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Valid Internal Audit Practitioner exam, free latest IIA IAA-IAP exam pdf

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IIA Internal Audit Practitioner Sample Questions (Q90-Q95):

NEW QUESTION # 90
During a review of the payroll department, a payroll associate informs the internal auditor, in confidence, that a co-worker is under a great deal of personal stress and has made several uncharacteristic mistakes over the past few weeks. The payroll associate asks the auditor to be sympathetic to the co-worker when drafting the audit findings. If the auditor adjusts the audit findings in consideration of this request, which of the following IIA Code of Ethics principles would be violated?

A. Integrity and Objectivity.
B. Integrity and Confidentiality.
C. Objectivity and Confidentiality.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Code of Ethics:
* Integrity: Internal auditors must report facts accurately and honestly without bias or personal considerations.
* Objectivity: Internal auditors must remain unbiased and free from conflicts of interest when evaluating findings.
* Reasoning:
* Option Ais correct because adjusting audit findings to accommodate personal circumstances violates the principles of integrity (accurate reporting) and objectivity (unbiased evaluation).
* Option B(Objectivity and Confidentiality) is incorrect because confidentiality is not violated in this scenario.
* Option C(Integrity and Confidentiality) is incorrect as the auditor is not compromising confidentiality.
* Professional Obligation:
* Internal auditors must base their findings solely on evidence, ensuring reports are factual, unbiased, and aligned with ethical standards.

NEW QUESTION # 91
During an accounts payable audit engagement, the internal auditor found that vendor invoices are always paid
30 days after the invoice date, regardless of the vendor's payment terms. The auditor also discovered that accounts payable employees are not comparing vendor invoices received to previous vendor invoices prior to payment. Based on the auditor's observations, what are the potential risks?

A. Poor cash management due to potentially paying fraudulent invoices
B. Poor cash management due to potentially paying the wrong vendors
C. Poor cash management due to potentially lost payment discounts

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Lost Payment Discounts: By paying all invoices after 30 days, regardless of terms, the organization risks losing early payment discounts offered by vendors, leading to poor cash management.

NEW QUESTION # 92
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 # 93
Which of the following internal auditor attributes benefits the most from continuous professional development?

A. Integrity.
B. Objectivity.
C. Competency.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Competency: Continuous professional development ensures auditors maintain and enhance their knowledge, skills, and expertise, directly supporting their ability to perform engagements effectively.

NEW QUESTION # 94
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

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

Answer: C

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 # 95
......

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