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

NEW QUESTION # 59
Internal and external benchmarking by the internal audit activity are examples of which of the following?

A. Confirmation
B. Analytical procedures
C. Inquiry

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Analytical Procedures: Benchmarking compares an organization's performance against internal or external standards, which is a core analytical procedure used to assess efficiency, effectiveness, or best practices.

NEW QUESTION # 60
Which of the following best describes the purpose of a detailed engagement risk assessment?

A. To prioritize risks to the activity's objectives, according to the likelihood of occurrence.
B. To consider significant risks to the activity's objectives and the means by which the potential impact of risk is kept to an acceptable level.
C. To ensure that all risks identified during the engagement planning process are addressed during the audit.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Engagement Risk Assessment:
* Definition: Engagement risk assessment evaluates specific risks relevant to the engagement and identifies controls or mitigations.
* Standard 2210.A1: Internal auditors must consider significant risks to objectives, focusing on their likelihood and impact.
* Reasoning:
* Option Cis correct because it aligns with assessing significant risks and ensuring they are mitigated to acceptable levels.
* Option A(ensuring all risks are addressed) is impractical since auditors prioritize significant risks within resource constraints.
* Option Bfocuses on prioritizing risks but does not encompass the broader purpose of addressing their impact or mitigation.
* Importance of Risk Assessment:
* It ensures that the audit focuses on high-impact risks, aligning resources with the organization's risk management framework.

NEW QUESTION # 61
What is the primary purpose of a preliminary survey?

A. To determine why the engagement is being performed.
B. To develop a risk and control matrix for the process under review.
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 # 62
According to IIA guidance, which of the following are commonly standardized workpaper elements?

A. Workpapers should be completed in an electronic format only
B. Workpapers should be supported by inclusion of original documentation
C. Workpapers should include a uniform cross-referencing system

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Uniform Cross-Referencing System: A standardized cross-referencing system ensures consistency, facilitates review, and allows quick retrieval of supporting documents. This is a best practice widely recommended by the IIA in workpaper documentation.

NEW QUESTION # 63
To be organizationally independent, the chief audit executive should administratively report to which of the following?

A. The board of directors.
B. The chief executive officer.
C. The audit committee.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: Organizational independence is achieved when the CAE reports functionally to the board or audit committee and administratively to the CEO or equivalent.
* Reasoning:
* Option Cis correct because administrative reporting to the CEO ensures the CAE has access to resources, support, and operations without impairing functional independence.
* Option AandOption Bdescribe functional reporting lines (e.g., approval of the audit charter and plans), which are distinct from administrative reporting.
* Significance of Reporting Structure:
* Administrative reporting ensures the day-to-day management of the internal audit function, while functional reporting maintains independence and alignment with governance.

NEW QUESTION # 64
......

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Ron Young Ron Young

Biography

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

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Ron Young Ron Young

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

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