IAA-IAP SIMULATION QUESTIONS, NEW IAA-IAP BRAINDUMPS

IAA-IAP Simulation Questions, New IAA-IAP Braindumps

IAA-IAP Simulation Questions, New IAA-IAP Braindumps

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Tags: IAA-IAP Simulation Questions, New IAA-IAP Braindumps, Answers IAA-IAP Real Questions, Exam IAA-IAP Objectives Pdf, IAA-IAP Detailed Study Dumps

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IIA Internal Audit Practitioner Sample Questions (Q61-Q66):

NEW QUESTION # 61
A senior internal auditor is planning a compliance audit of the organization's global purchasing department.
Which of the following criteria is a relevant consideration for establishing the engagement objectives?

  • A. A list of all items acquired through the organization's global purchasing department in the past year
  • B. Location of all global operations that acquire goods through the organization's global purchasing department
  • C. Current governance laws and regulations in the countries in which the organization operates

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Compliance Audit Criteria: The objective of a compliance audit is to assess adherence to applicable laws, regulations, and internal policies. Considering current governance laws and regulations ensures the audit is aligned with mandatory requirements.


NEW QUESTION # 62
Which of the following elements of the Fraud Triangle is directly under the organization's control?

  • A. Pressure
  • B. Opportunity
  • C. Rationalization

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: Organizations can reduce fraud risk by implementing strong internal controls, which limit opportunities for fraud. Examples include segregation of duties, access restrictions, and audit trails.


NEW QUESTION # 63
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. An audit charter that defines the chief audit executive's functional reporting relationship with the board.
  • C. Audit policies and procedures that are comprehensive and well-documented, in accordance with the Standards.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: The chief audit executive (CAE) must report functionally to the board to ensure independence.
* The audit charter must define the CAE's functional reporting line to the board, securing protection from undue management influence.
* Reasoning:
* Option Caddresses the foundational document-the audit charter-that establishes the CAE's authority and independence.
* Option Arefers to operational standards, but they do not directly safeguard against interference.
* Option Bstrengthens governance but is secondary to the audit charter in securing independence.
* Impact:
* A robust audit charter formalizes the CAE's reporting relationship and ensures organizational independence, empowering internal audit.


NEW QUESTION # 64
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. Reserves were established based on conservative assumptions to maximize the amounts set aside for when operating results may not meet investors' expectations
  • C. Poor segregation of duties allows for an executive assistant to authorize payments to one-time vendors without supervisory approvals

Answer: C

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 # 65
If an internal auditor needs to evaluate compliance with an internal control policy, which sampling method is most appropriate?

  • A. Probability-proportional-to-size sampling
  • B. Attribute sampling
  • C. Difference estimation sampling

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Attribute Sampling: This method is used to evaluate compliance by determining the presence or absence of specific attributes (e.g., adherence to policies or procedures). It is most suitable for assessing yes/no questions or deviations in internal control testing.
* Example: Checking whether purchase orders are properly approved as per policy.


NEW QUESTION # 66
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