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IIA Internal Audit Practitioner Sample Questions (Q77-Q82):

NEW QUESTION # 77
Which of the following best describes an audit engagement in which the objective is to appraise the economy of an oil shale mining process and the degree to which yearly production targets are being achieved?

A. Business process improvement
B. Operational
C. Due diligence

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Operational Audit: This type of audit focuses on evaluating the efficiency, effectiveness, and economy of operations, such as the mining process and production targets in this case.

NEW QUESTION # 78
Which of the following best describes a compliance audit engagement?

A. The auditor analyzes the economic activity of the organization as measured and reported using international accounting standards.
B. The auditor conducts a review to provide assurance that the external service provider of maintenance for the organization has an effective risk management process.
C. The auditor reviews controls of the oil shale mining process to assess adherence to safetyregulations established by local authorities.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Compliance Auditing:
* Definition: Compliance audits assess adherence to external laws, regulations, or internal policies and procedures.
* Standard 2130 - Control: Internal audit must evaluate the adequacy and effectiveness of controls to ensure compliance with applicable laws and regulations.
* Reasoning:
* Option Ais correct because assessing adherence to safety regulations is a compliance activity focused on legal and regulatory conformity.
* Option B(analyzing economic activity) relates more to financial auditing or accounting standards compliance, not regulatory compliance.
* Option C(reviewing an external service provider's risk management process) aligns with a risk or assurance engagement, not compliance.
* Impact of Compliance Audits:
* Ensuring adherence to legal requirements protects the organization from regulatory penalties and enhances operational integrity.

NEW QUESTION # 79
In the absence of any action to control or modify the circumstances, the probability of loss arising from circumstances existing in an environment is known as which of the following types of risk?

A. Residual
B. Control
C. Inherent

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Inherent Risk: This is the risk that exists in an environment or process before any actions or controls are applied to mitigate it. It reflects the natural vulnerability of the process to errors or misstatements.

NEW QUESTION # 80
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

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

Answer: B

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 # 81
An internal auditor is conducting a human resources audit engagement. Which of the following observations would increase the probability of fraud?

A. Lack of background checks.
B. Poor interview skills.
C. Vague job descriptions.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Fraud Risk Factors:
* Lack of proper vetting processes, such as background checks, significantly increases the likelihood of hiring individuals who may pose a fraud risk.
* Reasoning:
* Option Bis correct because failing to conduct background checks creates opportunities for hiring individuals with a history of unethical behavior, increasing fraud risk.
* Option A(vague job descriptions) may lead to inefficiencies or unclear expectations but does not directly relate to fraud risk.
* Option C(poor interview skills) might affect hiring quality but does not increase fraud probability.
* Best Practice:
* Conducting thorough background checks is a critical control to reduce fraud risk in human resources processes.

NEW QUESTION # 82
......

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