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IIA Internal Audit Practitioner Sample Questions (Q40-Q45):

NEW QUESTION # 40
The engagement supervisor is coordinating an audit of investments and needs to select an audit team member to determine the test attributes. Which of the following team members is most appropriate for the engagement supervisor to select?

A. An auditor who transferred from the investment department six months prior and has expert knowledge of investments.
B. An auditor who has investment audit experience from a previous organization, but who has never performed investment audits at the current organization.
C. An auditor with strong leadership skills who has experience leading projects for the IT auditdepartment.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: Internal auditors must possess the necessary knowledge, skills, and competencies to conduct audits effectively.
* The auditor should have the relevant expertise to evaluate investment-related test attributes.
* Reasoning:
* Option Ais correct because the auditor has direct knowledge and expertise in investments, making them the most qualified to determine the relevant test attributes for the audit.
* Option B(IT audit experience) does not align with the specific skills required for investment auditing.
* Option C(previous experience) may offer some advantage, but the lack of familiarity with the current organization's processes limits the auditor's effectiveness.
* Importance of Expertise:
* Selecting an auditor with relevant experience and proficiency ensures that the audit will be conducted with accuracy and that the proper test attributes will be identified.

NEW QUESTION # 41
Which of the following interview techniques would be most effective in a fraud investigation?

A. The interviewer should be positioned between the suspect and the door to discourage the suspect from leaving during the interview.
B. The interviewer should allow the suspect to use his own words and only interrupt if a point requires clarification.
C. The interviewer should ensure that only the interviewer and the suspect are present for the interview.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Allowing the Suspect to Use Their Own Words: Encouraging the suspect to speak freely provides the investigator with unfiltered insights and may reveal inconsistencies or useful details. This technique also minimizes the risk of appearing coercive or intimidating.

NEW QUESTION # 42
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

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

Answer: A

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 # 43
Which of the following best describes the difference between inherent risk and residual risk?

A. Inherent risk is the level of risk the organization is willing to accept, residual risk is the level of risk deemed unacceptable by the organization.
B. Inherent risk is the level of risk in the absence of any targeted actions or controls to alter its severity, residual risk is the risk remaining after implementing corrective actions.
C. Inherent risk is the level of risk before the risk assessment process, residual risk is the level of risk remaining after completing the risk assessment process.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definitions from Risk Management Frameworks (e.g., COSO ERM):
* Inherent Risk: The raw or natural level of risk before any controls or mitigating actions are applied.
* Residual Risk: The remaining level of risk after implementing controls or risk responses.
* Reasoning:
* Option Cis correct because it captures the essence of inherent risk as the baseline risk level and residual risk as the mitigated level after control actions.
* Option Ainaccurately states that residual risk is tied to the completion of a risk assessment process instead of mitigation actions.
* Option Bconfuses inherent risk with risk appetite, which reflects the organization's tolerance for risk.
* Significance of Differentiation:
* Understanding both risk levels helps prioritize resources for managing critical risks and improving controls.

NEW QUESTION # 44
Which of the following best describes a compliance audit engagement?

A. The auditor analyzes the economic activity of the organization as measured and reported using international accounting standards.
B. The auditor conducts a review to provide assurance that the external service provider of maintenance for the organization has an effective risk management process.
C. The auditor reviews controls of the oil shale mining process to assess adherence to safetyregulations established by local authorities.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Compliance Auditing:
* Definition: Compliance audits assess adherence to external laws, regulations, or internal policies and procedures.
* Standard 2130 - Control: Internal audit must evaluate the adequacy and effectiveness of controls to ensure compliance with applicable laws and regulations.
* Reasoning:
* Option Ais correct because assessing adherence to safety regulations is a compliance activity focused on legal and regulatory conformity.
* Option B(analyzing economic activity) relates more to financial auditing or accounting standards compliance, not regulatory compliance.
* Option C(reviewing an external service provider's risk management process) aligns with a risk or assurance engagement, not compliance.
* Impact of Compliance Audits:
* Ensuring adherence to legal requirements protects the organization from regulatory penalties and enhances operational integrity.

NEW QUESTION # 45
......

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