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IIA Practice of Internal Auditing Sample Questions (Q35-Q40):

NEW QUESTION # 35
Which of the following would be the least important reason for a company to merge with another company?

A. To diversify risk.
B. As a response to new government policy.
C. To reduce labor costs.
D. To increase stock prices.

Answer: D

Explanation:
Section: Volume B

NEW QUESTION # 36
Which of the following is most appropriate for internal auditors to do during the internal audit recommendations monitoring process?

A. Include all types of observations in the monitoring process.
B. Report the monitoring status to senior management when requested.
C. Determine the frequency and approach to monitoring.
D. Assist management with implementing corrective actions.

Answer: C

Explanation:
During the internal audit recommendations monitoring process, it is most appropriate for internal auditors to determine the frequency and approach to monitoring. This responsibility aligns with the need to ensure that corrective actions are effectively implemented and that the risks identified in the audit are appropriately mitigated over time.
IIA Reference:
IIA Standard 2500: Monitoring Progress mandates that the CAE must establish and maintain a system to monitor the disposition of results communicated to management. The frequency and approach should be based on the significance of the observations, the risks involved, and the status of corrective actions.

NEW QUESTION # 37
During follow-up. the internal auditor discovered that operational management did not implement effective actions to address a significant control breach If the issue is left unresolved it may result in regulatory sanctions and damage the organization's reputation What is the most appropriate next step for the chief audit executive to lake?

A. Ask the regulatory agency to persuade management to address the issue
B. Discuss the matter with senior management
C. Implement the recommended control to address the exposure
D. Report the matter to the board

Answer: B

NEW QUESTION # 38
During the preliminary survey of the procurement department, an internal auditor noted a major control weakness in the organization's ordering and receiving process. According to IIA guidance, which of the following is the most appropriate action the internal auditor should take?

A. Note the control weakness for discussion during the exit meeting.
B. Carry out an investigation of the control weakness for disciplinary action.
C. Issue a final report on the control weakness to senior management.
D. Bring the control weakness to the attention of the process owner for resolution.

Answer: D

Explanation:
When an internal auditor identifies a major control weakness during a preliminary survey, the appropriate response is to bring it to the attention of the process owner for resolution. This approach aligns with the standards and guidelines provided by the Institute of Internal Auditors (IIA), particularly under the International Standards for the Professional Practice of Internal Auditing (Standards).
Detailed Explanation:
IIA Standard 2120 - Risk Management:
According to Standard 2120, the internal auditor must evaluate the effectiveness of the organization's risk management processes. Identifying and reporting control weaknesses is a key aspect of this evaluation. By bringing the issue to the attention of the process owner, the internal auditor ensures that those responsible for managing the process are aware of the risk and can take appropriate corrective actions.
IIA Standard 2060 - Reporting to Senior Management and the Board:
While it might seem logical to report directly to senior management (as option A suggests), the IIA recommends that the process owner be given the opportunity to address the issue first. Standard 2060 emphasizes that significant risk exposures and control issues should be reported to senior management and the board, but only after they have been discussed with the appropriate process owners.
IIA Standard 2440 - Disseminating Results:
According to Standard 2440, the communication of audit results should be consistent with the objectives of the audit engagement. It is good practice to inform the process owner promptly so they can address the issue before the audit report is finalized. This approach helps in mitigating the risk at an early stage and ensures that the control weaknesses are appropriately managed.
Ethical Considerations:
The IIA's Code of Ethics requires internal auditors to act with integrity and to ensure that their communications are honest and constructive. Notifying the process owner immediately reflects a proactive and ethical approach to audit findings. It allows for timely corrective actions and demonstrates the auditor's commitment to improving the organization's control environment.
Why Not Other Options?
Option A (Issue a final report to senior management): This step is premature at this stage of the audit. Issuing a final report without allowing the process owner to address the issue could lead to unnecessary escalation and may undermine the collaborative nature of the audit process.
Option C (Note the control weakness for discussion during the exit meeting): While discussing the issue during the exit meeting is part of the process, it is more effective to address the control weakness immediately rather than waiting until the exit meeting, where valuable time might be lost.
Option D (Carry out an investigation for disciplinary action): This is beyond the internal auditor's scope unless the situation specifically warrants an investigation. The focus of the auditor should be on control improvements rather than disciplinary measures, which are typically managed by HR or legal departments.

NEW QUESTION # 39
An internal auditor for a financial institution has just completed an audit of loan processing. Of the 81 loans approved by the loan committee, the auditor found seven loans which exceeded the approved amount. Which of the following actions would be inappropriate on the part of the auditor?

A. Report the amounts to the loan committee and leave it up to them to correct. Take no further follow-up action at this time and do not include the items in the engagement final communication.
B. Examine the seven loans to determine if there is a pattern. Summarize amounts and include in the engagement final communication.
C. Determine the amount of the differences and make an assessment as to whether the dollar differences are material. If the amounts are not material, not in violation of government regulations, and can be rationally explained, omit the observation from the engagement final communication.
D. Follow up with the appropriate vice president and include the vice president's acknowledgment of the situation in the engagement final communication.

Answer: A

Explanation:
Section: Volume B

NEW QUESTION # 40
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