FREE PDF QUIZ IIA - IIA-IAP - PROFESSIONAL INTERNAL AUDIT PRACTITIONER FREE DUMP DOWNLOAD

Free PDF Quiz IIA - IIA-IAP - Professional Internal Audit Practitioner Free Dump Download

Free PDF Quiz IIA - IIA-IAP - Professional Internal Audit Practitioner Free Dump Download

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Tags: IIA-IAP Free Dump Download, IIA-IAP Preparation, New IIA-IAP Test Bootcamp, Latest IIA-IAP Exam Bootcamp, Valid IIA-IAP Vce

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IIA-IAP Exam comprises of 125 multiple-choice questions, and the duration of the exam is a 2.5-hour exam. The test covers critical topics, such as internal audit function, risk assessment, internal control, conducting audits, and reporting. IIA-IAP Exam is designed to evaluate the candidate's ability to apply internal auditing principles in real-world scenarios. Internal Audit Practitioner certification adds credibility to a professional's work and can help them become more competitive in their respective industries.

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Many organizations around the globe require IAP certification as a requirement for internal audit roles. Candidates are expected to have knowledge and understanding of internal audit functions, tools, practices, and standards. Internal Audit Practitioner certification offers several benefits, which include bolstering one's resume, increasing knowledge and recognition, and demonstrating a level of commitment to the internal audit profession.

IIA Internal Audit Practitioner Sample Questions (Q81-Q86):

NEW QUESTION # 81
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.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2410 - Criteria for Communicating: Internal audit reports must provide relevant and constructive information, including recommendations for improvement.
* Recommendations focused on reducing risk exposure align with the purpose of internal auditing:
improving governance, risk management, and controls.
* Reasoning:
* Option B is correct because providing recommendations aimed at reducing risk exposure directly addresses the organization's strategic and operational vulnerabilities, adding significant value.
* Option A (confirmation of efficient controls) ensures reliability but does not proactively improve risk management or processes.
* Option C (deficiencies remedied during the audit) is informative but lacks the forward-looking impact of targeted recommendations.
* Adding Value through Recommendations:
* Internal audit recommendations guide management in addressing critical risks, improving operational efficiency, and enhancing organizational resilience.


NEW QUESTION # 82
What is the purpose of establishing engagement objectives during the planning phase of an internal audit?

  • A. To ensure that all auditors have a common understanding of the area being audited.
  • B. To ensure that audit procedures are designed to address the risks relevant to the area being audited.
  • C. To ensure that the work performed by other internal or external assurance providers is considered during audit planning.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2210 - Engagement Objectives: Internal auditors must establish objectives for each engagement to align with the organization's goals and address identified risks.
* Reasoning:
* Option A is correct because engagement objectives focus on ensuring audit procedures target and mitigate identified risks effectively.
* Option B (common understanding) is important for team alignment but is secondary to risk- focused objectives.
* Option C (considering work of other assurance providers) is part of planning but not the primary purpose of setting objectives.
* Importance of Objectives:
* Engagement objectives drive the audit's focus, ensuring that procedures are purposeful and tailored to mitigate relevant risks.


NEW QUESTION # 83
An internal auditor discovers that a vendor had submitted invoices and was paid for services not rendered. Which of the following controls is most appropriate to address this type of issue?

  • A. The accounts payable clerk should compare the acknowledgment of goods and services to the invoice.
  • B. The supervisor should observe the input of invoices into the payment system.
  • C. The supervisor should verify that the amount paid agrees with the contracted amount.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal audit must assess whether controls ensure compliance and prevent fraud.
* Reasoning:
* Option A directly addresses the root cause: payment for unrendered services. Requiring acknowledgment of receipt ensures only valid invoices are paid.
* Option B (observing invoice input) ensures data entry accuracy but does not address fraud.
* Option C (verifying amounts) ensures correct payments for legitimate invoices but does not prevent unauthorized payments.
* Best Practice:
* Verifying acknowledgment of services before payment is a preventive control, reducing fraud risk.


NEW QUESTION # 84
Which of the following is an example of a detective control?

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

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 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 # 85
According to IIA guidance, which one of the following hiring strategies is most appropriate to fill internal audit positions?

  • A. Hire the required number of internal auditors to accomplish the audit plan
  • B. Assess each candidate's competency for an upcoming audit
  • C. Recruit candidates to fulfill the skills requirement of the internal audit activity

Answer: C

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 # 86
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