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IIA Internal Audit Practitioner Sample Questions (Q97-Q102):

NEW QUESTION # 97
Which of the following statements is appropriate to include in a high-quality internal audit engagement communication?

A. The internal audit team noted numerous weaknesses in the organization's internal controls over financial reporting. The team recommends that management determine the root cause of the weaknesses.
B. The internal audit team conducted an engagement under the assumption that significant control weaknesses were likely. The purpose of the review was to uncover those weaknesses.
C. The internal audit team conducted a review of the financial reporting process prior to year-end. The overall findings have been provided for management's consideration prior to the completion of the organization's annual external financial audit.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2420 - Quality of Communications: Reports should be accurate, objective, clear, concise, constructive, and complete.
* Findings must be presented factually and free from assumptions or bias.
* Reasoning:
* Option Ais correct because it presents the purpose, timing, and findings in a clear and professional manner, allowing management to take informed action.
* Option Blacks balance and shifts responsibility for identifying root causes to management without actionable recommendations.
* Option Cincludes a biased assumption, undermining the report's objectivity and professionalism.
* Impact of Quality Communication:
* High-quality communications support decision-making by presenting findings and recommendations constructively.

NEW QUESTION # 98
Which of the following would best support the overall risk assessment?

A. Detailed organizational charts to understand roles and reporting lines in the area under review.
B. Process narratives and process maps with descriptions of risks and controls.
C. Policies and process procedures provided by the manager of the process under review.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Process Narratives and Maps: These provide a comprehensive view of the process, including descriptions of risks and controls, making them the most relevant for supporting risk assessments. They help identify gaps or weaknesses in the control environment.

NEW QUESTION # 99
Which of the following is the most important initial action for a chief audit executive to perform when establishing a new internal audit activity?

A. Approve the internal audit budget.
B. Establish a code of ethics for the internal audit activity.
C. Establish an internal audit charter.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1000 - Purpose, Authority, and Responsibility: The internal audit charter must define the purpose, authority, and responsibility of the internal audit activity and establish its position within the organization.
* The charter is foundational to the independence, authority, and effectiveness of the internal audit activity.
* Reasoning:
* Option Ais correct because the charter formalizes the internal audit activity's role and ensures alignment with organizational governance. Without a charter, the internal audit function cannot operate effectively or independently.
* Option B(establishing a code of ethics) is important but is part of overall compliance withIIA Standard 1300 - Quality Assurance and Improvement Programand is not the first step.
* Option C(approving the budget) is administrative and secondary to establishing the internal audit charter.
* Importance of the Audit Charter:
* The charter provides the internal audit activity with the mandate to perform its duties, ensuring accountability and defining its scope and authority.

NEW QUESTION # 100
Which of the following statements is true regarding root cause analysis?

A. Root cause analysis is a simple, straightforward tool that can be implemented by internal auditors who may not possess relevant subject matter expertise.
B. Root cause analysis enables internal auditors to improve the effectiveness and efficiency of the organization's governance, risk management, and control processes.
C. Root cause analysis enables internal auditors to reveal multiple causes and recommend control enhancements for each cause identified.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Root Cause Analysis: This method identifies underlying causes of issues rather than just addressing symptoms, allowing internal auditors to recommend targeted improvements to controls and processes.
By identifying multiple causes, auditors can propose tailored control enhancements to address each cause effectively.

NEW QUESTION # 101
Which of the following conditions involving the chief audit executive (CAE) is most likely to impair the independence of the internal audit activity?

A. The CAE has direct access to records, personnel, and physical properties throughout the organization.
B. The CAE regularly attends and participates in critical executive management meetings for the organization.
C. The CAE reports directly to the controller for the organization, and the internal audit activity resides in the office of the comptroller.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reporting to the Controller: Independence is compromised when the CAE reports to an operational management role such as the controller, as this creates a conflict of interest andundermines objectivity.
The IIA Standards recommend that the CAE report functionally to the board and administratively to the CEO to preserve independence.

NEW QUESTION # 102
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