TRUSTWORTHY IAA-IAP PRACTICE | IAA-IAP EXAM QUESTIONS AND ANSWERS

Trustworthy IAA-IAP Practice | IAA-IAP Exam Questions And Answers

Trustworthy IAA-IAP Practice | IAA-IAP Exam Questions And Answers

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Tags: Trustworthy IAA-IAP Practice, IAA-IAP Exam Questions And Answers, IAA-IAP Reliable Exam Practice, IAA-IAP Brain Dumps, Free IAA-IAP Braindumps

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Top Trustworthy IAA-IAP Practice | Reliable IAA-IAP Exam Questions And Answers: Internal Audit Practitioner

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

NEW QUESTION # 81
Operational management has asked the internal auditor for recommendations regarding an ineffective process. According to IIA guidance, which of the following would be the auditor's most appropriate response?

  • A. Explain that only management should recommend and implement the corrective action.
  • B. Refrain from providing recommendations to preserve audit independence.
  • C. Agree to offer recommendations based on observations and conclusions.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2410 - Criteria for Communicating: Recommendations should be provided where appropriate to address identified issues and improve processes.
* Standard 1100 - Independence and Objectivity: Providing recommendations does not impair independence as long as the auditor does not implement them.
* Reasoning:
* Option Bis correct because providing recommendations based on objective observations is part of an internal auditor's role in adding value and improving operations.
* Option Aunnecessarily avoids recommendations, misinterpreting independence requirements.
* Option Cincorrectly suggests that the auditor cannot provide input; while management owns the implementation, the auditor's recommendations can guide effective solutions.
* Adding Value Through Recommendations:
* Recommendations are a critical output of the audit process, guiding management to address inefficiencies and improve operations.


NEW QUESTION # 82
Which of the following elements are typically included in an engagement work program?

  • A. Planning, objectives, and preliminary risk assessments
  • B. Fieldwork, analytical testing, and resources
  • C. Opinions and final engagement communications

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Engagement Work Program: A structured plan detailing the steps to achieve engagement objectives.
The program typically includes planning activities, objectives, and preliminary risk assessments to guide the audit.


NEW QUESTION # 83
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. Work with an internal subject matter expert to complete the audit.
  • B. With management's agreement, amend the audit scope so that specialized expertise is not needed.
  • C. Accept the request, provided management has conducted a thorough risk assessment prior to the engagement to help guide the audit.

Answer: A

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 # 84
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

  • A. Expertise in detecting and investigating fraud.
  • B. Sufficient knowledge to evaluate the risk of fraud.
  • C. Specialized skills for developing and implementing controls to prevent fraud.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210.A2: Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
* They are not expected to have the expertise of a fraud examiner or forensic investigator.
* Reasoning:
* Option Bis correct because internal auditors need enough knowledge to assess fraud risks and provide assurance over controls designed to mitigate those risks.
* Option Aoverstates the requirement, as fraud detection and investigation require specialized expertise typically outside the scope of general internal auditing.
* Option Crefers to control development, which is a management responsibility, not an internal audit role.
* Role of Internal Audit in Fraud:
* Auditors evaluate fraud risks and provide recommendations to improve controls, ensuring alignment with organizational risk management strategies.


NEW QUESTION # 85
What is the primary objective for testing controls?

  • A. To determine whether controls are operating effectively.
  • B. To understand whether a control is in place.
  • C. To identify major patterns of errors or irregularities that might exist in final account balances.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess whether internal controls are designed and operating effectively to mitigate identified risks.
* Standard 2200 - Engagement Planning: The objective of testing controls is to evaluate their effectiveness in achieving the desired outcomes.
* Reasoning:
* Option Ais correct because the main goal of testing controls is to determine whether they are functioning effectively to manage the identified risks and achieve control objectives.
* Option B(understanding whether a control is in place) focuses on control design but not its operational effectiveness.
* Option C(identifying patterns of errors) is related to detecting irregularities, not directly testing the control's effectiveness.
* Effectiveness of Controls:
* Internal audit testing focuses on evaluating the effectiveness and operational efficiency of controls to ensure they reduce risks to an acceptable level.


NEW QUESTION # 86
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