Hot IAA-IAP Latest Exam Answers 100% Pass | Reliable IAA-IAP: Internal Audit Practitioner 100% Pass

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IIA Internal Audit Practitioner Sample Questions (Q10-Q15):

NEW QUESTION # 10
Which of the following tools would assist with the coordination of efforts between the internal audit team and operational management?

A. Control self-assessment.
B. Automated workpapers.
C. Continuous auditing.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Control Self-Assessment (CSA): This tool involves management and staff in evaluating controls and risks, fostering collaboration between operational teams and internal audit. CSA supports shared responsibility for risk management and control improvement.

NEW QUESTION # 11
In a standard process mapping document, a diamond shape typically represents which of the following?

A. Flow line.
B. Decision.
C. Process or operation.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Diamond Shape: In process mapping, a diamond typically represents a decision point where a choice must be made based on conditions or criteria (e.g., "Yes" or "No").
* Example: "Is the invoice valid?" If yes, the process continues to payment; if no, it is rejected.

NEW QUESTION # 12
During which stage of an audit engagement would the engagement supervisor identify the tasks that were already completed and the remaining tasks to be performed?

A. When developing the test approach.
B. When documenting the work program.
C. When allocating resources.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
The engagement supervisor identifies tasks that are completed and remaining tasks during the process of documenting the work program.
* Reference to IIA Standards:
* According to theIIA's Performance Standards 2200 - Engagement Planning, an internal audit work program should detail the procedures necessary to achieve the engagement's objectives.
* Standard2240 - Engagement Work Programexplicitly states that internal auditors must develop and document work programs that achieve the objectives of the engagement.
* Key Responsibilities:
* Documenting the work program involves listing tasks already performed to avoid redundancy and tasks remaining to ensure coverage of all planned activities.
* Supervisors are responsible for overseeing this process and ensuring the work aligns with the overall engagement plan.
* Relevance to Audit Practice:
* The work program serves as a roadmap for auditors, detailing specific steps to be taken.
* Identifying completed and pending tasks ensures proper time management and resource allocation during the engagement.

NEW QUESTION # 13
An internal auditor discovers that a vendor had submitted invoices and was paid for services not rendered. Which of the following controls is most appropriate to address this type of issue?

A. The supervisor should observe the input of invoices into the payment system.
B. The accounts payable clerk should compare the acknowledgment of goods and services to the invoice.
C. The supervisor should verify that the amount paid agrees with the contracted amount.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal audit must assess whether controls ensure compliance and prevent fraud.
* Reasoning:
* Option Adirectly addresses the root cause: payment for unrendered services. Requiring acknowledgment of receipt ensures only valid invoices are paid.
* Option B(observing invoice input) ensures data entry accuracy but does not address fraud.
* Option C(verifying amounts) ensures correct payments for legitimate invoices but does not prevent unauthorized payments.
* Best Practice:
* Verifying acknowledgment of services before payment is a preventive control, reducing fraud risk.

NEW QUESTION # 14
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 a sign of adequate internal controls; however, effectiveness testing should be performed to ensure that the controls are operating as designed and intended.
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 an internal control weakness; therefore, additional testing should be performed to determine whether secondary mitigating controls exist or whether the control should be redesigned.

Answer: C

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 # 15
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Hot IAA-IAP Latest Exam Answers 100% Pass | Reliable IAA-IAP: Internal Audit Practitioner 100% Pass

IAA-IAP Dumps Collection: Internal Audit Practitioner & IAA-IAP Test Cram & IAA-IAP Study Materials

IIA Internal Audit Practitioner Sample Questions (Q10-Q15):

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