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IIA Internal Audit Practitioner Sample Questions (Q18-Q23):

NEW QUESTION # 18
Which of the following is the best audit procedure to determine whether all of a bank's loans are backed by sufficient collateral, properly aged as to current payments, and properly categorized as current or noncurrent?

A. Use generalized audit software to read the total loan file, age the file by last payment due, and select a statistical sample stratified by the current and aged population. Examine each loan selected for proper collateralization and aging.
B. Select a block sample of all loans in excess of a specified dollar limit and determine whether they are current and properly categorized. For each loan approved, verify aging and categorization.
C. Select a discovery sample of all loan applications to determine whether each application contains a statement of collateral.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* IIA Performance Standard 1220.A2: Internal auditors must consider using technology-based audit techniques and other data analysis tools.
* Performance Standard 2320 - Analysis and Evaluation: Sufficient and appropriate analysis should be performed to achieve the engagement's objectives.
* Best Audit Practice for the Scenario:
* Option A involves using generalized audit software (GAS) to extract relevant data from the loan file and stratify it based on specific criteria (e.g., age of loans, collateral backing). This ensures a statistically valid sample.
* By examining a stratified sample, the auditor can determine whether each loan is sufficiently collateralized, aged correctly, and categorized properly.
* This method provides comprehensive coverage while maintaining efficiency and adhering to best practices.
* Why Other Options Are Less Effective:
* Option B: A block sample only includes loans over a certain dollar threshold, which introduces a selection bias and overlooks smaller loans, making the sample less representative.
* Option C: A discovery sample limited to loan applications focuses on documentation compliance (e.g., collateral statements) but does not address loan aging or categorization.
* Practical Implications:
* Generalized audit software automates data analysis, reduces manual effort, and increases the reliability of audit conclusions.
* By selecting a representative statistical sample stratified by population characteristics, auditors gain insights that are applicable to the entire population.

NEW QUESTION # 19
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 # 20
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. Integrity and Confidentiality.
B. Objectivity and Confidentiality.
C. Integrity and Objectivity.

Answer: C

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 # 21
A member of the internal audit team worked eight months ago in an area of the organization that she is now being tasked with auditing. Which of the following would most likely be impacted by her participation in the audit?

A. Integrity
B. Competency
C. Objectivity

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1120 - Individual Objectivity: Internal auditors must perform engagements with honesty and without any bias.
* Serving in an operational or management role in the area being audited within the past year can impair objectivity, as the auditor may unconsciously favor or critique processes they were involved in developing or managing.
* Reasoning:
* Option B is correct because recent involvement in the audited area could compromise objectivity, leading to potential conflicts of interest or biased assessments.
* Option A (integrity) is less likely impacted, as integrity relates to adherence to ethical principles and honesty.
* Option C (competency) is not affected, as the individual's skills and knowledge remain intact regardless of the recency of their involvement.
* Mitigating Actions:
* The chief audit executive (CAE) should evaluate and address potential impairments to objectivity, possibly assigning the auditor to a different engagement.

NEW QUESTION # 22
As part of the annual training plan, the chief audit executive (CAE) has arranged for a local audit training institute to provide an in-house training session for the internal audit team. Which of the following best explains the primary purpose of this approach?

A. It helps the internal auditors maintain a required level of proficiency.
B. It assists the CAE with assessing the results of the internal audit team's development efforts.
C. It helps the internal audit activity attain an appropriate organizational status to maintain independence.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: Internal auditors must possess the knowledge, skills, and competencies needed to perform their responsibilities.
* Continuous professional development ensures the internal audit team maintains proficiency.
* Reasoning:
* Option A is correct because training enhances the skills and proficiency of the internal audit team, aligning with the requirement to maintain technical and professional competence.
* Option B (organizational status for independence) relates to governance and reporting relationships, not training.
* Option C (assessing development efforts) is a secondary benefit and not the primary goal of providing training.
* Impact of Training:
* A well-trained audit team improves the quality of engagements, ensures adherence to professional standards, and supports the overall effectiveness of the internal audit activity.

NEW QUESTION # 23
......

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New IIA-IAP Real Test & Free IIA-IAP Download Pdf

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IIA Internal Audit Practitioner Sample Questions (Q18-Q23):

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