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IIA Internal Audit Practitioner Sample Questions (Q45-Q50):

NEW QUESTION # 45
Which of the following would be considered out of scope for a purchasing process audit engagement?

A. Control of goods
B. Matching goods received to requisitions
C. Authorization of requisitions

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Control of Goods: The control of goods is generally considered part of inventory management or logistics, not the purchasing process. The purchasing process typically endswith the receipt of goods or services and ensuring appropriate payments.
* Other Options:
* Authorization of Requisitions: Within scope, as it is directly related to the initiation of the purchasing process.
* Matching Goods Received to Requisitions: Part of the purchasing process audit scope to ensure accurate and legitimate transactions.
Thus, the correct answer isB. Control of Goods.

NEW QUESTION # 46
What is the primary objective for testing controls?

A. To understand whether a control is in place.
B. To determine whether controls are operating effectively.
C. To identify major patterns of errors or irregularities that might exist in final account balances.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess whether internal controls are designed and operating effectively to mitigate identified risks.
* Standard 2200 - Engagement Planning: The objective of testing controls is to evaluate their effectiveness in achieving the desired outcomes.
* Reasoning:
* Option Ais correct because the main goal of testing controls is to determine whether they are functioning effectively to manage the identified risks and achieve control objectives.
* Option B(understanding whether a control is in place) focuses on control design but not its operational effectiveness.
* Option C(identifying patterns of errors) is related to detecting irregularities, not directly testing the control's effectiveness.
* Effectiveness of Controls:
* Internal audit testing focuses on evaluating the effectiveness and operational efficiency of controls to ensure they reduce risks to an acceptable level.

NEW QUESTION # 47
Which of the following describes an internal auditor's use of external benchmarking?

A. The auditor compares return on equity for a beverage company against its competitor to analyze profitability.
B. The auditor evaluates operating income margin between geographical areas within an organization to analyze its profitability.
C. The auditor calculates the net profit margin for a business segment to analyze the profitability.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Benchmarking:
* External benchmarking involves comparing the organization's metrics with those of other entities, typically competitors or industry averages.
* Standard 1210 - Proficiency: Internal auditors must have knowledge to evaluate performance against external benchmarks effectively.
* Reasoning:
* Option Bdemonstrates external benchmarking by comparing the organization's return on equity with a competitor's performance.
* Option AandOption Cfocus on internal analysis within the organization and do not use external references.
* Application in Internal Auditing:
* External benchmarking identifies competitive gaps, informs strategic decisions, and supports recommendations for improvement.

NEW QUESTION # 48
The internal audit activity has been tasked with evaluating the effectiveness of the organization's risk management processes. Which of the following activities are appropriate and relevant to consider in the overall evaluation?

A. The chief audit executive's observations of the organization's finance committee
B. Evaluation of risk management effectiveness obtained during multiple audit engagements over the past year
C. An external audit of the organization's corporate social responsibility and sustainability management, including communication of findings to management and the board

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Ongoing Risk Evaluation: Insights gathered from multiple audit engagements over the past year provide a broad and detailed perspective on the effectiveness of risk management across the organization.

NEW QUESTION # 49
In addition to the internal auditor, which of the following parties need to be present at an exit or closing conference?

A. Management over areas covered by the engagement
B. Audit committee members
C. The chief executive officer

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Management Over Areas Covered by the Engagement: The purpose of an exit meeting is to discuss findings, conclusions, and recommendations with those responsible for the audited area. Management is a key stakeholder, as they will implement corrective actions.

NEW QUESTION # 50
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