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IIA Internal Audit Practitioner Sample Questions (Q70-Q75):

NEW QUESTION # 70
Which of the following would be a common benefit of using generalized audit software?

A. It enables internal auditors to perform tests on data with the assistance of the organization's IT personnel.
B. It enables internal auditors to analyze very large quantities of data.
C. It eliminates the need to obtain access privileges to relevant and reliable data.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Analyzing Large Data Sets: Generalized audit software (GAS) like ACL or IDEA allows auditors to process and analyze large volumes of data efficiently, identifying patterns, anomalies, and exceptions.

NEW QUESTION # 71
The chief audit executive scheduled an exit meeting to discuss conclusions and recommendations with management before issuing the final engagement communication. Which of the following describes the primary reason that the exit meeting should be documented?

A. The information may be needed if a disagreement about the content arises
B. The results of the discussion form part of the internal auditor's performance review
C. The Standards require that the internal auditor document exit meetings

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Exit Meetings: The purpose of an exit meeting is to ensure that management understands and agrees (or documents any disagreements) with the audit findings, conclusions, and recommendations. Proper documentation ensures that there is a record of the discussion, which can be referred to later if disputes arise about the content.

NEW QUESTION # 72
An internal auditor wants to use computerized audit tools and techniques. Which of the following is a common obstacle that the auditor is likely to face?

A. A lack of specialist IT skills needed to use the tools.
B. Difficulty getting the requisite IT personnel to conduct the tests.
C. Difficulty obtaining access privileges to relevant and reliable data.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Challenges with Computer-Assisted Audit Tools (CAATs):
* One of the most common issues auditors face is obtaining access to the data needed for analysis, especially when data is stored in secure or restricted systems.
* Access issues may arise due to technical restrictions, security policies, or inadequate documentation of data sources.
* Reasoning:
* Option Ais correct because gaining access to relevant, complete, and reliable data is a frequent challenge when using computerized audit tools.
* Option Bis less common, as CAATs are often designed for use by auditors without requiring advanced IT skills.
* Option Crefers to reliance on IT personnel, which is less relevant for independent auditors using their own tools.
* Mitigating Access Challenges:
* Establishing clear communication with IT and obtaining necessary approvals in advance can help overcome data access issues.

NEW QUESTION # 73
The engagement supervisor is coordinating an audit of investments and needs to select an audit team member to determine the test attributes. Which of the following team members is most appropriate for the engagement supervisor to select?

A. An auditor who transferred from the investment department six months prior and has expert knowledge of investments.
B. An auditor who has investment audit experience from a previous organization, but who has never performed investment audits at the current organization.
C. An auditor with strong leadership skills who has experience leading projects for the IT auditdepartment.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: Internal auditors must possess the necessary knowledge, skills, and competencies to conduct audits effectively.
* The auditor should have the relevant expertise to evaluate investment-related test attributes.
* Reasoning:
* Option Ais correct because the auditor has direct knowledge and expertise in investments, making them the most qualified to determine the relevant test attributes for the audit.
* Option B(IT audit experience) does not align with the specific skills required for investment auditing.
* Option C(previous experience) may offer some advantage, but the lack of familiarity with the current organization's processes limits the auditor's effectiveness.
* Importance of Expertise:
* Selecting an auditor with relevant experience and proficiency ensures that the audit will be conducted with accuracy and that the proper test attributes will be identified.

NEW QUESTION # 74
What is the primary objective for testing controls?

A. To understand whether a control is in place.
B. To identify major patterns of errors or irregularities that might exist in final account balances.
C. To determine whether controls are operating effectively.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess whether internal controls are designed and operating effectively to mitigate identified risks.
* Standard 2200 - Engagement Planning: The objective of testing controls is to evaluate their effectiveness in achieving the desired outcomes.
* Reasoning:
* Option Ais correct because the main goal of testing controls is to determine whether they are functioning effectively to manage the identified risks and achieve control objectives.
* Option B(understanding whether a control is in place) focuses on control design but not its operational effectiveness.
* Option C(identifying patterns of errors) is related to detecting irregularities, not directly testing the control's effectiveness.
* Effectiveness of Controls:
* Internal audit testing focuses on evaluating the effectiveness and operational efficiency of controls to ensure they reduce risks to an acceptable level.

NEW QUESTION # 75
......

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Valid IAA-IAP Exam Cost & Exam IAA-IAP Dump

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IIA Internal Audit Practitioner Sample Questions (Q70-Q75):

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