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IIA Internal Audit Practitioner Sample Questions (Q41-Q46):

NEW QUESTION # 41
Which of the following consulting engagements leverages an internal auditor's risk and control knowledge to help the organization keep abreast of emerging risks?

A. Assisting with the development of policies and procedures
B. Advising on control designs
C. Facilitating organizational control self-assessments

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Facilitating Organizational Control Self-Assessments (CSA): This engagement helps the organization identify, evaluate, and monitor risks and controls. By facilitating CSAs, internal auditors use their expertise to highlight emerging risks and ensure that the organization proactively addresses them.

NEW QUESTION # 42
During which stage of an audit engagement would the engagement supervisor identify the tasks that were already completed and the remaining tasks to be performed?

A. When developing the test approach.
B. When allocating resources.
C. When documenting the work program.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
The engagement supervisor identifies tasks that are completed and remaining tasks during the process of documenting the work program.
* Reference to IIA Standards:
* According to the IIA's Performance Standards 2200 - Engagement Planning, an internal audit work program should detail the procedures necessary to achieve the engagement's objectives.
* Standard 2240 - Engagement Work Program explicitly states that internal auditors must develop and document work programs that achieve the objectives of the engagement.
* Key Responsibilities:
* Documenting the work program involves listing tasks already performed to avoid redundancy and tasks remaining to ensure coverage of all planned activities.
* Supervisors are responsible for overseeing this process and ensuring the work aligns with the overall engagement plan.
* Relevance to Audit Practice:
* The work program serves as a roadmap for auditors, detailing specific steps to be taken.
* Identifying completed and pending tasks ensures proper time management and resource allocation during the engagement.

NEW QUESTION # 43
During a review of the payroll department, a payroll associate informs the internal auditor, in confidence, that a co-worker is under a great deal of personal stress and has made several uncharacteristic mistakes over the past few weeks. The payroll associate asks the auditor to be sympathetic to the co-worker when drafting the audit findings. If the auditor adjusts the audit findings in consideration of this request, which of the following IIA Code of Ethics principles would be violated?

A. Objectivity and Confidentiality.
B. Integrity and Objectivity.
C. Integrity and Confidentiality.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Code of Ethics:
* Integrity: Internal auditors must report facts accurately and honestly without bias or personal considerations.
* Objectivity: Internal auditors must remain unbiased and free from conflicts of interest when evaluating findings.
* Reasoning:
* Option A is correct because adjusting audit findings to accommodate personal circumstances violates the principles of integrity (accurate reporting) and objectivity (unbiased evaluation).
* Option B (Objectivity and Confidentiality) is incorrect because confidentiality is not violated in this scenario.
* Option C (Integrity and Confidentiality) is incorrect as the auditor is not compromising confidentiality.
* Professional Obligation:
* Internal auditors must base their findings solely on evidence, ensuring reports are factual, unbiased, and aligned with ethical standards.

NEW QUESTION # 44
Which of the following statements is true regarding engagement status meetings?

A. They mainly involve one-way communication from the internal auditor to management of the area under review.
B. They are expected to enhance the relationships between the internal audit activity and management of the area under review.
C. They should involve the chief audit executive and senior management.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Enhancing Relationships: Status meetings facilitate two-way communication, keeping management informed about audit progress and fostering collaboration. Open discussions during these meetings help address concerns and strengthen the relationship between internal audit and management.

NEW QUESTION # 45
What is the primary objective for testing controls?

A. To understand whether a control is in place.
B. To determine whether controls are operating effectively.
C. To identify major patterns of errors or irregularities that might exist in final account balances.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess whether internal controls are designed and operating effectively to mitigate identified risks.
* Standard 2200 - Engagement Planning: The objective of testing controls is to evaluate their effectiveness in achieving the desired outcomes.
* Reasoning:
* Option A is correct because the main goal of testing controls is to determine whether they are functioning effectively to manage the identified risks and achieve control objectives.
* Option B (understanding whether a control is in place) focuses on control design but not its operational effectiveness.
* Option C (identifying patterns of errors) is related to detecting irregularities, not directly testing the control's effectiveness.
* Effectiveness of Controls:
* Internal audit testing focuses on evaluating the effectiveness and operational efficiency of controls to ensure they reduce risks to an acceptable level.

NEW QUESTION # 46
......

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Trusted IIA IIA-IAP: Hottest Internal Audit Practitioner Certification - Newest Actual4Cert Reliable IIA-IAP Dumps Questions

Pass Guaranteed IIA - Useful Hottest IIA-IAP Certification

IIA Internal Audit Practitioner Sample Questions (Q41-Q46):

2025 IIA IIA-IAP –Efficient Hottest Certification