TEST IAA-IAP TUTORIALS - RELIABLE IAA-IAP SOURCE

Test IAA-IAP Tutorials - Reliable IAA-IAP Source

Test IAA-IAP Tutorials - Reliable IAA-IAP Source

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IIA Internal Audit Practitioner Sample Questions (Q31-Q36):

NEW QUESTION # 31
Which sampling technique uses a nonrandom selection process that is expected to be representative of the population as a whole?

  • A. Judgmental sampling.
  • B. Attribute sampling.
  • C. Haphazard sampling.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definition of Sampling Techniques:
* Judgmental Sampling: A nonrandom method where the auditor uses their professional judgment to select items expected to be representative of the population.
* Haphazard Sampling: A nonrandom approach without systematic methodology, relying on arbitrary selection.
* Attribute Sampling: A statistical sampling method used to test for specific attributes or characteristics in a population.
* Reasoning:
* Option Ais correct because judgmental sampling intentionally selects items based on the auditor' s knowledge and expectations, aiming for representation.
* Option B(haphazard sampling) lacks intentionality and may not reliably represent the population.
* Option C(attribute sampling) involves random, statistical selection rather than a nonrandom process.
* When to Use Judgmental Sampling:
* It is appropriate when the auditor has sufficient expertise to select representative items and when statistical sampling is not feasible.


NEW QUESTION # 32
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. Establish an internal audit charter.
  • C. Approve the internal audit budget.

Answer: B

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 # 33
Which of the following is an important consideration when providing quality audit communications?

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

Answer: C

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 # 34
An internal auditor is reporting on the organization's asset management system. Which of the following would likely add the greatest value to the organization?

  • A. Recommendations aimed at reducing risk exposure.
  • B. Confirmation that controls are operating efficiently.
  • C. Reports that state identified deficiencies were remedied during the audit.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2410 - Criteria for Communicating: Internal audit reports must provide relevant and constructive information, including recommendations for improvement.
* Recommendations focused on reducing risk exposure align with the purpose of internal auditing:
improving governance, risk management, and controls.
* Reasoning:
* Option Bis correct because providing recommendations aimed at reducing risk exposure directly addresses the organization's strategic and operational vulnerabilities, adding significant value.
* Option A(confirmation of efficient controls) ensures reliability but does not proactively improve risk management or processes.
* Option C(deficiencies remedied during the audit) is informative but lacks the forward-looking impact of targeted recommendations.
* Adding Value through Recommendations:
* Internal audit recommendations guide management in addressing critical risks, improving operational efficiency, and enhancing organizational resilience.


NEW QUESTION # 35
Which of the following statements best describes quality audit workpapers?

  • A. They should be understandable and complete.
  • B. They should be relevant and interesting.
  • C. They should be electronic and indexed.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2330 - Documenting Information: Workpapers must be sufficient, reliable, relevant, and useful to support audit findings and conclusions.
* Practice Advisory: Clear and complete documentation enhances understanding and ensures consistency in audit conclusions.
* Characteristics of Quality Workpapers:
* They should clearly articulate audit procedures, results, and conclusions in a way that another auditor or stakeholder can understand and rely on them.
* While electronic and indexed workpapers (Option B) are desirable for organization, they are not defining characteristics of quality.


NEW QUESTION # 36
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