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IIA-IAP Associate Level Exam, IIA-IAP Valid Exam Sample

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IIA Internal Audit Practitioner Sample Questions (Q59-Q64):

NEW QUESTION # 59
What is the primary purpose of a preliminary survey?

A. To develop a risk and control matrix for the process under review.
B. To determine why the engagement is being performed.
C. To gain an understanding of the process under review.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Preliminary Survey Purpose: The survey is conducted to gather sufficient information to understand the process, environment, and related risks. This understanding serves as a foundation for planning the engagement.

NEW QUESTION # 60
A newly hired internal auditor has been asked to examine the sales of a specific product over the last four years. Which of the following analytical review techniques should the auditor employ?

A. Ratio analysis.
B. External benchmarking.
C. Trend analysis.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Analytical Techniques:
* Trend Analysis involves examining data over a period to identify patterns, shifts, or anomalies.
* This technique is appropriate for longitudinal data like sales over four years.
* Reasoning:
* Option B (Trend analysis) is correct as it helps the auditor analyze sales performance over time and identify patterns or deviations.
* Option A (Ratio analysis) compares related metrics, such as profitability or liquidity, but does not focus on changes over time.
* Option C (External benchmarking) involves comparing performance to external standards or competitors, not internal historical data.
* Application in Audit:
* Trend analysis allows the auditor to assess growth, seasonal patterns, or irregularities in sales data, providing actionable insights.

NEW QUESTION # 61
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 safety regulations 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 A is 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 # 62
Which of the following best ensures that the internal audit activity is free from undue interference from management?

A. Audit policies and procedures that are comprehensive and well-documented, in accordance with the Standards.
B. A board audit committee that is composed of competent, independent members.
C. An audit charter that defines the chief audit executive's functional reporting relationship with the board.

Answer: C

NEW QUESTION # 63
In the absence of any action to control or modify the circumstances, the probability of loss arising from circumstances existing in an environment is known as which of the following types of risk?

A. Inherent
B. Control
C. Residual

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Inherent Risk: This is the risk that exists in an environment or process before any actions or controls are applied to mitigate it. It reflects the natural vulnerability of the process to errors or misstatements.

NEW QUESTION # 64
......

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