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IAA-IAP Visual Cert Test & Exam IAA-IAP Discount

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IIA Internal Audit Practitioner Sample Questions (Q62-Q67):

NEW QUESTION # 62
An internal auditor was assigned to a payroll process audit engagement. At which stage ofengagement planning would the auditor conduct a risk assessment?

A. After determining audit engagement objectives.
B. After documenting the process.
C. After allocating resources.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Assessment in Planning: Conducting a risk assessment typically follows documentation of the process, as understanding the process provides the necessary context for identifying and evaluating risks.

NEW QUESTION # 63
An internal auditor wants to use computerized audit tools and techniques. Which of the following is a common obstacle that the auditor is likely to face?

A. Difficulty getting the requisite IT personnel to conduct the tests.
B. A lack of specialist IT skills needed to use the tools.
C. Difficulty obtaining access privileges to relevant and reliable data.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Challenges with Computer-Assisted Audit Tools (CAATs):
* One of the most common issues auditors face is obtaining access to the data needed for analysis, especially when data is stored in secure or restricted systems.
* Access issues may arise due to technical restrictions, security policies, or inadequate documentation of data sources.
* Reasoning:
* Option Ais correct because gaining access to relevant, complete, and reliable data is a frequent challenge when using computerized audit tools.
* Option Bis less common, as CAATs are often designed for use by auditors without requiring advanced IT skills.
* Option Crefers to reliance on IT personnel, which is less relevant for independent auditors using their own tools.
* Mitigating Access Challenges:
* Establishing clear communication with IT and obtaining necessary approvals in advance can help overcome data access issues.

NEW QUESTION # 64
Which of the following describes an internal auditor's use of external benchmarking?

A. The auditor compares return on equity for a beverage company against its competitor to analyze profitability.
B. The auditor evaluates operating income margin between geographical areas within an organization to analyze its profitability.
C. The auditor calculates the net profit margin for a business segment to analyze the profitability.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Benchmarking:
* External benchmarking involves comparing the organization's metrics with those of other entities, typically competitors or industry averages.
* Standard 1210 - Proficiency: Internal auditors must have knowledge to evaluate performance against external benchmarks effectively.
* Reasoning:
* Option Bdemonstrates external benchmarking by comparing the organization's return on equity with a competitor's performance.
* Option AandOption Cfocus on internal analysis within the organization and do not use external references.
* Application in Internal Auditing:
* External benchmarking identifies competitive gaps, informs strategic decisions, and supports recommendations for improvement.

NEW QUESTION # 65
Internal and external benchmarking by the internal audit activity are examples of which of the following?

A. Inquiry
B. Confirmation
C. Analytical procedures

Answer: C

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 # 66
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 # 67
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