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IIA-IAP Valid Exam Vce Free | IIA-IAP Exam Test

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IIA Internal Audit Practitioner Sample Questions (Q55-Q60):

NEW QUESTION # 55
In a standard process mapping document, a diamond shape typically represents which of the following?

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

Answer: C

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 # 56
An internal auditor was assigned to a payroll process audit engagement. At which stage of engagement planning would the auditor conduct a risk assessment?

A. After documenting the process.
B. After determining audit engagement objectives.
C. After allocating resources.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Assessment in Planning: Conducting a risk assessment typically follows documentation of the process, as understanding the process provides the necessary context for identifying and evaluating risks.

NEW QUESTION # 57
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 accounts payable clerk should compare the acknowledgment of goods and services to the invoice.
B. The supervisor should verify that the amount paid agrees with the contracted amount.
C. The supervisor should observe the input of invoices into the payment system.

Answer: A

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 A directly 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 # 58
A senior internal auditor is using a risk and control matrix to facilitate an internal control assessment of the fixed asset accounting process. Which of the following activities would aid the auditor in determining inputs for the risk and control matrix?

A. Management's cost-benefit analysis of internal control alternatives considered in the design of the fixed asset accounting process.
B. Interviews with fixed asset management, control process walkthroughs, and internal control questionnaires.
C. Reviewing the results of control effectiveness testing of the fixed asset capitalization subprocess.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Gathering Inputs for the Matrix: Interviews, walkthroughs, and questionnaires are primary tools for gathering detailed insights into risks, controls, and processes. These activities provide the information necessary to populate a risk and control matrix effectively.

NEW QUESTION # 59
If an internal auditor needs to evaluate compliance with an internal control policy, which sampling method is most appropriate?

A. Probability-proportional-to-size sampling
B. Difference estimation sampling
C. Attribute sampling

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Attribute Sampling: This method is used to evaluate compliance by determining the presence or absence of specific attributes (e.g., adherence to policies or procedures). It is most suitable for assessing yes/no questions or deviations in internal control testing.
* Example: Checking whether purchase orders are properly approved as per policy.

NEW QUESTION # 60
......

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