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IIA-IAP (Internal Audit Practitioner) exam is a certification offered by the Institute of Internal Auditors (IIA). Internal Audit Practitioner certification is specifically designed for individuals who are new to the field of internal auditing and are looking to establish a strong foundation of knowledge and skills. The IIA-IAP Exam covers a wide range of topics related to internal auditing, including the principles of internal auditing, risk management, governance, and control.
IIA Internal Audit Practitioner Sample Questions (Q99-Q104):
NEW QUESTION # 99
According to IIA guidance, which one of the following hiring strategies is most appropriate to fill internal audit positions?
- A. Recruit candidates to fulfill the skills requirement of the internal audit activity
- B. Hire the required number of internal auditors to accomplish the audit plan
- C. Assess each candidate's competency for an upcoming audit
Answer: A
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Skills-Based Recruitment: Internal audit activities require diverse skills to handle complex audits.
Recruiting candidates based on the skills needed ensures the internal audit activity can fulfill its mandate effectively.
NEW QUESTION # 100
Which of the following elements of the Fraud Triangle is directly under the organization's control?
- A. Pressure
- B. Opportunity
- C. Rationalization
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: Organizations can reduce fraud risk by implementing strong internal controls, which limit opportunities for fraud. Examples include segregation of duties, access restrictions, and audit trails.
NEW QUESTION # 101
Which of the following situations is most likely to require a compliance engagement from the internal audit activity?
- A. An organization is preparing to launch an enhanced service for its online customer information system.
- B. An organization must restate its financial statements due to an error in fixed asset valuation.
- C. An organization is subject to newly imposed industry health and safety regulations.
Answer: C
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Governance: Internal audit must assess compliance with applicable laws, regulations, and industry standards.
* Compliance Auditing: These engagements assess whether the organization adheres to specific rules and regulations.
* Reasoning:
* Option C involves newly imposed health and safety regulations, making compliance auditing critical to ensure the organization avoids penalties or operational disruptions.
* Option A pertains to financial reporting, typically addressed in assurance or financial audits.
* Option B involves a new service launch, which may require consulting or operational audits but not necessarily compliance-focused.
NEW QUESTION # 102
Which of the following statements is appropriate to include in a high-quality internal audit engagement communication?
- A. The internal audit team conducted a review of the financial reporting process prior to year-end. The overall findings have been provided for management's consideration prior to the completion of the organization's annual external financial audit.
- B. The internal audit team noted numerous weaknesses in the organization's internal controls over financial reporting. The team recommends that management determine the root cause of the weaknesses.
- C. The internal audit team conducted an engagement under the assumption that significant control weaknesses were likely. The purpose of the review was to uncover those weaknesses.
Answer: A
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2420 - Quality of Communications: Reports should be accurate, objective, clear, concise, constructive, and complete.
* Findings must be presented factually and free from assumptions or bias.
* Reasoning:
* Option A is correct because it presents the purpose, timing, and findings in a clear and professional manner, allowing management to take informed action.
* Option B lacks balance and shifts responsibility for identifying root causes to management without actionable recommendations.
* Option C includes a biased assumption, undermining the report's objectivity and professionalism.
* Impact of Quality Communication:
* High-quality communications support decision-making by presenting findings and recommendations constructively.
NEW QUESTION # 103
Which of the following is an example of a detective control?
- A. Segregation of duties.
- B. Required authorizations.
- C. Reconciliations.
Answer: C
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 B is correct because reconciliations compare records (e.g., bank statements against ledgers) to detect discrepancies.
* Option A (segregation of duties) and Option 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 # 104
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