EXCELLENT IIA IAA-IAP EXAM TIPS - IAA-IAP FREE DOWNLOAD

Excellent IIA IAA-IAP Exam Tips - IAA-IAP Free Download

Excellent IIA IAA-IAP Exam Tips - IAA-IAP Free Download

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IIA Internal Audit Practitioner Sample Questions (Q49-Q54):

NEW QUESTION # 49
Which of the following best demonstrates that appropriate and sufficient resources were allocated to an audit engagement to achieve its objectives?

  • A. Post-engagement survey of management of the audited area.
  • B. Approved engagement work program.
  • C. Staff skills audit.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: The engagement work program outlines the resources, timelines, and procedures necessary to achieve the engagement's objectives.
* The work program must be approved to ensure alignment with objectives and resource requirements.
* Reasoning:
* Option Bis correct because an approved engagement work program confirms that the scope, procedures, and resources were planned and allocated effectively.
* Option A(staff skills audit) evaluates team competencies but does not confirm specific resource allocation for an engagement.
* Option C(post-engagement survey) evaluates the outcome of the audit but does not provide evidence of initial resource planning.
* Significance of the Work Program:
* The work program ensures that the engagement is structured to meet objectives efficiently, with adequate and relevant resources.


NEW QUESTION # 50
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

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

Answer: C

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 # 51
According to IIA guidance, which of the following is the primary criterion that should determine the extent of supervision required for an audit engagement?

  • A. Whether the engagement involves possible violations of laws and governmental regulations.
  • B. The number of hours approved by the board for that engagement.
  • C. The proficiency of the internal auditors and the complexity of the engagement.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Extent of Supervision: The level of supervision required is determined by the auditors' proficiency (experience and skill set) and the complexity of the engagement. This ensures the work is executed effectively while maintaining compliance with IIA standards.


NEW QUESTION # 52
Which of the following describes an internal auditor's use of external benchmarking?

  • A. The auditor evaluates operating income margin between geographical areas within an organization to analyze its profitability.
  • B. The auditor compares return on equity for a beverage company against its competitor to analyze profitability.
  • C. The auditor calculates the net profit margin for a business segment to analyze the profitability.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Benchmarking:
* External benchmarking involves comparing the organization's metrics with those of other entities, typically competitors or industry averages.
* Standard 1210 - Proficiency: Internal auditors must have knowledge to evaluate performance against external benchmarks effectively.
* Reasoning:
* Option Bdemonstrates external benchmarking by comparing the organization's return on equity with a competitor's performance.
* Option AandOption Cfocus on internal analysis within the organization and do not use external references.
* Application in Internal Auditing:
* External benchmarking identifies competitive gaps, informs strategic decisions, and supports recommendations for improvement.


NEW QUESTION # 53
As part of the annual training plan, the chief audit executive (CAE) has arranged for a local audit training institute to provide an in-house training session for the internal audit team. Which of the following best explains the primary purpose of this approach?

  • A. It assists the CAE with assessing the results of the internal audit team's development efforts.
  • B. It helps the internal auditors maintain a required level of proficiency.
  • C. It helps the internal audit activity attain an appropriate organizational status to maintain independence.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: Internal auditors must possess the knowledge, skills, and competencies needed to perform their responsibilities.
* Continuous professional development ensures the internal audit team maintains proficiency.
* Reasoning:
* Option Ais correct because training enhances the skills and proficiency of the internal audit team, aligning with the requirement to maintain technical and professional competence.
* Option B(organizational status for independence) relates to governance and reporting relationships, not training.
* Option C(assessing development efforts) is a secondary benefit and not the primary goal of providing training.
* Impact of Training:
* A well-trained audit team improves the quality of engagements, ensures adherence to professional standards, and supports the overall effectiveness of the internal auditactivity.


NEW QUESTION # 54
......

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