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IIA Internal Audit Practitioner Sample Questions (Q99-Q104):

NEW QUESTION # 99
When is it appropriate for the internal auditor to determine the engagement's scope and objectives?

A. In the final engagement report
B. During the planning of the engagement
C. During the performance of the engagement

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Planning Phase: According to the International Standards for the Professional Practice of Internal Auditing (ISPPIA), Standard 2200 (Engagement Planning), the internal auditor must establish the engagement's objectives, scope, and criteria during the planning phase. This ensures that the audit is focused and aligned with organizational objectives and stakeholder expectations.
* Performance Phase: During this phase, auditors execute the planned activities, but the scope and objectives are typically fixed unless there are significant changes in circumstances.
* Final Engagement Report: The final report documents the outcomes of the audit, not the scope or objectives, which are pre-determined.
References:
* IIA Standard 2200: Engagement Planning.
* IIA Standard 2210: Engagement Objectives.
* IIA Implementation Guides on Engagement Planning emphasize determining the scope and objectives early to provide direction and clarity.
Thus, the correct answer is A. During the planning of the engagement.

NEW QUESTION # 100
An internal auditor was gathering information regarding the receiving process and decided that a narrative memorandum was the best way to document the process. Which of the following explanations best supports the auditor's decision?

A. The department has comprehensive manuals
B. The audit engagement is not considering efficiency
C. The process is simple and does not need a visual depiction

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Narrative Memorandum: A narrative is most suitable for documenting simple processes that do not require detailed visuals or flowcharts for clarity. If the process can be effectively described in writing, a narrative is appropriate.

NEW QUESTION # 101
Which of the following best ensures that the internal audit activity is free from undue interference from management?

A. A board audit committee that is composed of competent, independent members.
B. An audit charter that defines the chief audit executive's functional reporting relationship with the board.
C. Audit policies and procedures that are comprehensive and well-documented, in accordance with the Standards.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: The chief audit executive (CAE) must report functionally to the board to ensure independence.
* The audit charter must define the CAE's functional reporting line to the board, securing protection from undue management influence.
* Reasoning:
* Option C addresses the foundational document-the audit charter-that establishes the CAE's authority and independence.
* Option A refers to operational standards, but they do not directly safeguard against interference.
* Option B strengthens governance but is secondary to the audit charter in securing independence.
* Impact:
* A robust audit charter formalizes the CAE's reporting relationship and ensures organizational independence, empowering internal audit.

NEW QUESTION # 102
What are the typical elements of a risk and control matrix used in the engagement planning process?

A. Business objectives, risks to the objectives, and impact and likelihood of the risk occurring.
B. Experience level of key management personnel, susceptibility of the process to fraud, and process automation.
C. Inherent process risks, as defined in a globally accepted risk and control framework.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk and Control Matrix: A risk and control matrix links business objectives, the risks threatening those objectives, and the likelihood and impact of the risks. It is used to prioritize areas for review and identify necessary controls.

NEW QUESTION # 103
Which of the following activities would compromise the independence of the internal audit activity and therefore should not be performed by an internal auditor?

A. Coordinating risk management activities.
B. Setting the organization's risk appetite.
C. Championing the establishment of organization-wide risk management.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: Internal audit must be independent of the activities it audits to maintain objectivity.
* Standard 1130 - Impairment to Independence or Objectivity: Internal audit's independence is compromised if auditors take on roles that involve making decisions or implementing controls, as this may bias their findings.
* Reasoning:
* Option B is correct because setting the organization's risk appetite is a management decision and represents a strategic role that compromises the internal audit's independence.
* Option A (championing the establishment of risk management) and Option C (coordinating risk management) do not directly impair independence, though care should be taken to avoid direct involvement in risk management decisions. These activities can be part of advisory services and not necessarily a threat to independence if appropriately managed.
* Maintaining Independence:
* Internal auditors should provide assurance on risk management but not take on roles that involve decision-making or implementing risk management processes.

NEW QUESTION # 104
......

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