100% Pass Quiz 2025 Fantastic IIA IIA-IAP: Internal Audit Practitioner Question Explanations

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IIA Internal Audit Practitioner Sample Questions (Q46-Q51):

NEW QUESTION # 46
A senior police officer was in charge of the cash fund used for undercover operations. In this situation, which of the following would likely be considered a red flag?

A. The officer has no professional qualifications.
B. The officer never speaks about the operations.
C. The officer appears to be living beyond his means.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Living Beyond Means: This is a classic red flag for potential fraud. It suggests that the officer may be using unauthorized funds to support an extravagant lifestyle, particularly when they have access to a cash fund with limited oversight.

NEW QUESTION # 47
An internal auditor was assigned to a payroll process audit engagement. At which stage of engagement 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 # 48
If an internal auditor needs to evaluate compliance with an internal control policy, which sampling method is most appropriate?

A. Attribute sampling
B. Probability-proportional-to-size sampling
C. Difference estimation sampling

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Attribute Sampling: This method is used to evaluate compliance by determining the presence or absence of specific attributes (e.g., adherence to policies or procedures). It is most suitable for assessing yes/no questions or deviations in internal control testing.
* Example: Checking whether purchase orders are properly approved as per policy.

NEW QUESTION # 49
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 must be comprehensively documented.
B. Only qualified procurement professionals should manage the procurement process.
C. The procurement process should begin with clearly specified needs.

Answer: C

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 A is 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 # 50
Which of the following is an example of a detective control?

A. Segregation of duties.
B. Required authorizations.
C. Reconciliations.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definition of Detective Controls:
* Detective controls are designed to identify errors, irregularities, or fraudulent activities after they occur, enabling corrective action.
* Reasoning:
* Option B is correct because reconciliations compare records (e.g., bank statements against ledgers) to detect discrepancies.
* Option A (segregation of duties) and Option C (required authorizations) are preventive controls designed to stop errors or fraud before they occur.
* Role of Detective Controls:
* Detective controls play a critical role in monitoring and identifying issues, supporting the overall control environment.

NEW QUESTION # 51
......

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100% Pass Quiz 2025 Fantastic IIA IIA-IAP: Internal Audit Practitioner Question Explanations

Hot IIA-IAP Question Explanations Free PDF | Pass-Sure Test IIA-IAP Collection Pdf: Internal Audit Practitioner

IIA Internal Audit Practitioner Sample Questions (Q46-Q51):

2025 IIA-IAP Question Explanations | High Hit-Rate 100% Free Test IIA-IAP Collection Pdf

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