IIA-IAP LATEST TEST REPORT, EXAMCOLLECTION IIA-IAP DUMPS

IIA-IAP Latest Test Report, Examcollection IIA-IAP Dumps

IIA-IAP Latest Test Report, Examcollection IIA-IAP Dumps

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IIA Internal Audit Practitioner Sample Questions (Q47-Q52):

NEW QUESTION # 47
Duties in a purchasing system are segregated and performed by different people. One person orders the goods, another person receives the goods, and another pays for the goods. This is an example of which of the following controls?

  • A. Directive
  • B. Detective
  • C. Preventive

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Controls:
* Preventive controls are designed to prevent errors, fraud, or irregularities before they occur by ensuring that processes and activities are performed correctly from the start.
* Standard 2130 - Control: Internal auditors assess the design and effectiveness of controls to prevent risks from materializing.
* Reasoning:
* Option A is correct because segregation of duties (ordering, receiving, and paying) is a preventive control, as it prevents a single person from having the authority to initiate, authorize, and complete a transaction, reducing the risk of fraud or errors.
* Option B (Directive) would focus on guiding behavior, such as setting policies or expectations.
* Option C (Detective) refers to controls that identify and detect errors after they occur, such as audits or reviews.
* Impact of Segregation of Duties:
* By ensuring duties are segregated, organizations minimize the risk of fraudulent activities and errors, thus acting as a preventive measure.


NEW QUESTION # 48
Which of the following would be the best indicator that the organization's risk management processes are operating effectively?

  • A. Management established policies and procedures that state risk will be considered.
  • B. Management openly discusses both risks and opportunities facing the organization.
  • C. The organization implemented formal operational risk management processes.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Open Discussions of Risks and Opportunities: The best indicator of effective risk management is a culture where management actively identifies, evaluates, and discusses risks and opportunities, integrating them into decision-making processes.


NEW QUESTION # 49
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. Approve the internal audit budget.
  • B. Establish a code of ethics for the internal audit activity.
  • 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 A is 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 with IIA Standard 1300 - Quality Assurance and Improvement Program and 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 # 50
According to IIA guidance, which one of the following hiring strategies is most appropriate to fill internal audit positions?

  • A. Recruit candidates to fulfill the skills requirement of the internal audit activity
  • B. Hire the required number of internal auditors to accomplish the audit plan
  • C. Assess each candidate's competency for an upcoming audit

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Skills-Based Recruitment: Internal audit activities require diverse skills to handle complex audits.
Recruiting candidates based on the skills needed ensures the internal audit activity can fulfill its mandate effectively.


NEW QUESTION # 51
An internal auditor is performing an internal control assessment at a manufacturing company. The auditor observed that the accounts payable clerks have the ability to create new vendors without management's review and approval. How should the auditor document this observation?

  • A. The observation is a sign of adequate internal controls; however, effectiveness testing should be performed to ensure that the controls are operating as designed and intended.
  • B. The observation is an internal control weakness; therefore, additional testing should be performed to determine whether secondary mitigating controls exist or whether the control should be redesigned.
  • C. The observation doesn't affect the adequacy of the internal controls because the existing process controls ensure that invoices are promptly and accurately paid.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Control Assessment:
* Standard 2130 - Control: Internal auditors must evaluate the adequacy and effectiveness of controls in mitigating risks.
* COSO Framework: Proper segregation of duties is essential for preventing unauthorized transactions and fraud.
* Reasoning:
* Option B is correct because the lack of management review and approval for creating vendors indicates a control weakness, as it creates opportunities for unauthorized vendors or fraud. The auditor should investigate whether mitigating controls exist (e.g., periodic review of vendor lists) or recommend redesigning the process to include managerial oversight.
* Option A dismisses the observation without considering its impact on control adequacy. Prompt payment alone does not address risks related to unauthorized vendors.
* Option C incorrectly assumes the observation reflects adequate controls, which is not the case given the lack of management approval.
* Actionable Next Steps:
* Document the observation as a control deficiency.
* Perform additional testing to identify whether compensating controls mitigate the risk or recommend enhancements to strengthen controls.


NEW QUESTION # 52
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