VALID IAA-IAP TEST VOUCHER - IAA-IAP VALID TEST QUESTIONS

Valid IAA-IAP Test Voucher - IAA-IAP Valid Test Questions

Valid IAA-IAP Test Voucher - IAA-IAP Valid Test Questions

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IIA Internal Audit Practitioner Sample Questions (Q42-Q47):

NEW QUESTION # 42
During which stage of an audit engagement would the engagement supervisor identify the tasks that were already completed and the remaining tasks to be performed?

  • A. When developing the test approach.
  • B. When allocating resources.
  • C. When documenting the work program.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
The engagement supervisor identifies tasks that are completed and remaining tasks during the process of documenting the work program.
* Reference to IIA Standards:
* According to theIIA's Performance Standards 2200 - Engagement Planning, an internal audit work program should detail the procedures necessary to achieve the engagement's objectives.
* Standard2240 - Engagement Work Programexplicitly states that internal auditors must develop and document work programs that achieve the objectives of the engagement.
* Key Responsibilities:
* Documenting the work program involves listing tasks already performed to avoid redundancy and tasks remaining to ensure coverage of all planned activities.
* Supervisors are responsible for overseeing this process and ensuring the work aligns with the overall engagement plan.
* Relevance to Audit Practice:
* The work program serves as a roadmap for auditors, detailing specific steps to be taken.
* Identifying completed and pending tasks ensures proper time management and resource allocation during the engagement.


NEW QUESTION # 43
Which of the following describes an internal auditor's use of external benchmarking?

  • A. The auditor calculates the net profit margin for a business segment to analyze the profitability.
  • B. The auditor compares return on equity for a beverage company against its competitor to analyze profitability.
  • C. The auditor evaluates operating income margin between geographical areas within an organization to analyze its profitability.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Benchmarking:
* External benchmarking involves comparing the organization's metrics with those of other entities, typically competitors or industry averages.
* Standard 1210 - Proficiency: Internal auditors must have knowledge to evaluate performance against external benchmarks effectively.
* Reasoning:
* Option Bdemonstrates external benchmarking by comparing the organization's return on equity with a competitor's performance.
* Option AandOption Cfocus on internal analysis within the organization and do not use external references.
* Application in Internal Auditing:
* External benchmarking identifies competitive gaps, informs strategic decisions, and supports recommendations for improvement.


NEW QUESTION # 44
Which of the following analytical procedures would be most effective for an internal auditor to examine changes in performance over time?

  • A. Ratio analysis
  • B. Analysis of common size financial statements
  • C. Trend analysis

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Trend Analysis: This technique identifies patterns or shifts in performance by analyzing data over time. It is particularly effective for tracking metrics like revenue, expenses, or production volumes across reporting periods to spot anomalies or trends.


NEW QUESTION # 45
A senior internal auditor is using a risk and control matrix to facilitate an internal control assessment of the fixed asset accounting process. Which of the following activities would aid the auditor in determining inputs for the risk and control matrix?

  • A. Reviewing the results of control effectiveness testing of the fixed asset capitalization subprocess.
  • B. Management's cost-benefit analysis of internal control alternatives considered in the design of the fixed asset accounting process.
  • C. Interviews with fixed asset management, control process walkthroughs, and internal control questionnaires.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Gathering Inputs for the Matrix: Interviews, walkthroughs, and questionnaires areprimary tools for gathering detailed insights into risks, controls, and processes. These activities provide the information necessary to populate a risk and control matrix effectively.


NEW QUESTION # 46
According to IIA guidance, which of the following is the primary criterion that should determine the extent of supervision required for an audit engagement?

  • A. The number of hours approved by the board for that engagement.
  • B. The proficiency of the internal auditors and the complexity of the engagement.
  • C. Whether the engagement involves possible violations of laws and governmental regulations.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Extent of Supervision: The level of supervision required is determined by the auditors' proficiency (experience and skill set) and the complexity of the engagement. This ensures the work is executed effectively while maintaining compliance with IIA standards.


NEW QUESTION # 47
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