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IIA Internal Audit Practitioner Sample Questions (Q91-Q96):

NEW QUESTION # 91
A senior police officer was in charge of the cash fund used for undercover operations. In this situation, which of the following would likely be considered a red flag?

A. The officer never speaks about the operations.
B. The officer has no professional qualifications.
C. The officer appears to be living beyond his means.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Living Beyond Means: This is a classic red flag for potential fraud. It suggests that the officer may be using unauthorized funds to support an extravagant lifestyle, particularly when they have access to a cash fund with limited oversight.

NEW QUESTION # 92
Management has decided that transactions less than $50 no longer require authorization. Which of the following risk management strategies does this represent?

A. Avoid.
B. Accept.
C. Reduce.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Acceptance: By deciding that transactions below $50 do not require authorization, management is consciously accepting the low-level risk associated with this decision to streamline processes and reduce administrative burdens.

NEW QUESTION # 93
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 with strong leadership skills who has experience leading projects for the IT auditdepartment.
B. An auditor who has investment audit experience from a previous organization, but who has never performed investment audits at the current organization.
C. An auditor who transferred from the investment department six months prior and has expert knowledge of investments.

Answer: C

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 # 94
Which of the following best describes the difference between inherent risk and residual risk?

A. Inherent risk is the level of risk the organization is willing to accept, residual risk is the level of risk deemed unacceptable by the organization.
B. Inherent risk is the level of risk in the absence of any targeted actions or controls to alter its severity, residual risk is the risk remaining after implementing corrective actions.
C. Inherent risk is the level of risk before the risk assessment process, residual risk is the level of risk remaining after completing the risk assessment process.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definitions from Risk Management Frameworks (e.g., COSO ERM):
* Inherent Risk: The raw or natural level of risk before any controls or mitigating actions are applied.
* Residual Risk: The remaining level of risk after implementing controls or risk responses.
* Reasoning:
* Option Cis correct because it captures the essence of inherent risk as the baseline risk level and residual risk as the mitigated level after control actions.
* Option Ainaccurately states that residual risk is tied to the completion of a risk assessment process instead of mitigation actions.
* Option Bconfuses inherent risk with risk appetite, which reflects the organization's tolerance for risk.
* Significance of Differentiation:
* Understanding both risk levels helps prioritize resources for managing critical risks and improving controls.

NEW QUESTION # 95
Which of the following actions could the chief audit executive take to most directly support the requirement that internal auditors maintain proficiency?

A. Provide training and mentoring opportunities
B. Obtain approval of the internal audit activity's purpose, authority, and responsibility
C. Develop a risk-based internal audit plan

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Training and Mentoring: Offering continuous training and mentoring ensures auditors enhance their skills and maintain proficiency, aligning with IIA Standard 1230: Continuing Professional Development.

NEW QUESTION # 96
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