IAA-IAP NEW DUMPS | IAA-IAP RELIABLE TEST ANSWERS

IAA-IAP New Dumps | IAA-IAP Reliable Test Answers

IAA-IAP New Dumps | IAA-IAP Reliable Test Answers

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IIA Internal Audit Practitioner Sample Questions (Q96-Q101):

NEW QUESTION # 96
Which of the following is a purpose of an embedded audit module?

  • A. It enables continuous monitoring of transaction processing.
  • B. It verifies the correctness of account balances on a master file.
  • C. It identifies program code that may have been inserted for unauthorized purposes.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Embedded Audit Modules:
* Definition: Embedded audit modules are software components integrated into systems to monitor transactions in real-time or at regular intervals.
* They supportcontinuous auditingby flagging anomalies or predefined conditions.
* Reasoning:
* Option Ais correct because embedded audit modules facilitate continuous monitoring by evaluating transactions as they occur.
* Option Brelates to detecting unauthorized program code, a task better suited to software integrity checks or penetration testing.
* Option C(verifying account balances) is a manual or batch review task unrelated to embedded audit modules.
* Benefits of Embedded Audit Modules:
* Real-time insights into compliance, fraud detection, and operational inefficiencies.
* Enhance audit efficiency and effectiveness in high-transaction environments.


NEW QUESTION # 97
An internal auditor was assigned to a payroll process audit engagement. At which stage ofengagement planning would the auditor conduct a risk assessment?

  • A. After documenting the process.
  • B. After determining audit engagement objectives.
  • C. After allocating resources.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Assessment in Planning: Conducting a risk assessment typically follows documentation of the process, as understanding the process provides the necessary context for identifying and evaluating risks.


NEW QUESTION # 98
Which of the following is an advantage of communicating audit observations as they are identified?

  • A. The auditor may be able to plan more efficiently next year's audit
  • B. The auditor may receive additional pertinent documentation or other relevant information
  • C. The auditor may not need to communicate the final results of the audit to the board

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Real-Time Communication: Sharing audit observations promptly allows management to provide additional documentation or clarifications that could affect findings or conclusions.


NEW QUESTION # 99
Which of the following analytical procedures would be most effective for an internal auditor to examine changes in performance over time?

  • A. Trend analysis
  • B. Analysis of common size financial statements
  • C. Ratio analysis

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Trend Analysis: This technique identifies patterns or shifts in performance by analyzing data over time. It is particularly effective for tracking metrics like revenue, expenses, or production volumes across reporting periods to spot anomalies or trends.


NEW QUESTION # 100
When is it appropriate for the internal auditor to determine the engagement's scope and objectives?

  • A. During the performance of the engagement
  • B. In the final engagement report
  • C. During the planning of the engagement

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Planning Phase: According to the International Standards for the Professional Practice of Internal Auditing (ISPPIA),Standard 2200(Engagement Planning), the internal auditor must establish the engagement's objectives, scope, and criteria during the planning phase. This ensures that the audit is focused and aligned with organizational objectives and stakeholder expectations.
* Performance Phase: During this phase, auditors execute the planned activities, but the scope and objectives are typically fixed unless there are significant changes in circumstances.
* Final Engagement Report: The final report documents the outcomes of the audit, not the scope or objectives, which are pre-determined.
References:
* IIA Standard 2200: Engagement Planning.
* IIA Standard 2210: Engagement Objectives.
* IIA Implementation Guides on Engagement Planning emphasize determining the scope and objectives early to provide direction and clarity.
Thus, the correct answer isA. During the planning of the engagement.


NEW QUESTION # 101
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