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IIA Internal Audit Practitioner Sample Questions (Q63-Q68):

NEW QUESTION # 63
Based on the three elements of the Fraud Triangle, which of the following might be considered a fraud indicator related to the opportunity element?

A. Executive management establishes financial performance objectives for business unit managers. The objectives include significant increases in annual sales and market penetration
B. Poor segregation of duties allows for an executive assistant to authorize payments to one-time vendors without supervisory approvals
C. Reserves were established based on conservative assumptions to maximize the amounts set aside for when operating results may not meet investors' expectations

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity Element: This element of the Fraud Triangle refers to situations where weaknesses in controls provide the ability for someone to commit fraud without being detected. Poor segregation of duties, as described in Option C, creates such opportunities.
* Example: Allowing an executive assistant to authorize payments without oversight significantly increases the risk of fraud.

NEW QUESTION # 64
Which of the following best explains why internal auditors should identify risk scenarios during a risk assessment of the area being audited?

A. To determine what would prevent the achievement of objectives in the area being audited.
B. To evaluate the adequacy of management's risk management process in the area being audited.
C. To determine whether established controls are operating effectively to mitigate critical risks.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2120 - Risk Management: Internal audit must assess and evaluate the risk management processes of the organization.
* Identifying risk scenarios supports engagement objectives by determining vulnerabilities and threats to process objectives.
* Reasoning:
* Option A is correct because risk scenarios provide insights into potential events or conditions that could hinder achieving objectives. This allows auditors to assess risk exposure and evaluate controls effectively.
* Option B (control effectiveness) is a subsequent step in the audit process but does not explain the need for identifying risk scenarios.
* Option C focuses on evaluating management's process, which is broader than identifying specific risks for the engagement.
* Practical Application:
* Risk scenarios guide auditors in tailoring their approach to address areas of greatest vulnerability.

NEW QUESTION # 65
Which of the following best ensures that the internal audit activity is free from undue interference from management?

A. A board audit committee that is composed of competent, independent members.
B. Audit policies and procedures that are comprehensive and well-documented, in accordance with the Standards.
C. An audit charter that defines the chief audit executive's functional reporting relationship with the board.

Answer: C

NEW QUESTION # 66
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 continually improves her proficiency and the effectiveness and quality of her services
C. The auditor does not accept anything that may impair or be presumed to impair her professional judgment

Answer: B

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 # 67
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 department has comprehensive manuals
B. The audit engagement is not considering efficiency
C. The process is simple and does not need a visual depiction

Answer: C

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 # 68
......

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