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IIA Internal Audit Practitioner Sample Questions (Q76-Q81):

NEW QUESTION # 76
During an assurance engagement of an organization's procurement process, an internal auditor obtained the policy that specified the authorized dollar limits for invoices. This document would best support which of the following attributes of an audit report?

A. Criteria
B. Effect
C. Condition

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Audit Report Elements:
* Criteria: The benchmark or standard used for comparison during the audit (e.g., policies, regulations, contracts).
* Condition: The factual observation or evidence identified during the audit.
* Effect: The impact or consequence of the condition on the organization.
* Reasoning:
* Option C is correct because the procurement policy specifies authorized limits, serving as the standard (criteria) against which compliance is assessed.
* Option B (condition) refers to the actual state of observed controls, processes, or compliance, not the benchmark.
* Option A (effect) describes the potential or realized impact of non-compliance but not the standard itself.
* Importance of Criteria:
* Criteria provide a clear benchmark, ensuring that findings are communicated with context and actionable insights.

NEW QUESTION # 77
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. Whether the engagement involves possible violations of laws and governmental regulations.
B. The number of hours approved by the board for that engagement.
C. The proficiency of the internal auditors and the complexity of the engagement.

Answer: C

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 # 78
Internal and external benchmarking by the internal audit activity are examples of which of the following?

A. Analytical procedures
B. Confirmation
C. Inquiry

Answer: A

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 # 79
During which stage of an audit engagement would the engagement supervisor identify the tasks that were already completed and the remaining tasks to be performed?

A. When allocating resources.
B. When developing the test approach.
C. When documenting the work program.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
The engagement supervisor identifies tasks that are completed and remaining tasks during the process of documenting the work program.
* Reference to IIA Standards:
* According to the IIA's Performance Standards 2200 - Engagement Planning, an internal audit work program should detail the procedures necessary to achieve the engagement's objectives.
* Standard 2240 - Engagement Work Program explicitly states that internal auditors must develop and document work programs that achieve the objectives of the engagement.
* Key Responsibilities:
* Documenting the work program involves listing tasks already performed to avoid redundancy and tasks remaining to ensure coverage of all planned activities.
* Supervisors are responsible for overseeing this process and ensuring the work aligns with the overall engagement plan.
* Relevance to Audit Practice:
* The work program serves as a roadmap for auditors, detailing specific steps to be taken.
* Identifying completed and pending tasks ensures proper time management and resource allocation during the engagement.

NEW QUESTION # 80
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 A is correct because interviews with employees provide testimonial evidence based on their knowledge, perspectives, or observations.
* Option B refers to tangible documents or records, which are not the direct result of interviews.
* Option C refers 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 # 81
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