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IIA Practice of Internal Auditing Sample Questions (Q374-Q379):

NEW QUESTION # 374
An examination of the accounts payable function evidenced multiple findings with respect to segregation of duties. After management's response and action plan are received and documented in the final report, which of the following is most appropriate?

A. Because management agreed with the findings, no further action is deemed necessary.
B. Have an internal audit staff member placed into the accounting department until corrections are made.
C. Include the items in the scope of the next scheduled audit of the accounts payable function.
D. Follow up after the applicable changes have been incorporated to validate management's response.

Answer: D

Explanation:
After management responds to audit findings and provides an action plan, it is crucial for the internal audit activity to follow up to validate that the promised changes have been implemented and are effective. This follow-up ensures that the issues identified, such as those related to segregation of duties in accounts payable, have been appropriately addressed.
* IIA Standard 2500 - Monitoring Progress:
* This standard requires the internal audit activity to monitor the implementation of management's corrective actions. Following up on audit findings is essential to ensure that the actions taken effectively mitigate the identified risks.
* Validation of Corrective Actions:
* By conducting a follow-up review, the internal audit activity can verify that the changes have been made as planned and assess whether these changes are sufficient to resolve the issues. This process helps maintain the integrity and effectiveness of the internal audit function.
* IIA Practice Advisory 2500-1:
* The advisory emphasizes the importance of follow-up activities to confirm that management's responses to audit recommendations have been implemented as intended.
* Option B (Include in the next scheduled audit): While this is a backup plan, it may delay the validation of corrective actions, allowing potential risks to persist.
* Option C (No further action): This approach is inappropriate because it assumes the problem is resolved without verification, which could lead to unmitigated risks.
* Option D (Placing an auditor in the department): This could compromise the independence of the internal audit function and is not a standard practice.
Detailed Explanation:Why Not Other Options?Conclusion: Option A is correct because it ensures that the internal audit activity fulfills its responsibility to validate that management's corrective actions have been implemented and are effective, aligning with IIA standards on monitoring progress.

NEW QUESTION # 375
According to IIA guidance which of the following statements is true regarding heat maps?

A. A heat map recognizes that the priority of impact and likelihood can vary.
B. A heat map sets impact to have higher priority than likelihood.
C. A heat map sets likelihood to have higher priority than impact.
D. A heat map recognizes impact and likelihood as equally important

Answer: A

Explanation:
According to IIA guidance, heat maps are tools used in risk assessment that visually represent the severity of risks by plotting them on a matrix based on their likelihood and impact. Heat maps are flexible and can be adjusted to prioritize either likelihood or impact depending on the specific context and the organization's risk appetite and tolerance. This recognition that the priority of impact and likelihood can vary allows for a more nuanced and tailored risk assessment approach.
Reference:
IIA Practice Guide: Assessing the Risk Management Process
IIA Standard 2120: Risk Management

NEW QUESTION # 376
Which of the following computerized audit tools or techniques should be used if the internal auditor wants to extract specific files and records in the database?

A. Generalized audit software
B. An integrated test facility
C. An expert or decision support system
D. A system utility program

Answer: D

NEW QUESTION # 377
In which of the following situations would an internal control questionnaire best suit the internal auditor's purpose?

A. The auditor wants to assess whether different subsidiaries apply centrally established procurement rules in the same manner
B. The auditor wants to receive mid-level management insight on how to improve hiring practices
C. The auditor wants to obtain information on whether adherence to approval matrices is actually taking place in different maintenance units.
D. The auditor wants to gain assurance that inventory counts are conducted in accordance with established procedures.

Answer: C

Explanation:
An internal control questionnaire (ICQ) is designed to gather detailed information about the operation of specific controls within an organization. It is particularly useful for understanding whether controls, such as adherence to approval matrices, are being followed consistently across different units. ICQs provide a structured way to collect this information from respondents, ensuring that all relevant aspects of the control environment are considered. This method is effective for assessing compliance with established procedures and identifying areas for improvement.References:
* Institute of Internal Auditors (IIA), Practice Guide - Internal Control Questionnaire.

NEW QUESTION # 378
During an operational audit of a chain of pizza delivery stores, an auditor determined that cold pizzas were causing customer dissatisfaction. A review of oven calibration records for the last six months revealed that adjustments were made on over 40 percent of the ovens. Based on this, the auditor:

A. Has enough evidence to conclude that improperly functioning ovens are the cause.
B. Must search for another cause since approximately 60 percent of the ovens did not require adjustment.
C. Needs to conduct further inquiries and reviews to determine the impact of the oven variations on the pizza temperature.
D. Has enough evidence to recommend the replacement of some of the ovens.

Answer: C

NEW QUESTION # 379
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