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IIA Internal Audit Practitioner Sample Questions (Q37-Q42):

NEW QUESTION # 37
An internal auditor discovers a number of control concerns while reviewing the organization's online payment system and decides to interview key employees involved in the system's design and maintenance. Which of the following best describes the results of those interviews?

A. Testimonial evidence.
B. Analytical evidence.
C. Documentary evidence.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Types of Audit Evidence:
* Testimonial Evidence: Information obtained through interviews, discussions, or statements from individuals.
* Documentary Evidence: Written or recorded materials, such as policies, procedures, or reports.
* Analytical Evidence: Evidence derived from analysis or comparisons of data.
* Reasoning:
* Option Ais correct because interviews with employees provide testimonial evidence based on their knowledge, perspectives, or observations.
* Option Brefers to tangible documents or records, which are not the direct result of interviews.
* Option Crefers to data analysis, which is not applicable in this scenario.
* Role of Testimonial Evidence:
* Testimonial evidence is often used to corroborate documentary evidence or provide insights into processes and controls.

NEW QUESTION # 38
Which of the following is an element of a well-formed audit recommendation?

A. Factors that allowed the condition to exist.
B. Measures to prevent recurrence of the condition.
C. Factual evidence identified during the engagement.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Audit Recommendations:
* According to theIIA Standards, a recommendation must be actionable, specific, and designed to address the root cause of an identified issue.
* Reasoning:
* Option Bis correct because effective recommendations focus on preventing recurrence by addressing root causes or implementing control measures.
* Option A(factual evidence) supports findings but does not constitute the recommendation itself.
* Option C(factors allowing the condition) provides context for findings but does not include actionable measures to resolve or prevent the issue.
* Key Components of a Recommendation:
* Recommendations should propose practical solutions to mitigate risks, improve processes, or enhance controls.
* Measures to prevent recurrence align with the goal of sustainable improvements.

NEW QUESTION # 39
Which of the following is an example of criteria in an engagement communication?

A. Annual business conduct training was not performed over the past two years due to inadequate operating budgets.
B. As a result of inadequate business conduct training, 16% of the executive team was unaware of their obligation to report potential conflicts of interest.
C. The audit test was designed to evaluate compliance with the organization's policies and procedures related to business conduct and ethics.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Criteria:
* Definition: Criteria are the standards, policies, or benchmarks used to evaluate the subject matter during an audit.
* IIA Standard 2410 - Criteria for Communicating: Audit reports should clearly state criteria to ensure findings are relevant and actionable.
* Reasoning:
* Option Bis correct because it references the organization's policies and procedures, which serve as the criteria for evaluating compliance.
* Option Adescribes thecondition(what was observed), not the criteria.
* Option Cdescribes theeffect(the impact of the observed condition).
* Importance of Criteria in Audit Reporting:
* Including criteria provides a basis for comparison, helping stakeholders understand why a finding is significant and how it deviates from expectations.

NEW QUESTION # 40
An internal auditor wants to establish the reasonableness of the current period's total payroll costs for the finance department. She divides the actual monthly payroll cost by the number of employees to derive an average cost per employee. Which of the following comparisons to this average cost would be considered trend analysis?

A. Similar data for the department from two prior periods.
B. Budgeted information of another organization in the same industry.
C. The mean of all actual salary amounts.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Trend Analysis: This involves comparing data across different periods to identify patterns, fluctuations, or anomalies. Comparing the current average cost per employee to prior periods' data is a clear example of trend analysis.

NEW QUESTION # 41
Which of the following is the best audit procedure to determine whether all of a bank's loans are backed by sufficient collateral, properly aged as to current payments, and properly categorized as current or noncurrent?

A. Select a discovery sample of all loan applications to determine whether each application contains a statement of collateral.
B. Select a block sample of all loans in excess of a specified dollar limit and determine whether they are current and properly categorized. For each loan approved, verify aging and categorization.
C. Use generalized audit software to read the total loan file, age the file by last payment due, and select a statistical sample stratified by the current and aged population. Examine each loan selected for proper collateralization and aging.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* IIA Performance Standard 1220.A2: Internal auditors must consider using technology-based audit techniques and other data analysis tools.
* Performance Standard 2320 - Analysis and Evaluation: Sufficient and appropriate analysis should be performed to achieve the engagement's objectives.
* Best Audit Practice for the Scenario:
* OptionAinvolves usinggeneralized audit software (GAS)to extract relevant data from the loan file and stratify it based on specific criteria (e.g., age of loans, collateral backing). This ensures a statistically valid sample.
* By examining a stratified sample, the auditor can determine whether each loan is sufficiently collateralized, aged correctly, and categorized properly.
* This method provides comprehensive coverage while maintaining efficiency and adhering to best practices.
* Why Other Options Are Less Effective:
* Option B: A block sample only includes loans over a certain dollar threshold, which introduces a selection bias and overlooks smaller loans, making the sample less representative.
* Option C: A discovery sample limited to loan applications focuses on documentation compliance (e.g., collateral statements) but does not address loan aging or categorization.
* Practical Implications:
* Generalized audit software automates data analysis, reduces manual effort, and increases the reliability of audit conclusions.
* By selecting a representative statistical sample stratified by population characteristics, auditors gain insights that are applicable to the entire population.

NEW QUESTION # 42
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