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IIA Internal Audit Practitioner Sample Questions (Q62-Q67):

NEW QUESTION # 62
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. Establish a code of ethics for the internal audit activity.
B. Approve the internal audit budget.
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 A is 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 with IIA Standard 1300 - Quality Assurance and Improvement Program and 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 # 63
During engagement planning, which of the following would provide an internal auditor with a sufficient understanding of the process being audited?

A. The mission, vision, and strategic objectives of the organization.
B. The objectives and risk management of the process.
C. Management's opinion on the thoroughness of a previous internal audit of the same process.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: Internal auditors must develop a plan that considers the objectives, risks, and controls of the area being audited.
* Standard 2210 - Engagement Objectives: The objectives of the engagement must be aligned with the organization's processes and risk management practices.
* Reasoning:
* Option C is correct because understanding the process's objectives and associated risks allows the auditor to design procedures to assess how well risks are managed and objectives are achieved.
* Option A (mission, vision, and strategic objectives) provides organizational context but does not give detailed insights into the specific process.
* Option B (management's opinion) is subjective and insufficient for developing a comprehensive understanding of the process.
* Effective Engagement Planning:
* Focus on process-specific objectives, risks, and controls ensures a targeted and effective audit, contributing to meaningful outcomes.

NEW QUESTION # 64
Which of the following best explains why internal auditors should identify risk scenarios during a risk assessment of the area being audited?

A. To determine what would prevent the achievement of objectives in the area being audited.
B. To determine whether established controls are operating effectively to mitigate critical risks.
C. To evaluate the adequacy of management's risk management process in the area being audited.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2120 - Risk Management: Internal audit must assess and evaluate the risk management processes of the organization.
* Identifying risk scenarios supports engagement objectives by determining vulnerabilities and threats to process objectives.
* Reasoning:
* Option A is correct because risk scenarios provide insights into potential events or conditions that could hinder achieving objectives. This allows auditors to assess risk exposure and evaluate controls effectively.
* Option B (control effectiveness) is a subsequent step in the audit process but does not explain the need for identifying risk scenarios.
* Option C focuses on evaluating management's process, which is broader than identifying specific risks for the engagement.
* Practical Application:
* Risk scenarios guide auditors in tailoring their approach to address areas of greatest vulnerability.

NEW QUESTION # 65
The internal audit activity has been tasked with evaluating the effectiveness of the organization's risk management processes. Which of the following activities are appropriate and relevant to consider in the overall evaluation?

A. The chief audit executive's observations of the organization's finance committee
B. An external audit of the organization's corporate social responsibility and sustainability management, including communication of findings to management and the board
C. Evaluation of risk management effectiveness obtained during multiple audit engagements over the past year

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Ongoing Risk Evaluation: Insights gathered from multiple audit engagements over the past year provide a broad and detailed perspective on the effectiveness of risk management across the organization.

NEW QUESTION # 66
During an assurance engagement of an organization's procurement process, an internal auditor obtained the policy that specified the authorized dollar limits for invoices. This document would best support which of the following attributes of an audit report?

A. Criteria
B. Effect
C. Condition

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Audit Report Elements:
* Criteria: The benchmark or standard used for comparison during the audit (e.g., policies, regulations, contracts).
* Condition: The factual observation or evidence identified during the audit.
* Effect: The impact or consequence of the condition on the organization.
* Reasoning:
* Option C is correct because the procurement policy specifies authorized limits, serving as the standard (criteria) against which compliance is assessed.
* Option B (condition) refers to the actual state of observed controls, processes, or compliance, not the benchmark.
* Option A (effect) describes the potential or realized impact of non-compliance but not the standard itself.
* Importance of Criteria:
* Criteria provide a clear benchmark, ensuring that findings are communicated with context and actionable insights.

NEW QUESTION # 67
......

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