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IIA Internal Audit Practitioner Sample Questions (Q22-Q27):

NEW QUESTION # 22
Which of the following statements is true with regard to the adequacy of a control design?

A. Control designs are considered adequate as long as secondary controls will effectively mitigatethe risk.
B. Even if a control is effective, it may not achieve the control objective due to an inadequate design.
C. Regardless of the adequacy of control design, it is important to evaluate the operating effectiveness of all key controls to justify the integrity of the internal audit process.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess both the adequacy of control design and the effectiveness of control operation.
* Reasoning:
* Option Bis correct because a poorly designed control, even if operating effectively, cannot achieve its objective due to inherent flaws in its structure or implementation.
* Option Aincorrectly suggests that operational testing overrides design inadequacies. Evaluating control design is essential before assessing operational effectiveness.
* Option Cis incorrect because reliance on secondary controls to mitigate risk does not compensate for an inadequate primary control design.
* Control Design Importance:
* Adequate design ensures that controls are appropriately structured to address specific risks, providing a strong foundation for effective operation.

NEW QUESTION # 23
During an accounts payable audit engagement, the internal auditor identified a risk that vendor invoices may be paid multiple times. Which of the following would be appropriate preventive controls to mitigate this risk?

A. System controls to identify identical invoice numbers and dates from the same vendor prior to payment.
B. Manual controls requiring the reconciliation of paid vendor invoices to monthly invoice statements provided by the vendor.
C. System controls to identify identical invoice amounts from the same vendor that prohibit payment after the initial invoice.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Preventive System Controls: Identifying duplicate invoice numbers and dates is a robust preventive control, as it helps flag duplicate invoices before payment is processed.

NEW QUESTION # 24
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 discovery sample of all loan applications to determine whether each application contains a statement of collateral.
C. 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.

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:
* OptionAinvolves usinggeneralized 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 # 25
Which of the following describes an internal auditor's use of external benchmarking?

A. The auditor evaluates operating income margin between geographical areas within an organization to analyze its profitability.
B. The auditor compares return on equity for a beverage company against its competitor to analyze profitability.
C. The auditor calculates the net profit margin for a business segment to analyze the profitability.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Benchmarking:
* External benchmarking involves comparing the organization's metrics with those of other entities, typically competitors or industry averages.
* Standard 1210 - Proficiency: Internal auditors must have knowledge to evaluate performance against external benchmarks effectively.
* Reasoning:
* Option Bdemonstrates external benchmarking by comparing the organization's return on equity with a competitor's performance.
* Option AandOption Cfocus on internal analysis within the organization and do not use external references.
* Application in Internal Auditing:
* External benchmarking identifies competitive gaps, informs strategic decisions, and supports recommendations for improvement.

NEW QUESTION # 26
Which of the following creates an opportunity for an employee to commit fraud?

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

Answer: C

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 # 27
......

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