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IIA Internal Audit Engagement Sample Questions (Q22-Q27):

NEW QUESTION # 22
Which of the following is a significant governance issue that should be reported by the chief audit executive to the board?

A. There is no risk management and control process and risk management is solely tie responsibility of operational managers
B. The review of the five-year strategic plan shows that the details of the plan have not been dearly communicated to employees throughout the organization
C. The organisation's code of conduct is distributed to employees each year however employees are not required to attest that they will operate In compliance with the code.
D. Reconciliation of planned board meeting agendas to meeting minutes finds that one meeting was canceled, and the agenda topics were covered at the following meeting.

Answer: A

Explanation:
A significant governance issue that must be reported to the board is the absence of a formal risk management and control process, with risk management being solely the responsibility of operational managers. Effective governance requires a structured risk management framework overseen at the highest levels of the organization. The lack of such a process indicates a critical deficiency that can have severe implications for the organization's ability to manage and mitigate risks.
Reference:
The Institute of Internal Auditors (IIA) Standard 2110 - Governance: "The internal audit activity must assess and make appropriate recommendations to improve the organization's governance processes."

NEW QUESTION # 23
Which of the following statements is true regarding a drawback of using internal control questionnaires (ICQs)?

A. When internal auditors need to cover many control procedures using ICQs is generally less efficient than conducting observations and inspections
B. ICQs are inadequate to provide effective assurance on how organizational processes are executed in practice.
C. It is generally difficult for internal auditors to process completed questionnaires, because ICQs frequently elicit detailed comments and long answers from management
D. It is generally difficult for internal auditors lo compile appropriate ICQs for business activities that are governed by standardized operating procedures

Answer: A

Explanation:
A drawback of using Internal Control Questionnaires (ICQs) is that they can be less efficient than conducting observations and inspections when many control procedures need to be covered. ICQs can be time-consuming to complete and may not provide the depth of understanding that direct observation and inspection can achieve. They often require follow-up to clarify responses, which can further increase the time and resources needed to obtain the necessary assurance.
References:
* The Institute of Internal Auditors (IIA) Practice Guide on "Audit Evidence Collection"
* IIA Standard 2310 - Identifying Information: "Internal auditors must identify sufficient, reliable, relevant, and useful information to achieve the engagement's objectives."

NEW QUESTION # 24
An internal auditor wanted to determine whether the organization's 200 employees are charging their work hours accurately to the correct project. The internal auditor selected a sample of 30 employee time reports for testing. Based on the testing, the internal auditor determined the following:
- 5 Time reports were incorrect.
- 21 Time reports were correct.
- 4 Time reports were not supported.

A. The organization generally ensured that employee hours charged to each project were accurate and complete. However, there were instances of employee time reports that were incorrect or not supported to justify the multiple project labor coats
B. The organization overstated project costs due to inaccurate and incomplete reporting of employee time charged to the affected accounts As a result the organization cannot ensure at protects costs are accurately reported to stakeholders
C. The organization has significant flaws in its reporting of employee time, which could lead to the overstatement of project labor costs. The organization's failure to report accurate and complete employee time could lead to potential fraud and abuse.
D. The organization needs to ensure that all reporting of employee time is accurate and complete for each of its projects By dang so the organization can minimize potential issues related to overstating employee tames and labor project costs.

Answer: A

Explanation:
In internal auditing, when assessing the accuracy and completeness of employee time reporting, auditors often use sampling to determine the overall compliance of the process. In this scenario, the internal auditor sampled 30 employee time reports and found 5 incorrect and 4 unsupported reports. This indicates that a majority (21 out of 30) were accurate, suggesting that the organization generally ensures accurate reporting. However, the presence of incorrect and unsupported reports indicates deficiencies that need to be addressed, but do not point to systemic fraud or abuse. Thus, option D accurately reflects the findings by acknowledging both the general accuracy and the instances of errors.
Reference:
The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing COSO Framework - Control Activities and Monitoring

NEW QUESTION # 25
Questions used to interrogate individuals suspected of fraud should:

A. Direct the individual to a desired answer.
B. Move from general to specific.
C. Cover more than one subject or topic.
D. Adhere to a predetermined order.

Answer: B

NEW QUESTION # 26
New environmental regulations require the board to certify that the organization's reported pollutant emissions data is accurate. The chief audit executive (CAE) is planning an audit to provide assurance over the organization's compliance with the environmental regulations. Which of the following groups or individuals is most important for the CAE to consult to determine the scope of the audit?

A. The audit committee of the board.
B. The environmental, health, and safety manager.
C. The organization's external environmental lawyers.
D. The organization's insurance department.

Answer: B

NEW QUESTION # 27
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