EXAM IAA-IAP SIMULATOR ONLINE - LATEST IAA-IAP VERSION

Exam IAA-IAP Simulator Online - Latest IAA-IAP Version

Exam IAA-IAP Simulator Online - Latest IAA-IAP Version

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IIA Internal Audit Practitioner Sample Questions (Q29-Q34):

NEW QUESTION # 29
Which of the following statements is true regarding root cause analysis?

  • A. Root cause analysis is a simple, straightforward tool that can be implemented by internal auditors who may not possess relevant subject matter expertise.
  • B. Root cause analysis enables internal auditors to improve the effectiveness and efficiency of the organization's governance, risk management, and control processes.
  • C. Root cause analysis enables internal auditors to reveal multiple causes and recommend control enhancements for each cause identified.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Root Cause Analysis: This method identifies underlying causes of issues rather than just addressing symptoms, allowing internal auditors to recommend targeted improvements to controls and processes.
By identifying multiple causes, auditors can propose tailored control enhancements to address each cause effectively.


NEW QUESTION # 30
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 # 31
According to the IIA's Code of Ethics, which of the following best describes the conduct of an internal auditor who demonstrates the principle of competency?

  • A. The auditor continually improves her proficiency and the effectiveness and quality of her services
  • B. The auditor does not accept anything that may impair or be presumed to impair her professional judgment
  • C. The auditor is prudent in the use and protection of information acquired in the course of her work

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Competency Principle: According to the IIA Code of Ethics, internal auditors must apply the knowledge, skills, and experience needed to perform their duties effectively.
* Key Characteristics: Continuous improvement in proficiency, quality of services, and effectiveness directly align with the principle of competency.


NEW QUESTION # 32
Which of the following creates an opportunity for an employee to commit fraud?

  • A. Unfair compensation practices
  • B. Lack of adequate internal controls
  • C. The need for money to pay personal medical bills

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: In the Fraud Triangle, "opportunity" refers to the ability to commit fraud due to weaknesses in internal controls, such as poor segregation of duties, lack of oversight, or inadequate monitoring systems. These factors are directly within the organization's control to address.


NEW QUESTION # 33
An internal auditor wants to use computerized audit tools and techniques. Which of the following is a common obstacle that the auditor is likely to face?

  • A. Difficulty getting the requisite IT personnel to conduct the tests.
  • B. A lack of specialist IT skills needed to use the tools.
  • C. Difficulty obtaining access privileges to relevant and reliable data.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Challenges with Computer-Assisted Audit Tools (CAATs):
* One of the most common issues auditors face is obtaining access to the data needed for analysis, especially when data is stored in secure or restricted systems.
* Access issues may arise due to technical restrictions, security policies, or inadequate documentation of data sources.
* Reasoning:
* Option Ais correct because gaining access to relevant, complete, and reliable data is a frequent challenge when using computerized audit tools.
* Option Bis less common, as CAATs are often designed for use by auditors without requiring advanced IT skills.
* Option Crefers to reliance on IT personnel, which is less relevant for independent auditors using their own tools.
* Mitigating Access Challenges:
* Establishing clear communication with IT and obtaining necessary approvals in advance can help overcome data access issues.


NEW QUESTION # 34
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