IAA-IAP TRUSTWORTHY EXAM TORRENT | IAA-IAP LATEST EXAM EXPERIENCE

IAA-IAP Trustworthy Exam Torrent | IAA-IAP Latest Exam Experience

IAA-IAP Trustworthy Exam Torrent | IAA-IAP Latest Exam Experience

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IIA Internal Audit Practitioner Sample Questions (Q61-Q66):

NEW QUESTION # 61
Which of the following is a common computer-assisted audit tool used to analyze data?

  • A. Social media
  • B. Spreadsheet software
  • C. Word processing software

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Spreadsheet Software: Tools like Microsoft Excel are commonly used for data analysis in auditing due to their powerful data manipulation, calculation, and visualization capabilities.
* Example: Auditors use spreadsheets for sampling, trend analysis, and creating pivot tables.


NEW QUESTION # 62
Which of the following situations is most likely to require a compliance engagement from the internal audit activity?

  • A. An organization is subject to newly imposed industry health and safety regulations.
  • B. An organization is preparing to launch an enhanced service for its online customer information system.
  • C. An organization must restate its financial statements due to an error in fixed asset valuation.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Governance: Internal audit must assess compliance with applicable laws, regulations, and industry standards.
* Compliance Auditing: These engagements assess whether the organization adheres to specific rules and regulations.
* Reasoning:
* Option Cinvolves newly imposed health and safety regulations, making compliance auditing critical to ensure the organization avoids penalties or operational disruptions.
* Option Apertains to financial reporting, typically addressed in assurance or financial audits.
* Option Binvolves a new service launch, which may require consulting or operational audits but not necessarily compliance-focused.


NEW QUESTION # 63
Management requested that the chief audit executive (CAE) include an audit of the organization's health and safety program in next year's annual audit plan. However, the internal audit activity has no expertise in this area. Which of the following would be the most appropriate actions for the CAE?

  • A. Accept the request, provided management has conducted a thorough risk assessment prior to the engagement to help guide the audit.
  • B. With management's agreement, amend the audit scope so that specialized expertise is not needed.
  • C. Work with an internal subject matter expert to complete the audit.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: The internal audit activity must possess or obtain the knowledge, skills, and competencies needed to perform its responsibilities effectively.
* If internal expertise is lacking, external resources or subject matter experts should be engaged.
* Reasoning:
* Option Ais correct because collaborating with an internal expert ensures that the audit is performed competently while addressing the health and safety risks comprehensively.
* Option B(amending the scope) avoids addressing critical risks, which may undermine the value of the audit.
* Option C(relying on management's risk assessment) is inappropriate, as the internal audit function must independently evaluate the area.
* Mitigating Lack of Expertise:
* Leveraging subject matter experts ensures compliance with professional standards and the integrity of the audit process.


NEW QUESTION # 64
Which of the following is an element of a well-formed audit recommendation?

  • A. Measures to prevent recurrence of the condition.
  • B. Factors that allowed the condition to exist.
  • C. Factual evidence identified during the engagement.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Audit Recommendations:
* According to theIIA Standards, a recommendation must be actionable, specific, and designed to address the root cause of an identified issue.
* Reasoning:
* Option Bis correct because effective recommendations focus on preventing recurrence by addressing root causes or implementing control measures.
* Option A(factual evidence) supports findings but does not constitute the recommendation itself.
* Option C(factors allowing the condition) provides context for findings but does not include actionable measures to resolve or prevent the issue.
* Key Components of a Recommendation:
* Recommendations should propose practical solutions to mitigate risks, improve processes, or enhance controls.
* Measures to prevent recurrence align with the goal of sustainable improvements.


NEW QUESTION # 65
Which of the following would be a common benefit of using generalized audit software?

  • A. It enables internal auditors to analyze very large quantities of data.
  • B. It eliminates the need to obtain access privileges to relevant and reliable data.
  • C. It enables internal auditors to perform tests on data with the assistance of the organization's IT personnel.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Analyzing Large Data Sets: Generalized audit software (GAS) like ACL or IDEA allows auditors to process and analyze large volumes of data efficiently, identifying patterns, anomalies, and exceptions.


NEW QUESTION # 66
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