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

NEW QUESTION # 91
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 must be comprehensively documented.
B. Only qualified procurement professionals should manage the procurement process.
C. The procurement process should begin with clearly specified needs.

Answer: C

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 A is 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 # 92
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

A. Specialized skills for developing and implementing controls to prevent fraud.
B. Expertise in detecting and investigating fraud.
C. Sufficient knowledge to evaluate the risk of fraud.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210.A2: Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
* They are not expected to have the expertise of a fraud examiner or forensic investigator.
* Reasoning:
* Option B is correct because internal auditors need enough knowledge to assess fraud risks and provide assurance over controls designed to mitigate those risks.
* Option A overstates the requirement, as fraud detection and investigation require specialized expertise typically outside the scope of general internal auditing.
* Option C refers to control development, which is a management responsibility, not an internal audit role.
* Role of Internal Audit in Fraud:
* Auditors evaluate fraud risks and provide recommendations to improve controls, ensuring alignment with organizational risk management strategies.

NEW QUESTION # 93
Which of the following best describes the purpose of a detailed engagement risk assessment?

A. To consider significant risks to the activity's objectives and the means by which the potential impact of risk is kept to an acceptable level.
B. To ensure that all risks identified during the engagement planning process are addressed during the audit.
C. To prioritize risks to the activity's objectives, according to the likelihood of occurrence.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Engagement Risk Assessment:
* Definition: Engagement risk assessment evaluates specific risks relevant to the engagement and identifies controls or mitigations.
* Standard 2210.A1: Internal auditors must consider significant risks to objectives, focusing on their likelihood and impact.
* Reasoning:
* Option C is correct because it aligns with assessing significant risks and ensuring they are mitigated to acceptable levels.
* Option A (ensuring all risks are addressed) is impractical since auditors prioritize significant risks within resource constraints.
* Option B focuses on prioritizing risks but does not encompass the broader purpose of addressing their impact or mitigation.
* Importance of Risk Assessment:
* It ensures that the audit focuses on high-impact risks, aligning resources with the organization's risk management framework.

NEW QUESTION # 94
Information collected and documented in audit workpapers should be sufficient to:

A. Allow the work to be repeated and achieve the same results that logically lead to the same conclusion.
B. Confirm that management has effectively implemented recommended actions to resolve all identified control weaknesses.
C. Support engagement observations and be consistent with engagement objectives.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Sufficient Documentation: Audit workpapers must support observations, conclusions, and recommendations made during the engagement and align with engagement objectives.

NEW QUESTION # 95
Which of the following elements of the Fraud Triangle is directly under the organization's control?

A. Rationalization
B. Opportunity
C. Pressure

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: Organizations can reduce fraud risk by implementing strong internal controls, which limit opportunities for fraud. Examples include segregation of duties, access restrictions, and audit trails.

NEW QUESTION # 96
......

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