IAA-IAP EXAM MATERIAL & VALID IAA-IAP EXAM PDF

IAA-IAP Exam Material & Valid IAA-IAP Exam Pdf

IAA-IAP Exam Material & Valid IAA-IAP Exam Pdf

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Tags: IAA-IAP Exam Material, Valid IAA-IAP Exam Pdf, IAA-IAP Exam Brain Dumps, Online IAA-IAP Lab Simulation, IAA-IAP Valid Exam Guide

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IIA Internal Audit Practitioner Sample Questions (Q81-Q86):

NEW QUESTION # 81
To be organizationally independent, the chief audit executive should administratively report to which of the following?

  • A. The audit committee.
  • B. The chief executive officer.
  • C. The board of directors.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: Organizational independence is achieved when the CAE reports functionally to the board or audit committee and administratively to the CEO or equivalent.
* Reasoning:
* Option Cis correct because administrative reporting to the CEO ensures the CAE has access to resources, support, and operations without impairing functional independence.
* Option AandOption Bdescribe functional reporting lines (e.g., approval of the audit charter and plans), which are distinct from administrative reporting.
* Significance of Reporting Structure:
* Administrative reporting ensures the day-to-day management of the internal audit function, while functional reporting maintains independence and alignment with governance.


NEW QUESTION # 82
Management requested that the chief audit executive (CAE) include an audit of the organization's health and safety program in next year's annual audit plan. However, the internal audit activity has no expertise in this area. Which of the following would be the most appropriate actions for the CAE?

  • A. With management's agreement, amend the audit scope so that specialized expertise is not needed.
  • B. Accept the request, provided management has conducted a thorough risk assessment prior to the engagement to help guide the audit.
  • C. Work with an internal subject matter expert to complete the audit.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: The internal audit activity must possess or obtain the knowledge, skills, and competencies needed to perform its responsibilities effectively.
* If internal expertise is lacking, external resources or subject matter experts should be engaged.
* Reasoning:
* Option Ais correct because collaborating with an internal expert ensures that the audit is performed competently while addressing the health and safety risks comprehensively.
* Option B(amending the scope) avoids addressing critical risks, which may undermine the value of the audit.
* Option C(relying on management's risk assessment) is inappropriate, as the internal audit function must independently evaluate the area.
* Mitigating Lack of Expertise:
* Leveraging subject matter experts ensures compliance with professional standards and the integrity of the audit process.


NEW QUESTION # 83
Management has decided that transactions less than $50 no longer require authorization. Which of the following risk management strategies does this represent?

  • A. Reduce.
  • B. Accept.
  • C. Avoid.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Acceptance: By deciding that transactions below $50 do not require authorization, management is consciously accepting the low-level risk associated with this decision to streamline processes and reduce administrative burdens.


NEW QUESTION # 84
What is the primary purpose of a preliminary survey?

  • A. To gain an understanding of the process under review.
  • B. To determine why the engagement is being performed.
  • C. To develop a risk and control matrix for the process under review.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Preliminary Survey Purpose: The survey is conducted to gather sufficient information to understand the process, environment, and related risks. This understanding serves as a foundation for planning the engagement.


NEW QUESTION # 85
During engagement planning, which of the following sources would provide the internal auditor with relevant information to obtain an understanding of the process under review?

  • A. Mission, strategic objectives, and key performance indicators of the process under review, based on documented plans, policies, procedures, and discussions with management
  • B. The internal audit activity's annual audit plan and discussions that led to its development
  • C. Final report from an external financial audit of the process under review, which includes the status of management's corrective action plans

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Understanding the Process: The mission, strategic objectives, and key performance indicators (KPIs) provide a foundational understanding of the process under review and how it aligns with organizational goals. This information helps identify critical areas for assessment during the audit.


NEW QUESTION # 86
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