2025 USEFUL LATEST IAA-IAP CRAM MATERIALS | 100% FREE IAA-IAP EXAM CRAM

2025 Useful Latest IAA-IAP Cram Materials | 100% Free IAA-IAP Exam Cram

2025 Useful Latest IAA-IAP Cram Materials | 100% Free IAA-IAP Exam Cram

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IIA Internal Audit Practitioner Sample Questions (Q20-Q25):

NEW QUESTION # 20
During a travel expense audit engagement, the internal auditor discovered that the accounts payable staff spend a significant amount of time previewing expense reports before the reports are sent to managers for review and approval. The total of all expense reports during a year represents less than 1% of the organization' s total budget. Which of the following best supports the auditor'srecommendation to reduce the level of reviews?

  • A. The duplication of effort in the review process is unnecessary.
  • B. The cost of the control outweighs the benefit.
  • C. The inherent risk of travel expense fraud is low.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Cost-Benefit Analysis: Controls should be cost-effective. Spending significant resources on a process that accounts for less than 1% of the budget indicates that the cost of the control (extensive reviews) outweighs the potential benefits.


NEW QUESTION # 21
Which of the following statements best describes quality audit workpapers?

  • A. They should be understandable and complete.
  • B. They should be relevant and interesting.
  • C. They should be electronic and indexed.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2330 - Documenting Information: Workpapers must be sufficient, reliable, relevant, and useful to support audit findings and conclusions.
* Practice Advisory: Clear and complete documentation enhances understanding and ensures consistency in audit conclusions.
* Characteristics of Quality Workpapers:
* They should clearly articulate audit procedures, results, and conclusions in a way that another auditor or stakeholder can understand and rely on them.
* While electronic and indexed workpapers (Option B) are desirable for organization, they are not defining characteristics of quality.


NEW QUESTION # 22
Operational management has asked the internal auditor for recommendations regarding an ineffective process. According to IIA guidance, which of the following would be the auditor's most appropriate response?

  • A. Refrain from providing recommendations to preserve audit independence.
  • B. Agree to offer recommendations based on observations and conclusions.
  • C. Explain that only management should recommend and implement the corrective action.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2410 - Criteria for Communicating: Recommendations should be provided where appropriate to address identified issues and improve processes.
* Standard 1100 - Independence and Objectivity: Providing recommendations does not impair independence as long as the auditor does not implement them.
* Reasoning:
* Option Bis correct because providing recommendations based on objective observations is part of an internal auditor's role in adding value and improving operations.
* Option Aunnecessarily avoids recommendations, misinterpreting independence requirements.
* Option Cincorrectly suggests that the auditor cannot provide input; while management owns the implementation, the auditor's recommendations can guide effective solutions.
* Adding Value Through Recommendations:
* Recommendations are a critical output of the audit process, guiding management to address inefficiencies and improve operations.


NEW QUESTION # 23
Which sampling technique uses a nonrandom selection process that is expected to be representative of the population as a whole?

  • A. Haphazard sampling.
  • B. Attribute sampling.
  • C. Judgmental sampling.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definition of Sampling Techniques:
* Judgmental Sampling: A nonrandom method where the auditor uses their professional judgment to select items expected to be representative of the population.
* Haphazard Sampling: A nonrandom approach without systematic methodology, relying on arbitrary selection.
* Attribute Sampling: A statistical sampling method used to test for specific attributes or characteristics in a population.
* Reasoning:
* Option Ais correct because judgmental sampling intentionally selects items based on the auditor' s knowledge and expectations, aiming for representation.
* Option B(haphazard sampling) lacks intentionality and may not reliably represent the population.
* Option C(attribute sampling) involves random, statistical selection rather than a nonrandom process.
* When to Use Judgmental Sampling:
* It is appropriate when the auditor has sufficient expertise to select representative items and when statistical sampling is not feasible.


NEW QUESTION # 24
Which of the following actions could the chief audit executive take to most directly support the requirement that internal auditors maintain proficiency?

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

Answer: B

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 # 25
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