EXAM IAA-IAP FORMAT | PREP IAA-IAP GUIDE

Exam IAA-IAP Format | Prep IAA-IAP Guide

Exam IAA-IAP Format | Prep IAA-IAP Guide

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IIA Internal Audit Practitioner Sample Questions (Q86-Q91):

NEW QUESTION # 86
According to The IIA's Code of Ethics, which of the following best illustrates the principle of confidentiality?

  • A. The auditor declined to lead an audit of a department in which his nephew is the manager.
  • B. The auditor declined to delegate critical audit lead responsibilities to a new auditor.
  • C. The auditor refused to use information learned during an audit to diversify his financial portfolio.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to the IIA Code of Ethics - Confidentiality:
* The principle of confidentiality requires internal auditors to respect and protect the value of information obtained during the course of their work and to avoid using it for personal gain.
* Reasoning:
* Option Ais correct because refusing to use audit information for personal financial gain directly aligns with the principle of confidentiality.
* Option Brelates to competency and professional judgment, not confidentiality.
* Option Cpertains to avoiding conflicts of interest, which is an example of the principle of objectivity.
* Application of Confidentiality:
* Internal auditors must safeguard sensitive information and use it solely for legitimate audit purposes.


NEW QUESTION # 87
Which of the following is an important consideration when providing quality audit communications?

  • A. Demonstrate knowledge by using technical language.
  • B. Provide a fair and balanced assessment.
  • C. Include as much detail as possible.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2420 - Quality of Communications: Audit communications must be accurate, objective, clear, concise, constructive, complete, and timely.
* A fair and balanced assessment ensures objectivity and builds credibility.
* Reasoning:
* Option Bis correct because fair and balanced reporting reflects both positive and negative findings, maintaining the credibility and usefulness of the audit report.
* Option A(including as much detail as possible) risks overwhelming the audience and detracting from key messages.
* Option C(using technical language) can reduce clarity and accessibility for non-technical stakeholders.
* Importance of Balanced Reporting:
* Objective and balanced communications ensure that the audit report is actionable and supports informed decision-making by management and the board.


NEW QUESTION # 88
Which of the following would best support the overall risk assessment?

  • A. Policies and process procedures provided by the manager of the process under review.
  • B. Detailed organizational charts to understand roles and reporting lines in the area under review.
  • C. Process narratives and process maps with descriptions of risks and controls.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Process Narratives and Maps: These provide a comprehensive view of the process, including descriptions of risks and controls, making them the most relevant for supporting risk assessments. They help identify gaps or weaknesses in the control environment.


NEW QUESTION # 89
Which of the following best describes an audit engagement in which the objective is to appraise the economy of an oil shale mining process and the degree to which yearly production targets are being achieved?

  • A. Operational
  • B. Business process improvement
  • C. Due diligence

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Operational Audit: This type of audit focuses on evaluating the efficiency, effectiveness, and economy of operations, such as the mining process and production targets in this case.


NEW QUESTION # 90
Which of the following is the most important initial action for a chief audit executive to perform when establishing a new internal audit activity?

  • A. Establish a code of ethics for the internal audit activity.
  • B. Approve the internal audit budget.
  • C. Establish an internal audit charter.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1000 - Purpose, Authority, and Responsibility: The internal audit charter must define the purpose, authority, and responsibility of the internal audit activity and establish its position within the organization.
* The charter is foundational to the independence, authority, and effectiveness of the internal audit activity.
* Reasoning:
* Option Ais correct because the charter formalizes the internal audit activity's role and ensures alignment with organizational governance. Without a charter, the internal audit function cannot operate effectively or independently.
* Option B(establishing a code of ethics) is important but is part of overall compliance withIIA Standard 1300 - Quality Assurance and Improvement Programand is not the first step.
* Option C(approving the budget) is administrative and secondary to establishing the internal audit charter.
* Importance of the Audit Charter:
* The charter provides the internal audit activity with the mandate to perform its duties, ensuring accountability and defining its scope and authority.


NEW QUESTION # 91
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