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IIA Internal Audit Practitioner Sample Questions (Q47-Q52):

NEW QUESTION # 47
According to The IIA's Code of Ethics, which of the following best illustrates the principle of confidentiality?

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

Answer: A

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 # 48
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

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

Answer: A

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 Bis correct because internal auditors need enough knowledge to assess fraud risks and provide assurance over controls designed to mitigate those risks.
* Option Aoverstates the requirement, as fraud detection and investigation require specialized expertise typically outside the scope of general internal auditing.
* Option Crefers 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 # 49
Which of the following creates an opportunity for an employee to commit fraud?

A. The need for money to pay personal medical bills
B. Lack of adequate internal controls
C. Unfair compensation practices

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: In the Fraud Triangle, "opportunity" refers to the ability to commit fraud due to weaknesses in internal controls, such as poor segregation of duties, lack of oversight, or inadequate monitoring systems. These factors are directly within the organization's control to address.

NEW QUESTION # 50
Which of the following statements is true regarding root cause analysis?

A. Root cause analysis enables internal auditors to improve the effectiveness and efficiency of the organization's governance, risk management, and control processes.
B. Root cause analysis is a simple, straightforward tool that can be implemented by internal auditors who may not possess relevant subject matter expertise.
C. Root cause analysis enables internal auditors to reveal multiple causes and recommend control enhancements for each cause identified.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Root Cause Analysis: This method identifies underlying causes of issues rather than just addressing symptoms, allowing internal auditors to recommend targeted improvements to controls and processes.
By identifying multiple causes, auditors can propose tailored control enhancements to address each cause effectively.

NEW QUESTION # 51
Which of the following would provide the most reliable information on a process under review?

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

Answer: B

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 # 52
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