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IIA Essentials of Internal Auditing Sample Questions (Q104-Q109):

NEW QUESTION # 104
Senior management asks the chief audit executive to review the organization's compliance with recently introduced legislation on international transfer pricing. The review requires an internal auditor who thoroughly understands the legislation and pricing methods. The internal audit activity does not have an auditor with those skills. Which of the following is the most appropriate course of action?

A. Carry out the engagement using existing internal audit staff to help them gain the appropriate experience.
B. Outsource the engagement to an external audit firm that has appropriate skills.
C. Decline to perform the engagement, as the internal audit activity does not have the appropriate skill set.
D. Recruit a lawyer with knowledge of the legislation to the audit team and ask the new auditor to perform the engagement.

Answer: B

Explanation:
When the internal audit activity does not have the appropriate skills to review the organization's compliance with recently introduced legislation on international transfer pricing, the most appropriate course of action is to outsource the engagement to an external audit firm that has the necessary expertise. This ensures that the review is conducted thoroughly and accurately by professionals with specialized knowledge, maintaining the quality and reliability of the audit work while addressing the specific requirements of the engagement.
References:
* The IIA's International Standards for the Professional Practice of Internal Auditing (Standards) - Standard 1210: Proficiency.
* The IIA's Practice Guide on Coordinating Internal and External Audit Activities.

NEW QUESTION # 105
An organization employs ongoing monitoring and is considering implementing periodic evaluations to assess the continuing effectiveness of its risk management process. Which of the following statements Is true with regard to such periodic evaluations?

A. Periodic evaluation frequency may depend on the results of ongoing monitoring.
B. Periodic evaluations are considered to be less objective than ongoing monitoring.
C. Periodic evaluations frequently identify problems more quickly than ongoing monitoring.
D. Periodic evaluations can be more effective than ongoing monitoring.

Answer: A

Explanation:
Periodic evaluations are complementary to ongoing monitoring in an organization's risk management process.
The frequency and extent of these evaluations often depend on findings from ongoing monitoring, which may highlight areas needing more in-depth review or indicate that existing controls are functioning effectively. This dependency ensures that periodic evaluations are targeted and efficient.References: Institute of Internal Auditors (IIA) - Guidance on Risk Management and Monitoring Top of Form

NEW QUESTION # 106
An internal auditor is testing whether payments to outside contractors have been charged to the proper account. Which of the following sampling methods would be most useful in completing this task?

A. Attribute sampling.
B. Probability-proportional-to-size sampling.
C. Judgmental sampling.
D. Haphazard sampling.

Answer: A

NEW QUESTION # 107
Which of the following is true about a system of internal control?

A. Technology does not change the internal control landscape.
B. Internal control should be updated at least annually.
C. Articulating measurable objectives is part of internal control.
D. Strategy should fit the system of internal control.

Answer: C

Explanation:
The statement that articulating measurable objectives is part of internal control is true. A system of internal control is designed to help an organization achieve its objectives, and these objectives need to be clearly stated and measurable to effectively assess and control risks related to them.
COSO Framework for Internal Control, which emphasizes the importance of clear, measurable objectives in effective internal control systems.

NEW QUESTION # 108
At the beginning of fieldwork in an audit of investments, an internal auditor noted that the interest rate had declined significantly since the engagement work program was created. The auditor should:

A. Consult with management to verify the interest rate change and proceed with the engagement.
B. Determine the effect of the interest rate change and whether the program should be modified.
C. Modify the audit program and proceed with the engagement.
D. Proceed with the existing program since this was the original scope of work that was approved.

Answer: B

Explanation:
Section: Volume A

NEW QUESTION # 109
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