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IIA Internal Audit Practitioner Sample Questions (Q76-Q81):

NEW QUESTION # 76
In a standard process mapping document, a diamond shape typically represents which of the following?

A. Process or operation.
B. Flow line.
C. Decision.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Diamond Shape: In process mapping, a diamond typically represents a decision point where a choice must be made based on conditions or criteria (e.g., "Yes" or "No").
* Example: "Is the invoice valid?" If yes, the process continues to payment; if no, it is rejected.

NEW QUESTION # 77
Management has decided that transactions less than $50 no longer require authorization. Which of the following risk management strategies does this represent?

A. Reduce.
B. Accept.
C. Avoid.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Acceptance: By deciding that transactions below $50 do not require authorization, management is consciously accepting the low-level risk associated with this decision to streamline processes and reduce administrative burdens.

NEW QUESTION # 78
Which of the following is an example of a detective control?

A. Required authorizations.
B. Reconciliations.
C. Segregation of duties.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definition of Detective Controls:
* Detective controls are designed to identify errors, irregularities, or fraudulent activities after they occur, enabling corrective action.
* Reasoning:
* Option Bis correct because reconciliations compare records (e.g., bank statements against ledgers) to detect discrepancies.
* Option A(segregation of duties) andOption C(required authorizations) are preventive controls designed to stop errors or fraud before they occur.
* Role of Detective Controls:
* Detective controls play a critical role in monitoring and identifying issues, supporting the overall control environment.

NEW QUESTION # 79
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. Supervision of finance employees, including day-to-day oversight and periodic performance evaluations.
C. Personnel policies requiring the employment of competent personnel, based on training and experience, to manage complex functions such as accounting and financial reporting.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Organization-Level Controls: These controls address risks at the entity-wide level, such as governance, tone at the top, and policies affecting multiple processes. Personnel policies requiring qualified employees are an organization-level control as they apply broadly across the organization.

NEW QUESTION # 80
Which of the following scenarios would be the strongest indicator of fraud in an accounts payable process?

A. The invoices submitted by one of the organization's vendors are more than six months old.
B. The accounts payable manager was unable to provide documentation relating to travel expenses on one of the samples selected.
C. The address on one of the vendor invoices matches an employee's residential address.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Address Matches an Employee's Residence: This is a strong indicator of fraud, as it suggests the possibility of a fictitious vendor created to divert funds to the employee.

NEW QUESTION # 81
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