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IIA Internal Audit Practitioner Sample Questions (Q12-Q17):
NEW QUESTION # 12
Which of the following would be considered out of scope for a purchasing process audit engagement?
- A. Authorization of requisitions
- B. Matching goods received to requisitions
- C. Control of goods
Answer: C
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Control of Goods: The control of goods is generally considered part of inventory management or logistics, not the purchasing process. The purchasing process typically endswith the receipt of goods or services and ensuring appropriate payments.
* Other Options:
* Authorization of Requisitions: Within scope, as it is directly related to the initiation of the purchasing process.
* Matching Goods Received to Requisitions: Part of the purchasing process audit scope to ensure accurate and legitimate transactions.
Thus, the correct answer isB. Control of Goods.
NEW QUESTION # 13
Which of the following is an example of a detective control?
- A. Reconciliations.
- B. Required authorizations.
- C. Segregation of duties.
Answer: A
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definition of Detective Controls:
* Detective controls are designed to identify errors, irregularities, or fraudulent activities after they occur, enabling corrective action.
* Reasoning:
* Option Bis correct because reconciliations compare records (e.g., bank statements against ledgers) to detect discrepancies.
* Option A(segregation of duties) andOption C(required authorizations) are preventive controls designed to stop errors or fraud before they occur.
* Role of Detective Controls:
* Detective controls play a critical role in monitoring and identifying issues, supporting the overall control environment.
NEW QUESTION # 14
During a review of the payroll department, a payroll associate informs the internal auditor, in confidence, that a co-worker is under a great deal of personal stress and has made several uncharacteristic mistakes over the past few weeks. The payroll associate asks the auditor to be sympathetic to the co-worker when drafting the audit findings. If the auditor adjusts the audit findings in consideration of this request, which of the following IIA Code of Ethics principles would be violated?
- A. Integrity and Objectivity.
- B. Integrity and Confidentiality.
- C. Objectivity and Confidentiality.
Answer: A
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Code of Ethics:
* Integrity: Internal auditors must report facts accurately and honestly without bias or personal considerations.
* Objectivity: Internal auditors must remain unbiased and free from conflicts of interest when evaluating findings.
* Reasoning:
* Option Ais correct because adjusting audit findings to accommodate personal circumstances violates the principles of integrity (accurate reporting) and objectivity (unbiased evaluation).
* Option B(Objectivity and Confidentiality) is incorrect because confidentiality is not violated in this scenario.
* Option C(Integrity and Confidentiality) is incorrect as the auditor is not compromising confidentiality.
* Professional Obligation:
* Internal auditors must base their findings solely on evidence, ensuring reports are factual, unbiased, and aligned with ethical standards.
NEW QUESTION # 15
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 documenting the process.
- B. After allocating resources.
- C. After determining audit engagement objectives.
Answer: A
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 # 16
Which of the following elements of the Fraud Triangle is directly under the organization's control?
- A. Pressure
- B. Rationalization
- C. Opportunity
Answer: C
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: Organizations can reduce fraud risk by implementing strong internal controls, which limit opportunities for fraud. Examples include segregation of duties, access restrictions, and audit trails.
NEW QUESTION # 17
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