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IIA Internal Audit Practitioner Sample Questions:

1. During an accounts payable audit engagement, the internal auditor identified a risk that vendor invoices may be paid multiple times. Which of the following would be appropriate preventive controls to mitigate this risk?

A) System controls to identify identical invoice amounts from the same vendor that prohibit payment after the initial invoice.
B) Manual controls requiring the reconciliation of paid vendor invoices to monthly invoice statements provided by the vendor.
C) System controls to identify identical invoice numbers and dates from the same vendor prior to payment.

2. Which of the following best describes the difference between inherent risk and residual risk?

A) Inherent risk is the level of risk the organization is willing to accept, residual risk is the level of risk deemed unacceptable by the organization.
B) Inherent risk is the level of risk in the absence of any targeted actions or controls to alter its severity, residual risk is the risk remaining after implementing corrective actions.
C) Inherent risk is the level of risk before the risk assessment process, residual risk is the level of risk remaining after completing the risk assessment process.

3. During engagement planning, which of the following would provide an internal auditor with a sufficient understanding of the process being audited?

A) The objectives and risk management of the process.
B) The mission, vision, and strategic objectives of the organization.
C) Management's opinion on the thoroughness of a previous internal audit of the same process.

4. Which of the following consulting engagements leverages an internal auditor's risk and control knowledge to help the organization keep abreast of emerging risks?

A) Assisting with the development of policies and procedures
B) Advising on control designs
C) Facilitating organizational control self-assessments

5. Which of the following would be the best indicator that the organization's risk management processes are operating effectively?

A) The organization implemented formal operational risk management processes.
B) Management openly discusses both risks and opportunities facing the organization.
C) Management established policies and procedures that state risk will be considered.

Solutions: