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IIA Internal Audit Practitioner Sample Questions (Q99-Q104):

NEW QUESTION # 99
In the absence of any action to control or modify the circumstances, the probability of loss arising from circumstances existing in an environment is known as which of the following types of risk?

A. Control
B. Inherent
C. Residual

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Inherent Risk: This is the risk that exists in an environment or process before any actions or controls are applied to mitigate it. It reflects the natural vulnerability of the process to errors or misstatements.

NEW QUESTION # 100
Which of the following elements are typically included in an engagement work program?

A. Opinions and final engagement communications
B. Planning, objectives, and preliminary risk assessments
C. Fieldwork, analytical testing, and resources

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Engagement Work Program: A structured plan detailing the steps to achieve engagement objectives.
The program typically includes planning activities, objectives, and preliminary risk assessments to guide the audit.

NEW QUESTION # 101
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. Establish a code of ethics for the internal audit activity.
B. Establish an internal audit charter.
C. Approve the internal audit budget.

Answer: B

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 A is 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 with IIA Standard 1300 - Quality Assurance and Improvement Program and 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 # 102
Which of the following statements is true with regard to the adequacy of a control design?

A. Control designs are considered adequate as long as secondary controls will effectively mitigate the risk.
B. Regardless of the adequacy of control design, it is important to evaluate the operating effectiveness of all key controls to justify the integrity of the internal audit process.
C. Even if a control is effective, it may not achieve the control objective due to an inadequate design.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess both the adequacy of control design and the effectiveness of control operation.
* Reasoning:
* Option B is correct because a poorly designed control, even if operating effectively, cannot achieve its objective due to inherent flaws in its structure or implementation.
* Option A incorrectly suggests that operational testing overrides design inadequacies. Evaluating control design is essential before assessing operational effectiveness.
* Option C is incorrect because reliance on secondary controls to mitigate risk does not compensate for an inadequate primary control design.
* Control Design Importance:
* Adequate design ensures that controls are appropriately structured to address specific risks, providing a strong foundation for effective operation.

NEW QUESTION # 103
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. Final report from an external financial audit of the process under review, which includes the status of management's corrective action plans
B. Mission, strategic objectives, and key performance indicators of the process under review, based on documented plans, policies, procedures, and discussions with management
C. The internal audit activity's annual audit plan and discussions that led to its development

Answer: B

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 # 104
......

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