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IIA Internal Audit Practitioner Sample Questions (Q73-Q78):

NEW QUESTION # 73
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. Setting the organization's risk appetite.
B. Championing the establishment of organization-wide risk management.
C. Coordinating risk management activities.

Answer: A

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 Bis 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) andOption 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 # 74
Which of the following conditions would threaten an internal auditor's objectivity?

A. Providing assurance services over the activity where the internal auditor was employed 10 months prior.
B. Providing consulting services over the activity where the internal auditor was employed two years prior.
C. Using knowledge that the internal auditor gained in his previous position to update systems and controls descriptions.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1120 - Individual Objectivity: Internal auditors should avoid situations that impair their ability to provide unbiased assurance.
* Practice Advisory 1130.A1-1: Objectivity is impaired if auditors audit activities they previously managed within the last 12 months.
* Reasoning:
* Option Ais correct because the auditor's recent role in the audited area creates a conflict of interest and threatens objectivity.
* Option Bdoes not impair objectivity; leveraging prior knowledge is permissible if applied objectively.
* Option C(consulting services two years prior) does not impair objectivity due to theelapsed time.
* Mitigating Actions:
* Auditors with recent involvement in an audited area should disclose the conflict and be reassigned to preserve objectivity.

NEW QUESTION # 75
An internal auditor was assigned to a payroll process audit engagement. At which stage ofengagement planning would the auditor conduct a risk assessment?

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

Answer: C

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 # 76
Which of the following situations is most likely to require a compliance engagement from the internal audit activity?

A. An organization is subject to newly imposed industry health and safety regulations.
B. An organization must restate its financial statements due to an error in fixed asset valuation.
C. An organization is preparing to launch an enhanced service for its online customer information system.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Governance: Internal audit must assess compliance with applicable laws, regulations, and industry standards.
* Compliance Auditing: These engagements assess whether the organization adheres to specific rules and regulations.
* Reasoning:
* Option Cinvolves newly imposed health and safety regulations, making compliance auditing critical to ensure the organization avoids penalties or operational disruptions.
* Option Apertains to financial reporting, typically addressed in assurance or financial audits.
* Option Binvolves a new service launch, which may require consulting or operational audits but not necessarily compliance-focused.

NEW QUESTION # 77
A senior police officer was in charge of the cash fund used for undercover operations. In this situation, which of the following would likely be considered a red flag?

A. The officer has no professional qualifications.
B. The officer never speaks about the operations.
C. The officer appears to be living beyond his means.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Living Beyond Means: This is a classic red flag for potential fraud. It suggests that the officer may be using unauthorized funds to support an extravagant lifestyle, particularly when they have access to a cash fund with limited oversight.

NEW QUESTION # 78
......

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