INSTANT IAA-IAP DOWNLOAD, EXAM IAA-IAP DETAILS

Instant IAA-IAP Download, Exam IAA-IAP Details

Instant IAA-IAP Download, Exam IAA-IAP Details

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Tags: Instant IAA-IAP Download, Exam IAA-IAP Details, IAA-IAP Valid Dumps Pdf, IAA-IAP Exam Cram Review, Exam Topics IAA-IAP Pdf

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IIA Internal Audit Practitioner Sample Questions (Q81-Q86):

NEW QUESTION # 81
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 # 82
Which of the following best describes an audit engagement in which the objective is to appraise the economy of an oil shale mining process and the degree to which yearly production targets are being achieved?

  • A. Business process improvement
  • B. Operational
  • C. Due diligence

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Operational Audit: This type of audit focuses on evaluating the efficiency, effectiveness, and economy of operations, such as the mining process and production targets in this case.


NEW QUESTION # 83
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 should begin with clearly specified needs.
  • B. Only qualified procurement professionals should manage the procurement process.
  • C. The procurement process must be comprehensively documented.

Answer: A

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 # 84
A senior internal auditor is using a risk and control matrix to facilitate an internal control assessment of the fixed asset accounting process. Which of the following activities would aid the auditor in determining inputs for the risk and control matrix?

  • A. Interviews with fixed asset management, control process walkthroughs, and internal control questionnaires.
  • B. Management's cost-benefit analysis of internal control alternatives considered in the design of the fixed asset accounting process.
  • C. Reviewing the results of control effectiveness testing of the fixed asset capitalization subprocess.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Gathering Inputs for the Matrix: Interviews, walkthroughs, and questionnaires areprimary tools for gathering detailed insights into risks, controls, and processes. These activities provide the information necessary to populate a risk and control matrix effectively.


NEW QUESTION # 85
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. Evaluation of risk management effectiveness obtained during multiple audit engagements over the past year
  • C. An external audit of the organization's corporate social responsibility and sustainability management, including communication of findings to management and the board

Answer: B

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 # 86
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