cis correct because the procurement policy specifies authorized limits, serving as the standard (criteria) against which compliance is assessed.
* Option B(condition) refers to the actual state of observed controls, processes, or compliance, not the benchmark.
* Option A(effect) describes the potential or realized impact of non-compliance but not the standard itself.
* Importance of Criteria:
* Criteria provide a clear benchmark, ensuring that findings are communicated with context and actionable insights.

NEW QUESTION # 86
What is the primary objective for testing controls?

A. To identify major patterns of errors or irregularities that might exist in final account balances.
B. To determine whether controls are operating effectively.
C. To understand whether a control is in place.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess whether internal controls are designed and operating effectively to mitigate identified risks.
* Standard 2200 - Engagement Planning: The objective of testing controls is to evaluate their effectiveness in achieving the desired outcomes.
* Reasoning:
* Option Ais correct because the main goal of testing controls is to determine whether they are functioning effectively to manage the identified risks and achieve control objectives.
* Option B(understanding whether a control is in place) focuses on control design but not its operational effectiveness.
* Option C(identifying patterns of errors) is related to detecting irregularities, not directly testing the control's effectiveness.
* Effectiveness of Controls:
* Internal audit testing focuses on evaluating the effectiveness and operational efficiency of controls to ensure they reduce risks to an acceptable level.

NEW QUESTION # 87
When determining the appropriate level of resources needed for an engagement, which of the following would be the first step?

A. Determine the sufficiency of internal audit staff
B. Determine travel and related costs for the engagement
C. Identify required technology and audit tools

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Resource Sufficiency: Ensuring that the internal audit team has sufficient staff with the appropriate expertise is the foundational step in resource planning for an engagement.

NEW QUESTION # 88
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