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IIA Internal Audit Practitioner Sample Questions (Q44-Q49):

NEW QUESTION # 44
Which of the following activities would compromise the independence of the internal audit activity and therefore should not be performed by an internal auditor?

A. Coordinating risk management activities.
B. Championing the establishment of organization-wide risk management.
C. Setting the organization's risk appetite.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: Internal audit must be independent of the activities it audits to maintain objectivity.
* Standard 1130 - Impairment to Independence or Objectivity: Internal audit's independence is compromised if auditors take on roles that involve making decisions or implementing controls, as this may bias their findings.
* Reasoning:
* Option Bis correct because setting the organization's risk appetite is a management decision and represents a strategic role that compromises the internal audit's independence.
* Option A(championing the establishment of risk management) andOption C(coordinating risk management) do not directly impair independence, though care should be taken to avoid direct involvement in risk management decisions. These activities can be part of advisory services and not necessarily a threat to independence if appropriately managed.
* Maintaining Independence:
* Internal auditors should provide assurance on risk management but not take on roles that involve decision-making or implementing risk management processes.

NEW QUESTION # 45
Which of the following is most likely to be considered an internal audit assurance service?

A. Compliance engagement.
B. Facilitation engagement.
C. Process design engagement.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Definition of Assurance Services: Assurance services involve the objective examination of evidence to provide an independent assessment of governance, risk management, and control processes.
* Compliance engagements align with assurance services by verifying adherence to laws, regulations, or internal policies.
* Reasoning:
* Option Cqualifies as assurance because it involves assessing whether compliance requirements are met.
* Option A(process design) andOption B(facilitation) are advisory in nature and fall under consulting services, not assurance.
* Impact on the Organization:
* Compliance assurance engagements provide critical oversight, helping organizations maintain accountability and avoid regulatory penalties.

NEW QUESTION # 46
An internal auditor discovers a number of control concerns while reviewing the organization's online payment system and decides to interview key employees involved in the system's design and maintenance. Which of the following best describes the results of those interviews?

A. Analytical evidence.
B. Testimonial evidence.
C. Documentary evidence.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Types of Audit Evidence:
* Testimonial Evidence: Information obtained through interviews, discussions, or statements from individuals.
* Documentary Evidence: Written or recorded materials, such as policies, procedures, or reports.
* Analytical Evidence: Evidence derived from analysis or comparisons of data.
* Reasoning:
* Option Ais correct because interviews with employees provide testimonial evidence based on their knowledge, perspectives, or observations.
* Option Brefers to tangible documents or records, which are not the direct result of interviews.
* Option Crefers to data analysis, which is not applicable in this scenario.
* Role of Testimonial Evidence:
* Testimonial evidence is often used to corroborate documentary evidence or provide insights into processes and controls.

NEW QUESTION # 47
During an assurance engagement of an organization's procurement process, an internal auditor obtained the policy that specified the authorized dollar limits for invoices. This document would best support which of the following attributes of an audit report?

A. Effect
B. Condition
C. Criteria

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Audit Report Elements:
* Criteria: The benchmark or standard used for comparison during the audit (e.g., policies, regulations, contracts).
* Condition: The factual observation or evidence identified during the audit.
* Effect: The impact or consequence of the condition on the organization.
* Reasoning:
* Option Cis correct because the procurement policy specifies authorized limits, serving as the standard (criteria) against which compliance is assessed.
* Option B(condition) refers to the actual state of observed controls, processes, or compliance, not the benchmark.
* Option A(effect) describes the potential or realized impact of non-compliance but not the standard itself.
* Importance of Criteria:
* Criteria provide a clear benchmark, ensuring that findings are communicated with context and actionable insights.

NEW QUESTION # 48
Which of the following would be the best indicator that the organization's risk management processes are operating effectively?

A. Management openly discusses both risks and opportunities facing the organization.
B. Management established policies and procedures that state risk will be considered.
C. The organization implemented formal operational risk management processes.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Open Discussions of Risks and Opportunities: The best indicator of effective risk management is a culture where management actively identifies, evaluates, and discusses risks and opportunities, integrating them into decision-making processes.

NEW QUESTION # 49
......

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Grant Reed Grant Reed

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Exam IAA-IAP braindumps

IAA-IAP Cert & Practice IAA-IAP Questions

IIA Internal Audit Practitioner Sample Questions (Q44-Q49):

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