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IIA Internal Audit Practitioner Sample Questions (Q18-Q23):

NEW QUESTION # 18
When determining the appropriate level of resources needed for an engagement, which of the following would be the first step?

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

Answer: C

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 # 19
During a procurement process consulting engagement, the internal auditors reviewed contracts for the hospital's supply of medicine. Which of the following would the internal auditors most likely recommend to improve the effectiveness of the procurement process?

A. The procurement process must be comprehensively documented.
B. The procurement process should begin with clearly specified needs.
C. Only qualified procurement professionals should manage the procurement process.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Best Practices in Procurement:
* Clearly specifying needs at the outset ensures that procurement decisions align with organizational objectives and operational requirements.
* Reasoning:
* Option A is correct because specifying needs at the beginning helps avoid over-purchasing, under-purchasing, or acquiring unsuitable items, thus improving the overall effectiveness of the procurement process.
* Option B (comprehensive documentation) is important for transparency and compliance but does not directly improve the effectiveness of procurement outcomes.
* Option C (qualified professionals) ensures competence but is secondary to having clear, specified needs driving the process.
* Impact of Clear Needs Specification:
* It ensures the procurement process delivers value, meets quality requirements, and aligns with operational demands.

NEW QUESTION # 20
A senior internal auditor is using a risk and control matrix to facilitate an internal control assessment of the fixed asset accounting process. Which of the following activities would aid the auditor in determining inputs for the risk and control matrix?

A. Interviews with fixed asset management, control process walkthroughs, and internal control questionnaires.
B. Management's cost-benefit analysis of internal control alternatives considered in the design of the fixed asset accounting process.
C. Reviewing the results of control effectiveness testing of the fixed asset capitalization subprocess.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Gathering Inputs for the Matrix: Interviews, walkthroughs, and questionnaires are primary tools for gathering detailed insights into risks, controls, and processes. These activities provide the information necessary to populate a risk and control matrix effectively.

NEW QUESTION # 21
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 # 22
What are the typical elements of a risk and control matrix used in the engagement planning process?

A. Experience level of key management personnel, susceptibility of the process to fraud, and process automation.
B. Inherent process risks, as defined in a globally accepted risk and control framework.
C. Business objectives, risks to the objectives, and impact and likelihood of the risk occurring.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk and Control Matrix: A risk and control matrix links business objectives, the risks threatening those objectives, and the likelihood and impact of the risks. It is used to prioritize areas for review and identify necessary controls.

NEW QUESTION # 23
......

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He resides in Houston, Texas, with his wife and three children and IIA-IAP enjoys reading and conquering steep learning curves, Using IPsec to secure transmissions between critical servers and clients.

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Carl Hill Carl Hill

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