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Free PDF Quiz 2025 The Best IAA-IAP: Internal Audit Practitioner Practice Guide

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IIA Internal Audit Practitioner Sample Questions (Q67-Q72):

NEW QUESTION # 67
Which of the following elements of the Fraud Triangle is directly under the organization's control?

A. Pressure
B. Opportunity
C. Rationalization

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: Organizations can reduce fraud risk by implementing strong internal controls, which limit opportunities for fraud. Examples include segregation of duties, access restrictions, and audit trails.

NEW QUESTION # 68
An internal auditor was gathering information regarding the receiving process and decided that a narrative memorandum was the best way to document the process. Which of the following explanations best supports the auditor's decision?

A. The process is simple and does not need a visual depiction
B. The department has comprehensive manuals
C. The audit engagement is not considering efficiency

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Narrative Memorandum: A narrative is most suitable for documenting simple processes that do not require detailed visuals or flowcharts for clarity. If the process can be effectively described in writing, a narrative is appropriate.

NEW QUESTION # 69
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. Approve the internal audit budget.
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 # 70
Which of the following actions could the chief audit executive take to most directly support the requirement that internal auditors maintain proficiency?

A. Develop a risk-based internal audit plan
B. Obtain approval of the internal audit activity's purpose, authority, and responsibility
C. Provide training and mentoring opportunities

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Training and Mentoring: Offering continuous training and mentoring ensures auditors enhance their skills and maintain proficiency, aligning with IIA Standard 1230: Continuing Professional Development.

NEW QUESTION # 71
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 all auditors have a common understanding of the area being audited.
C. To ensure that the work performed by other internal or external assurance providers is considered during audit planning.

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 # 72
......

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Jim Reed Jim Reed

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