SAMPLE IAA-IAP QUESTIONS ANSWERS & IAA-IAP LATEST STUDY MATERIALS

Sample IAA-IAP Questions Answers & IAA-IAP Latest Study Materials

Sample IAA-IAP Questions Answers & IAA-IAP Latest Study Materials

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Tags: Sample IAA-IAP Questions Answers, IAA-IAP Latest Study Materials, Exam IAA-IAP Pass Guide, IAA-IAP Valid Test Experience, IAA-IAP Latest Test Prep

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IIA Internal Audit Practitioner Sample Questions (Q38-Q43):

NEW QUESTION # 38
Internal and external benchmarking by the internal audit activity are examples of which of the following?

  • A. Inquiry
  • B. Analytical procedures
  • C. Confirmation

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Analytical Procedures: Benchmarking compares an organization's performance against internal or external standards, which is a core analytical procedure used to assess efficiency, effectiveness, or best practices.


NEW QUESTION # 39
Which of the following best demonstrates that appropriate and sufficient resources were allocated to an audit engagement to achieve its objectives?

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

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 # 40
According to IIA guidance, which one of the following hiring strategies is most appropriate to fill internal audit positions?

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

Answer: C

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 # 41
The internal audit activity has been tasked with evaluating the effectiveness of the organization's risk management processes. Which of the following activities are appropriate and relevant to consider in the overall evaluation?

  • A. The chief audit executive's observations of the organization's finance committee
  • B. An external audit of the organization's corporate social responsibility and sustainability management, including communication of findings to management and the board
  • C. Evaluation of risk management effectiveness obtained during multiple audit engagements over the past year

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Ongoing Risk Evaluation: Insights gathered from multiple audit engagements over the past year provide a broad and detailed perspective on the effectiveness of risk management across the organization.


NEW QUESTION # 42
Management requested that the chief audit executive (CAE) include an audit of the organization's health and safety program in next year's annual audit plan. However, the internal audit activity has no expertise in this area. Which of the following would be the most appropriate actions for the CAE?

  • A. Accept the request, provided management has conducted a thorough risk assessment prior to the engagement to help guide the audit.
  • B. Work with an internal subject matter expert to complete the audit.
  • C. With management's agreement, amend the audit scope so that specialized expertise is not needed.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: The internal audit activity must possess or obtain the knowledge, skills, and competencies needed to perform its responsibilities effectively.
* If internal expertise is lacking, external resources or subject matter experts should be engaged.
* Reasoning:
* Option Ais correct because collaborating with an internal expert ensures that the audit is performed competently while addressing the health and safety risks comprehensively.
* Option B(amending the scope) avoids addressing critical risks, which may undermine the value of the audit.
* Option C(relying on management's risk assessment) is inappropriate, as the internal audit function must independently evaluate the area.
* Mitigating Lack of Expertise:
* Leveraging subject matter experts ensures compliance with professional standards and the integrity of the audit process.


NEW QUESTION # 43
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