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IIA Internal Audit Practitioner Sample Questions (Q15-Q20):

NEW QUESTION # 15
An internal auditor wants to establish the reasonableness of the current period's total payroll costs for the finance department. She divides the actual monthly payroll cost by the number of employees to derive an average cost per employee. Which of the following comparisons to this average cost would be considered trend analysis?

A. Budgeted information of another organization in the same industry.
B. The mean of all actual salary amounts.
C. Similar data for the department from two prior periods.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Trend Analysis: This involves comparing data across different periods to identify patterns, fluctuations, or anomalies. Comparing the current average cost per employee to prior periods' data is a clear example of trend analysis.

NEW QUESTION # 16
An internal auditor wants to use computerized audit tools and techniques. Which of the following is a common obstacle that the auditor is likely to face?

A. A lack of specialist IT skills needed to use the tools.
B. Difficulty obtaining access privileges to relevant and reliable data.
C. Difficulty getting the requisite IT personnel to conduct the tests.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Challenges with Computer-Assisted Audit Tools (CAATs):
* One of the most common issues auditors face is obtaining access to the data needed for analysis, especially when data is stored in secure or restricted systems.
* Access issues may arise due to technical restrictions, security policies, or inadequate documentation of data sources.
* Reasoning:
* Option Ais correct because gaining access to relevant, complete, and reliable data is a frequent challenge when using computerized audit tools.
* Option Bis less common, as CAATs are often designed for use by auditors without requiring advanced IT skills.
* Option Crefers to reliance on IT personnel, which is less relevant for independent auditors using their own tools.
* Mitigating Access Challenges:
* Establishing clear communication with IT and obtaining necessary approvals in advance can help overcome data access issues.

NEW QUESTION # 17
Which of the following is a common computer-assisted audit tool used to analyze data?

A. Social media
B. Spreadsheet software
C. Word processing software

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Spreadsheet Software: Tools like Microsoft Excel are commonly used for data analysis in auditing due to their powerful data manipulation, calculation, and visualization capabilities.
* Example: Auditors use spreadsheets for sampling, trend analysis, and creating pivot tables.

NEW QUESTION # 18
According to IIA guidance, which of the following are commonly standardized workpaper elements?

A. Workpapers should be supported by inclusion of original documentation
B. Workpapers should be completed in an electronic format only
C. Workpapers should include a uniform cross-referencing system

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Uniform Cross-Referencing System: A standardized cross-referencing system ensures consistency, facilitates review, and allows quick retrieval of supporting documents. This is a best practice widely recommended by the IIA in workpaper documentation.

NEW QUESTION # 19
Which of the following describes an internal auditor's use of external benchmarking?

A. The auditor calculates the net profit margin for a business segment to analyze the profitability.
B. The auditor compares return on equity for a beverage company against its competitor to analyze profitability.
C. The auditor evaluates operating income margin between geographical areas within an organization to analyze its profitability.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Benchmarking:
* External benchmarking involves comparing the organization's metrics with those of other entities, typically competitors or industry averages.
* Standard 1210 - Proficiency: Internal auditors must have knowledge to evaluate performance against external benchmarks effectively.
* Reasoning:
* Option Bdemonstrates external benchmarking by comparing the organization's return on equity with a competitor's performance.
* Option AandOption Cfocus on internal analysis within the organization and do not use external references.
* Application in Internal Auditing:
* External benchmarking identifies competitive gaps, informs strategic decisions, and supports recommendations for improvement.

NEW QUESTION # 20
......

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