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IIA Internal Audit Practitioner Sample Questions (Q23-Q28):

NEW QUESTION # 23
A newly hired internal auditor has been asked to examine the sales of a specific product over the last four years. Which of the following analytical review techniques should the auditor employ?

A. External benchmarking.
B. Ratio analysis.
C. Trend analysis.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Analytical Techniques:
* Trend Analysisinvolves examining data over a period to identify patterns, shifts, or anomalies.
* This technique is appropriate for longitudinal data like sales over four years.
* Reasoning:
* Option B(Trend analysis) is correct as it helps the auditor analyze sales performance over time and identify patterns or deviations.
* Option A(Ratio analysis) compares related metrics, such as profitability or liquidity, but does not focus on changes over time.
* Option C(External benchmarking) involves comparing performance to external standards or competitors, not internal historical data.
* Application in Audit:
* Trend analysis allows the auditor to assess growth, seasonal patterns, or irregularities in sales data, providing actionable insights.

NEW QUESTION # 24
An internal auditor is performing an internal control assessment at a manufacturing company. The auditor observed that the accounts payable clerks have the ability to create new vendors without management's review and approval. How should the auditor document this observation?

A. The observation is an internal control weakness; therefore, additional testing should be performed to determine whether secondary mitigating controls exist or whether the control should be redesigned.
B. The observation doesn't affect the adequacy of the internal controls because the existing process controls ensure that invoices are promptly and accurately paid.
C. The observation is a sign of adequate internal controls; however, effectiveness testing should be performed to ensure that the controls are operating as designed and intended.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Control Assessment:
* Standard 2130 - Control: Internal auditors must evaluate the adequacy and effectiveness of controls in mitigating risks.
* COSO Framework: Proper segregation of duties is essential for preventing unauthorized transactions and fraud.
* Reasoning:
* Option Bis correct because the lack of management review and approval for creating vendors indicates a control weakness, as it creates opportunities for unauthorized vendors or fraud. The auditor should investigate whether mitigating controls exist (e.g., periodic review of vendor lists) or recommend redesigning the process to include managerial oversight.
* Option Adismisses the observation without considering its impact on control adequacy. Prompt payment alone does not address risks related to unauthorized vendors.
* Option Cincorrectly assumes the observation reflects adequate controls, which is not the case given the lack of management approval.
* Actionable Next Steps:
* Document the observation as a control deficiency.
* Perform additional testing to identify whether compensating controls mitigate the risk or recommend enhancements to strengthen controls.

NEW QUESTION # 25
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 helps the internal audit activity attain an appropriate organizational status to maintain independence.
C. It assists the CAE with assessing the results of the internal audit team's development efforts.

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 Ais 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 auditactivity.

NEW QUESTION # 26
If an internal auditor needs to evaluate compliance with an internal control policy, which sampling method is most appropriate?

A. Difference estimation sampling
B. Probability-proportional-to-size sampling
C. Attribute sampling

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Attribute Sampling: This method is used to evaluate compliance by determining the presence or absence of specific attributes (e.g., adherence to policies or procedures). It is most suitable for assessing yes/no questions or deviations in internal control testing.
* Example: Checking whether purchase orders are properly approved as per policy.

NEW QUESTION # 27
Which of the following conditions would threaten an internal auditor's objectivity?

A. Using knowledge that the internal auditor gained in his previous position to update systems and controls descriptions.
B. Providing consulting services over the activity where the internal auditor was employed two years prior.
C. Providing assurance services over the activity where the internal auditor was employed 10 months prior.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1120 - Individual Objectivity: Internal auditors should avoid situations that impair their ability to provide unbiased assurance.
* Practice Advisory 1130.A1-1: Objectivity is impaired if auditors audit activities they previously managed within the last 12 months.
* Reasoning:
* Option Ais correct because the auditor's recent role in the audited area creates a conflict of interest and threatens objectivity.
* Option Bdoes not impair objectivity; leveraging prior knowledge is permissible if applied objectively.
* Option C(consulting services two years prior) does not impair objectivity due to theelapsed time.
* Mitigating Actions:
* Auditors with recent involvement in an audited area should disclose the conflict and be reassigned to preserve objectivity.

NEW QUESTION # 28
......

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IAA-IAP Practice Exam Fee | IAA-IAP Reliable Test Book

100% Pass Quiz 2025 IIA High Pass-Rate IAA-IAP: Internal Audit Practitioner Practice Exam Fee

IIA Internal Audit Practitioner Sample Questions (Q23-Q28):

Pass Guaranteed 2025 Updated IAA-IAP: Internal Audit Practitioner Practice Exam Fee

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