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Exam IAA-IAP Question & IAA-IAP Mock Test

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IIA Internal Audit Practitioner Sample Questions (Q35-Q40):

NEW QUESTION # 35
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 Ais 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 # 36
Which of the following conditions would threaten an internal auditor's objectivity?

A. Providing consulting services over the activity where the internal auditor was employed two years prior.
B. Using knowledge that the internal auditor gained in his previous position to update systems and controls descriptions.
C. Providing assurance services over the activity where the internal auditor was employed 10 months prior.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1120 - Individual Objectivity: Internal auditors should avoid situations that impair their ability to provide unbiased assurance.
* Practice Advisory 1130.A1-1: Objectivity is impaired if auditors audit activities they previously managed within the last 12 months.
* Reasoning:
* Option Ais correct because the auditor's recent role in the audited area creates a conflict of interest and threatens objectivity.
* Option Bdoes not impair objectivity; leveraging prior knowledge is permissible if applied objectively.
* Option C(consulting services two years prior) does not impair objectivity due to theelapsed time.
* Mitigating Actions:
* Auditors with recent involvement in an audited area should disclose the conflict and be reassigned to preserve objectivity.

NEW QUESTION # 37
Which of the following best describes the difference between inherent risk and residual risk?

A. Inherent risk is the level of risk in the absence of any targeted actions or controls to alter its severity, residual risk is the risk remaining after implementing corrective actions.
B. Inherent risk is the level of risk before the risk assessment process, residual risk is the level of risk remaining after completing the risk assessment process.
C. Inherent risk is the level of risk the organization is willing to accept, residual risk is the level of risk deemed unacceptable by the organization.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definitions from Risk Management Frameworks (e.g., COSO ERM):
* Inherent Risk: The raw or natural level of risk before any controls or mitigating actions are applied.
* Residual Risk: The remaining level of risk after implementing controls or risk responses.
* Reasoning:
* Option Cis correct because it captures the essence of inherent risk as the baseline risk level and residual risk as the mitigated level after control actions.
* Option Ainaccurately states that residual risk is tied to the completion of a risk assessment process instead of mitigation actions.
* Option Bconfuses inherent risk with risk appetite, which reflects the organization's tolerance for risk.
* Significance of Differentiation:
* Understanding both risk levels helps prioritize resources for managing critical risks and improving controls.

NEW QUESTION # 38
During engagement planning, which of the following would provide an internal auditor with a sufficient understanding of the process being audited?

A. Management's opinion on the thoroughness of a previous internal audit of the same process.
B. The mission, vision, and strategic objectives of the organization.
C. The objectives and risk management of the process.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: Internal auditors must develop a plan that considers the objectives, risks, and controls of the area being audited.
* Standard 2210 - Engagement Objectives: The objectives of the engagement must be aligned with the organization's processes and risk management practices.
* Reasoning:
* Option Cis correct because understanding the process's objectives and associated risks allows the auditor to design procedures to assess how well risks are managed and objectives are achieved.
* Option A(mission, vision, and strategic objectives) provides organizational context but does not give detailed insights into the specific process.
* Option B(management's opinion) is subjective and insufficient for developing a comprehensive understanding of the process.
* Effective Engagement Planning:
* Focus on process-specific objectives, risks, and controls ensures a targeted and effective audit, contributing to meaningful outcomes.

NEW QUESTION # 39
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 doesn't affect the adequacy of the internal controls because the existing process controls ensure that invoices are promptly and accurately paid.
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 is a sign of adequate internal controls; however, effectiveness testing should be performed to ensure that the controls are operating as designed and intended.

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 Bis 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 Adismisses the observation without considering its impact on control adequacy. Prompt payment alone does not address risks related to unauthorized vendors.
* Option Cincorrectly 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 # 40
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