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IIA Internal Audit Practitioner Sample Questions (Q41-Q46):

NEW QUESTION # 41
Which of the following conditions involving the chief audit executive (CAE) is most likely to impair the independence of the internal audit activity?

A. The CAE regularly attends and participates in critical executive management meetings for the organization.
B. The CAE reports directly to the controller for the organization, and the internal audit activity resides in the office of the comptroller.
C. The CAE has direct access to records, personnel, and physical properties throughout the organization.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reporting to the Controller: Independence is compromised when the CAE reports to an operational management role such as the controller, as this creates a conflict of interest andundermines objectivity.
The IIA Standards recommend that the CAE report functionally to the board and administratively to the CEO to preserve independence.

NEW QUESTION # 42
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

A. Sufficient knowledge to evaluate the risk of fraud.
B. Expertise in detecting and investigating fraud.
C. Specialized skills for developing and implementing controls to prevent fraud.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210.A2: Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
* They are not expected to have the expertise of a fraud examiner or forensic investigator.
* Reasoning:
* Option Bis correct because internal auditors need enough knowledge to assess fraud risks and provide assurance over controls designed to mitigate those risks.
* Option Aoverstates the requirement, as fraud detection and investigation require specialized expertise typically outside the scope of general internal auditing.
* Option Crefers to control development, which is a management responsibility, not an internal audit role.
* Role of Internal Audit in Fraud:
* Auditors evaluate fraud risks and provide recommendations to improve controls, ensuring alignment with organizational risk management strategies.

NEW QUESTION # 43
An internal auditor wants to establish the reasonableness of the current period's total payroll costs for the finance department. She divides the actual monthly payroll cost by the number of employees to derive an average cost per employee. Which of the following comparisons to this average cost would be considered trend analysis?

A. The mean of all actual salary amounts.
B. Similar data for the department from two prior periods.
C. Budgeted information of another organization in the same industry.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Trend Analysis: This involves comparing data across different periods to identify patterns, fluctuations, or anomalies. Comparing the current average cost per employee to prior periods' data is a clear example of trend analysis.

NEW QUESTION # 44
Internal and external benchmarking by the internal audit activity are examples of which of the following?

A. Confirmation
B. Analytical procedures
C. Inquiry

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Analytical Procedures: Benchmarking compares an organization's performance against internal or external standards, which is a core analytical procedure used to assess efficiency, effectiveness, or best practices.

NEW QUESTION # 45
During engagement planning, which of the following would provide an internal auditor with a sufficient understanding of the process being audited?

A. The objectives and risk management of the process.
B. Management's opinion on the thoroughness of a previous internal audit of the same process.
C. The mission, vision, and strategic objectives of the organization.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: Internal auditors must develop a plan that considers the objectives, risks, and controls of the area being audited.
* Standard 2210 - Engagement Objectives: The objectives of the engagement must be aligned with the organization's processes and risk management practices.
* Reasoning:
* Option Cis correct because understanding the process's objectives and associated risks allows the auditor to design procedures to assess how well risks are managed and objectives are achieved.
* Option A(mission, vision, and strategic objectives) provides organizational context but does not give detailed insights into the specific process.
* Option B(management's opinion) is subjective and insufficient for developing a comprehensive understanding of the process.
* Effective Engagement Planning:
* Focus on process-specific objectives, risks, and controls ensures a targeted and effective audit, contributing to meaningful outcomes.

NEW QUESTION # 46
......

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IAA-IAP Valid Exam Braindumps & Reliable IAA-IAP Test Question

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IIA Internal Audit Practitioner Sample Questions (Q41-Q46):

ফ্রি PDF IIA First-grade IAA-IAP - Internal Audit Practitioner Valid Exam Braindumps

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