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IIA Internal Audit Practitioner Sample Questions:

1. An internal auditor is reporting on the organization's asset management system. Which of the following would likely add the greatest value to the organization?

A) Reports that state identified deficiencies were remedied during the audit.
B) Confirmation that controls are operating efficiently.
C) Recommendations aimed at reducing risk exposure.

2. An internal auditor is performing an internal control assessment at a manufacturing company. The auditor observed that the accounts payable clerks have the ability to create new vendors without management's review and approval. How should the auditor document this observation?

A) The observation is a sign of adequate internal controls; however, effectiveness testing should be performed to ensure that the controls are operating as designed and intended.
B) The observation doesn't affect the adequacy of the internal controls because the existing process controls ensure that invoices are promptly and accurately paid.
C) The observation is an internal control weakness; therefore, additional testing should be performed to determine whether secondary mitigating controls exist or whether the control should be redesigned.

3. The engagement supervisor is coordinating an audit of investments and needs to select an audit team member to determine the test attributes. Which of the following team members is most appropriate for the engagement supervisor to select?

A) An auditor who has investment audit experience from a previous organization, but who has never performed investment audits at the current organization.
B) An auditor who transferred from the investment department six months prior and has expert knowledge of investments.
C) An auditor with strong leadership skills who has experience leading projects for the IT auditdepartment.

4. Which of the following is considered an organization-level control, as opposed to process-level or transaction- level?

A) Segregated budgeting responsibilities of finance employees, including review and approval of financial reports.
B) Personnel policies requiring the employment of competent personnel, based on training and experience, to manage complex functions such as accounting and financial reporting.
C) Supervision of finance employees, including day-to-day oversight and periodic performance evaluations.

5. In addition to the internal auditor, which of the following parties need to be present at an exit or closing conference?

A) Audit committee members
B) Management over areas covered by the engagement
C) The chief executive officer

Solutions: