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IIA Internal Audit Practitioner Sample Questions (Q75-Q80):

NEW QUESTION # 75
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 has investment audit experience from a previous organization, but who has never performed investment audits at the current organization.
B. An auditor who transferred from the investment department six months prior and has expert knowledge of investments.
C. An auditor with strong leadership skills who has experience leading projects for the IT auditdepartment.

Answer: B

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 # 76
Which of the following is an advantage of communicating audit observations as they are identified?

A. The auditor may receive additional pertinent documentation or other relevant information
B. The auditor may not need to communicate the final results of the audit to the board
C. The auditor may be able to plan more efficiently next year's audit

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Real-Time Communication: Sharing audit observations promptly allows management to provide additional documentation or clarifications that could affect findings or conclusions.

NEW QUESTION # 77
During a procurement process consulting engagement, the internal auditors reviewed contracts for the hospital's supply of medicine. Which of the following would the internal auditors most likely recommend to improve the effectiveness of the procurement process?

A. The procurement process should begin with clearly specified needs.
B. Only qualified procurement professionals should manage the procurement process.
C. The procurement process must be comprehensively documented.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Best Practices in Procurement:
* Clearly specifying needs at the outset ensures that procurement decisions align with organizational objectives and operational requirements.
* Reasoning:
* Option Ais correct because specifying needs at the beginning helps avoid over-purchasing, under- purchasing, or acquiring unsuitable items, thus improving the overall effectiveness of the procurement process.
* Option B(comprehensive documentation) is important for transparency and compliance but does not directly improve the effectiveness of procurement outcomes.
* Option C(qualified professionals) ensures competence but is secondary to having clear, specified needs driving the process.
* Impact of Clear Needs Specification:
* It ensures the procurement process delivers value, meets quality requirements, and aligns with operational demands.

NEW QUESTION # 78
To be organizationally independent, the chief audit executive should administratively report to which of the following?

A. The board of directors.
B. The chief executive officer.
C. The audit committee.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: Organizational independence is achieved when the CAE reports functionally to the board or audit committee and administratively to the CEO or equivalent.
* Reasoning:
* Option Cis correct because administrative reporting to the CEO ensures the CAE has access to resources, support, and operations without impairing functional independence.
* Option AandOption Bdescribe functional reporting lines (e.g., approval of the audit charter and plans), which are distinct from administrative reporting.
* Significance of Reporting Structure:
* Administrative reporting ensures the day-to-day management of the internal audit function, while functional reporting maintains independence and alignment with governance.

NEW QUESTION # 79
What is the primary purpose of a preliminary survey?

A. To determine why the engagement is being performed.
B. To develop a risk and control matrix for the process under review.
C. To gain an understanding of the process under review.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Preliminary Survey Purpose: The survey is conducted to gather sufficient information to understand the process, environment, and related risks. This understanding serves as a foundation for planning the engagement.

NEW QUESTION # 80
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