Online Access Free IAA-IAP Practice Test

An internal auditor was gathering information regarding the receiving process and decided that a narrative memorandum was the best way to document the process. Which of the following explanations best supports the auditor's decision?

• A.The audit engagement is not considering efficiency
• B.The process is simple and does not need a visual depiction
• C.The department has comprehensive manuals

During an assurance engagement of an organization's procurement process, an internal auditor obtained the policy that specified the authorized dollar limits for invoices. This document would best support which of the following attributes of an audit report?

• A.Criteria
• B.Condition
• C.Effect

According to IIA guidance, which of the following is the primary criterion that should determine the extent of supervision required for an audit engagement?

• A.Whether the engagement involves possible violations of laws and governmental regulations.
• B.The proficiency of the internal auditors and the complexity of the engagement.
• C.The number of hours approved by the board for that engagement.

What are the typical elements of a risk and control matrix used in the engagement planning process?

• A.Inherent process risks, as defined in a globally accepted risk and control framework.
• B.Business objectives, risks to the objectives, and impact and likelihood of the risk occurring.
• C.Experience level of key management personnel, susceptibility of the process to fraud, and process automation.

Which of the following is an element of a well-formed audit recommendation?

• A.Measures to prevent recurrence of the condition.
• B.Factual evidence identified during the engagement.
• C.Factors that allowed the condition to exist.