IIA IAA-IAP VALID EXAM BRAINDUMPS: INTERNAL AUDIT PRACTITIONER - CRAMPDF 100% PASS RATE OFFER

IIA IAA-IAP Valid Exam Braindumps: Internal Audit Practitioner - CramPDF 100% Pass Rate Offer

IIA IAA-IAP Valid Exam Braindumps: Internal Audit Practitioner - CramPDF 100% Pass Rate Offer

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IIA Internal Audit Practitioner Sample Questions (Q73-Q78):

NEW QUESTION # 73
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. The number of hours approved by the board for that engagement.
  • B. The proficiency of the internal auditors and the complexity of the engagement.
  • C. Whether the engagement involves possible violations of laws and governmental regulations.

Answer: B

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 # 74
Which of the following is an example of criteria in an engagement communication?

  • A. The audit test was designed to evaluate compliance with the organization's policies and procedures related to business conduct and ethics.
  • B. Annual business conduct training was not performed over the past two years due to inadequate operating budgets.
  • C. As a result of inadequate business conduct training, 16% of the executive team was unaware of their obligation to report potential conflicts of interest.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Criteria:
* Definition: Criteria are the standards, policies, or benchmarks used to evaluate the subject matter during an audit.
* IIA Standard 2410 - Criteria for Communicating: Audit reports should clearly state criteria to ensure findings are relevant and actionable.
* Reasoning:
* Option Bis correct because it references the organization's policies and procedures, which serve as the criteria for evaluating compliance.
* Option Adescribes thecondition(what was observed), not the criteria.
* Option Cdescribes theeffect(the impact of the observed condition).
* Importance of Criteria in Audit Reporting:
* Including criteria provides a basis for comparison, helping stakeholders understand why a finding is significant and how it deviates from expectations.


NEW QUESTION # 75
An internal auditor is planning a business continuity audit engagement at a remote manufacturing plant. During planning interviews, the plant manager stated that the local Environmental, Health, and Safety (EHS) Department, which reports to the plant manager, had completed a similar review six months ago. The EHS review did not find any significant weaknesses. How should the internal auditor consider the EHS review results in the current audit engagement planning?

  • A. Ignore the EHS review results, as the department is not a reliable source of information due to its lack of objectivity and independence.
  • B. Recommend canceling the audit engagement, as it would be a duplication of effort to revisit the same process already reviewed by EHS.
  • C. Evaluate the objectivity and competency of the EHS reviewers and their work to determine whether their review results may be relied upon.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1220 - Due Professional Care: Internal auditors must consider the reliability of other assurance providers.
* Standard 2050 - Coordination and Reliance: Internal auditors may rely on the work of other assurance providers if their objectivity, independence, and competency are assessed and deemed adequate.
* Why Evaluate EHS Work:
* The EHS review results can be useful if the review process was thorough, objective, and performed by competent individuals.
* Dismissing their results without evaluation (Option A) could lead to inefficiencies or redundant work.
* Canceling the engagement entirely (Option B) ignores the internal audit's responsibility for independent assurance.
* Audit Planning Impact:
* By leveraging the EHS review where appropriate, the internal auditor can focus resources on other areas not covered or on verifying key findings.


NEW QUESTION # 76
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. Establish a code of ethics for the internal audit activity.
  • B. Approve the internal audit budget.
  • 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 Ais 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 withIIA Standard 1300 - Quality Assurance and Improvement Programand 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 # 77
An internal auditor discovers a number of control concerns while reviewing the organization's online payment system and decides to interview key employees involved in the system's design and maintenance. Which of the following best describes the results of those interviews?

  • A. Documentary evidence.
  • B. Testimonial evidence.
  • C. Analytical evidence.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Types of Audit Evidence:
* Testimonial Evidence: Information obtained through interviews, discussions, or statements from individuals.
* Documentary Evidence: Written or recorded materials, such as policies, procedures, or reports.
* Analytical Evidence: Evidence derived from analysis or comparisons of data.
* Reasoning:
* Option Ais correct because interviews with employees provide testimonial evidence based on their knowledge, perspectives, or observations.
* Option Brefers to tangible documents or records, which are not the direct result of interviews.
* Option Crefers to data analysis, which is not applicable in this scenario.
* Role of Testimonial Evidence:
* Testimonial evidence is often used to corroborate documentary evidence or provide insights into processes and controls.


NEW QUESTION # 78
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