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IIA Internal Audit Practitioner Sample Questions (Q29-Q34):

NEW QUESTION # 29
According to The IIA's Code of Ethics, which of the following best illustrates the principle of confidentiality?

A. The auditor declined to delegate critical audit lead responsibilities to a new auditor.
B. The auditor refused to use information learned during an audit to diversify his financial portfolio.
C. The auditor declined to lead an audit of a department in which his nephew is the manager.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to the IIA Code of Ethics - Confidentiality:
* The principle of confidentiality requires internal auditors to respect and protect the value of information obtained during the course of their work and to avoid using it for personal gain.
* Reasoning:
* Option Ais correct because refusing to use audit information for personal financial gain directly aligns with the principle of confidentiality.
* Option Brelates to competency and professional judgment, not confidentiality.
* Option Cpertains to avoiding conflicts of interest, which is an example of the principle of objectivity.
* Application of Confidentiality:
* Internal auditors must safeguard sensitive information and use it solely for legitimate audit purposes.

NEW QUESTION # 30
During an accounts payable audit engagement, the internal auditor found that vendor invoices are always paid
30 days after the invoice date, regardless of the vendor's payment terms. The auditor also discovered that accounts payable employees are not comparing vendor invoices received to previous vendor invoices prior to payment. Based on the auditor's observations, what are the potential risks?

A. Poor cash management due to potentially paying the wrong vendors
B. Poor cash management due to potentially paying fraudulent invoices
C. Poor cash management due to potentially lost payment discounts

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Lost Payment Discounts: By paying all invoices after 30 days, regardless of terms, the organization risks losing early payment discounts offered by vendors, leading to poor cash management.

NEW QUESTION # 31
Which of the following is a common computer-assisted audit tool used to analyze data?

A. Word processing software
B. Spreadsheet software
C. Social media

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Spreadsheet Software: Tools like Microsoft Excel are commonly used for data analysis in auditing due to their powerful data manipulation, calculation, and visualization capabilities.
* Example: Auditors use spreadsheets for sampling, trend analysis, and creating pivot tables.

NEW QUESTION # 32
When determining the appropriate level of resources needed for an engagement, which of the following would be the first step?

A. Determine travel and related costs for the engagement
B. Identify required technology and audit tools
C. Determine the sufficiency of internal audit staff

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Resource Sufficiency: Ensuring that the internal audit team has sufficient staff with the appropriate expertise is the foundational step in resource planning for an engagement.

NEW QUESTION # 33
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 should begin with clearly specified needs.
B. Only qualified procurement professionals should manage the procurement process.
C. The procurement process must be comprehensively documented.

Answer: A

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 Ais 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 # 34
......

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