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IIA Internal Audit Practitioner Sample Questions (Q35-Q40):

NEW QUESTION # 35
Internal and external benchmarking by the internal audit activity are examples of which of the following?

A. Analytical procedures
B. Confirmation
C. Inquiry

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Analytical Procedures: Benchmarking compares an organization's performance against internal or external standards, which is a core analytical procedure used to assess efficiency, effectiveness, or best practices.

NEW QUESTION # 36
Which of the following is a purpose of an embedded audit module?

A. It identifies program code that may have been inserted for unauthorized purposes.
B. It verifies the correctness of account balances on a master file.
C. It enables continuous monitoring of transaction processing.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Embedded Audit Modules:
* Definition: Embedded audit modules are software components integrated into systems to monitor transactions in real-time or at regular intervals.
* They supportcontinuous auditingby flagging anomalies or predefined conditions.
* Reasoning:
* Option Ais correct because embedded audit modules facilitate continuous monitoring by evaluating transactions as they occur.
* Option Brelates to detecting unauthorized program code, a task better suited to software integrity checks or penetration testing.
* Option C(verifying account balances) is a manual or batch review task unrelated to embedded audit modules.
* Benefits of Embedded Audit Modules:
* Real-time insights into compliance, fraud detection, and operational inefficiencies.
* Enhance audit efficiency and effectiveness in high-transaction environments.

NEW QUESTION # 37
Which sampling technique uses a nonrandom selection process that is expected to be representative of the population as a whole?

A. Judgmental sampling.
B. Attribute sampling.
C. Haphazard sampling.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definition of Sampling Techniques:
* Judgmental Sampling: A nonrandom method where the auditor uses their professional judgment to select items expected to be representative of the population.
* Haphazard Sampling: A nonrandom approach without systematic methodology, relying on arbitrary selection.
* Attribute Sampling: A statistical sampling method used to test for specific attributes or characteristics in a population.
* Reasoning:
* Option Ais correct because judgmental sampling intentionally selects items based on the auditor' s knowledge and expectations, aiming for representation.
* Option B(haphazard sampling) lacks intentionality and may not reliably represent the population.
* Option C(attribute sampling) involves random, statistical selection rather than a nonrandom process.
* When to Use Judgmental Sampling:
* It is appropriate when the auditor has sufficient expertise to select representative items and when statistical sampling is not feasible.

NEW QUESTION # 38
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

A. Expertise in detecting and investigating fraud.
B. Sufficient knowledge to evaluate the risk of fraud.
C. Specialized skills for developing and implementing controls to prevent fraud.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210.A2: Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
* They are not expected to have the expertise of a fraud examiner or forensic investigator.
* Reasoning:
* Option Bis correct because internal auditors need enough knowledge to assess fraud risks and provide assurance over controls designed to mitigate those risks.
* Option Aoverstates the requirement, as fraud detection and investigation require specialized expertise typically outside the scope of general internal auditing.
* Option Crefers to control development, which is a management responsibility, not an internal audit role.
* Role of Internal Audit in Fraud:
* Auditors evaluate fraud risks and provide recommendations to improve controls, ensuring alignment with organizational risk management strategies.

NEW QUESTION # 39
Duties in a purchasing system are segregated and performed by different people. One person orders the goods, another person receives the goods, and another pays for the goods. This is an example of which of the following controls?

A. Detective
B. Directive
C. Preventive

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Controls:
* Preventive controlsare designed to prevent errors, fraud, or irregularities before they occur by ensuring that processes and activities are performed correctly from the start.
* Standard 2130 - Control: Internal auditors assess the design and effectiveness of controls to prevent risks from materializing.
* Reasoning:
* Option Ais correct because segregation of duties (ordering, receiving, and paying) is apreventive control, as it prevents a single person from having the authority to initiate, authorize, and complete a transaction, reducing the risk of fraud or errors.
* Option B(Directive) would focus on guiding behavior, such as setting policies or expectations.
* Option C(Detective) refers to controls that identify and detect errors after they occur, such as audits or reviews.
* Impact of Segregation of Duties:
* By ensuring duties are segregated, organizations minimize the risk of fraudulent activities and errors, thus acting as a preventive measure.

NEW QUESTION # 40
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