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IIA Internal Audit Practitioner Sample Questions (Q23-Q28):

NEW QUESTION # 23
Which of the following would be the best indicator that the organization's risk management processes are operating effectively?

A. The organization implemented formal operational risk management processes.
B. Management openly discusses both risks and opportunities facing the organization.
C. Management established policies and procedures that state risk will be considered.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Open Discussions of Risks and Opportunities: The best indicator of effective risk management is a culture where management actively identifies, evaluates, and discusses risks and opportunities, integrating them into decision-making processes.

NEW QUESTION # 24
Which of the following interview techniques would be most effective in a fraud investigation?

A. The interviewer should allow the suspect to use his own words and only interrupt if a point requires clarification.
B. The interviewer should be positioned between the suspect and the door to discourage the suspect from leaving during the interview.
C. The interviewer should ensure that only the interviewer and the suspect are present for the interview.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Allowing the Suspect to Use Their Own Words: Encouraging the suspect to speak freely provides the investigator with unfiltered insights and may reveal inconsistencies or useful details. This technique also minimizes the risk of appearing coercive or intimidating.

NEW QUESTION # 25
Which of the following describes how the internal audit activity can add the greatest value by assisting management with internal controls?

A. Internal auditors should monitor how internal controls are functioning.
B. Internal auditors should evaluate the effectiveness and efficiency of internal controls.
C. Internal auditors should assist in designing strong controls.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal audit must evaluate and contribute to the improvement of governance, risk management, and control processes.
* Designing or operating controls (Options A and B) risks impairing internal audit independence (Standard 1100).
* Reasoning:
* Option Caligns with internal audit's role of evaluating internal controls objectively.
* Option Acould involve a management function, which compromises independence.
* Option Bfocuses on monitoring, a management responsibility, and does not leverage internal audit's evaluative expertise.
* Best Practice:
* By evaluating controls, internal auditors provide actionable insights that help improve control effectiveness and efficiency without compromising independence.

NEW QUESTION # 26
Which of the following would provide the most reliable information on a process under review?

A. Documentation of a walkthrough conducted on the process under review
B. Benchmarking information on the process under review compared to similar industries or organizational units
C. Testimonial evidence, such as survey responses, on the process under review

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Walkthrough Documentation: A walkthrough involves direct observation of the process and verification of controls, making it one of the most reliable sources of evidence.

NEW QUESTION # 27
Which of the following is the most important initial action for a chief audit executive to perform when establishing a new internal audit activity?

A. Establish an internal audit charter.
B. Approve the internal audit budget.
C. Establish a code of ethics for the internal audit activity.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1000 - Purpose, Authority, and Responsibility: The internal audit charter must define the purpose, authority, and responsibility of the internal audit activity and establish its position within the organization.
* The charter is foundational to the independence, authority, and effectiveness of the internal audit activity.
* Reasoning:
* Option Ais correct because the charter formalizes the internal audit activity's role and ensures alignment with organizational governance. Without a charter, the internal audit function cannot operate effectively or independently.
* Option B(establishing a code of ethics) is important but is part of overall compliance withIIA Standard 1300 - Quality Assurance and Improvement Programand is not the first step.
* Option C(approving the budget) is administrative and secondary to establishing the internal audit charter.
* Importance of the Audit Charter:
* The charter provides the internal audit activity with the mandate to perform its duties, ensuring accountability and defining its scope and authority.

NEW QUESTION # 28
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