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IIA Internal Audit Practitioner Sample Questions (Q98-Q103):

NEW QUESTION # 98
Duties in a purchasing system are segregated and performed by different people. One person orders the goods, another person receives the goods, and another pays for the goods. This is an example of which of the following controls?

A. Directive
B. Detective
C. Preventive

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Controls:
* Preventive controls are designed to prevent errors, fraud, or irregularities before they occur by ensuring that processes and activities are performed correctly from the start.
* Standard 2130 - Control: Internal auditors assess the design and effectiveness of controls to prevent risks from materializing.
* Reasoning:
* Option A is correct because segregation of duties (ordering, receiving, and paying) is a preventive control, as it prevents a single person from having the authority to initiate, authorize, and complete a transaction, reducing the risk of fraud or errors.
* Option B (Directive) would focus on guiding behavior, such as setting policies or expectations.
* Option C (Detective) refers to controls that identify and detect errors after they occur, such as audits or reviews.
* Impact of Segregation of Duties:
* By ensuring duties are segregated, organizations minimize the risk of fraudulent activities and errors, thus acting as a preventive measure.

NEW QUESTION # 99
Which of the following best describes the difference between inherent risk and residual risk?

A. 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.
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 the organization is willing to accept, residual risk is the level of risk deemed unacceptable by the organization.

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 C is 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 A inaccurately states that residual risk is tied to the completion of a risk assessment process instead of mitigation actions.
* Option B confuses 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 # 100
Which of the following statements is true regarding engagement status meetings?

A. They are expected to enhance the relationships between the internal audit activity and management of the area under review.
B. They should involve the chief audit executive and senior management.
C. They mainly involve one-way communication from the internal auditor to management of the area under review.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Enhancing Relationships: Status meetings facilitate two-way communication, keeping management informed about audit progress and fostering collaboration. Open discussions during these meetings help address concerns and strengthen the relationship between internal audit and management.

NEW QUESTION # 101
Which of the following would an internal auditor most likely use to document a complex process that includes risks and controls, timelines, and ownership of key steps?

A. Risk and control matrix.
B. Process map.
C. Detailed flowchart.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2330 - Documenting Information: Internal auditors are required to document audit evidence and processes in a way that is clear, complete, and supports audit conclusions.
* Risk and control matrices are effective for documenting risks, controls, and related responsibilities in a structured way.
* Reasoning:
* Option C is correct because a risk and control matrix clearly documents processes, the associated risks, control activities, and ownership of each step. It is the most suitable tool for understanding risks and controls along with associated timelines and responsibilities.
* Option A (process map) documents the steps in a process but does not directly link risks and controls.
* Option B (detailed flowchart) is used to map the flow of a process but also lacks the structure for detailing risks and control ownership.
* Best Practice for Documentation:
* A risk and control matrix is the most structured and comprehensive tool for documenting complex processes that involve risks, controls, and ownership.

NEW QUESTION # 102
According to the IIA's Code of Ethics, which of the following best describes the conduct of an internal auditor who demonstrates the principle of competency?

A. The auditor does not accept anything that may impair or be presumed to impair her professional judgment
B. The auditor is prudent in the use and protection of information acquired in the course of her work
C. The auditor continually improves her proficiency and the effectiveness and quality of her services

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Competency Principle: According to the IIA Code of Ethics, internal auditors must apply the knowledge, skills, and experience needed to perform their duties effectively.
* Key Characteristics: Continuous improvement in proficiency, quality of services, and effectiveness directly align with the principle of competency.

NEW QUESTION # 103
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