IIA - IAA-IAP - TRUSTABLE INTERNAL AUDIT PRACTITIONER EXAM PAPERS

IIA - IAA-IAP - Trustable Internal Audit Practitioner Exam Papers

IIA - IAA-IAP - Trustable Internal Audit Practitioner Exam Papers

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Tags: IAA-IAP Exam Papers, IAA-IAP Exam Questions Vce, PDF IAA-IAP Download, IAA-IAP Valid Exam Answers, Certification IAA-IAP Book Torrent

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IIA Internal Audit Practitioner Sample Questions (Q87-Q92):

NEW QUESTION # 87
Which of the following would an internal auditor most likely use to document a complex process that includes risks and controls, timelines, and ownership of key steps?

  • A. Process map.
  • B. Risk and control matrix.
  • C. Detailed flowchart.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2330 - Documenting Information: Internal auditors are required to document audit evidence and processes in a way that is clear, complete, and supports audit conclusions.
* Risk and control matricesare effective for documenting risks, controls, and related responsibilities in a structured way.
* Reasoning:
* Option Cis correct because arisk and control matrixclearly documents processes, the associated risks, control activities, and ownership of each step. It is the most suitable tool for understanding risks and controls along with associated timelines and responsibilities.
* Option A(process map) documents the steps in a process but does not directly link risks and controls.
* Option B(detailed flowchart) is used to map the flow of a process but also lacks the structure for detailing risks and control ownership.
* Best Practice for Documentation:
* Arisk and control matrixis the most structured and comprehensive tool for documenting complex processes that involve risks, controls, and ownership.


NEW QUESTION # 88
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 verify that the amount paid agrees with the contracted amount.
  • C. The supervisor should observe the input of invoices into the payment system.

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 Adirectly 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 # 89
The chief audit executive scheduled an exit meeting to discuss conclusions and recommendations with management before issuing the final engagement communication. Which of the following describes the primary reason that the exit meeting should be documented?

  • A. The information may be needed if a disagreement about the content arises
  • B. The Standards require that the internal auditor document exit meetings
  • C. The results of the discussion form part of the internal auditor's performance review

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Exit Meetings: The purpose of an exit meeting is to ensure that management understands and agrees (or documents any disagreements) with the audit findings, conclusions, and recommendations. Proper documentation ensures that there is a record of the discussion, which can be referred to later if disputes arise about the content.


NEW QUESTION # 90
Which of the following actions could the chief audit executive take to most directly support the requirement that internal auditors maintain proficiency?

  • A. Provide training and mentoring opportunities
  • B. Obtain approval of the internal audit activity's purpose, authority, and responsibility
  • C. Develop a risk-based internal audit plan

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Training and Mentoring: Offering continuous training and mentoring ensures auditors enhance their skills and maintain proficiency, aligning with IIA Standard 1230: Continuing Professional Development.


NEW QUESTION # 91
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 is subject to newly imposed industry health and safety regulations.
  • C. An organization must restate its financial statements due to an error in fixed asset valuation.

Answer: B

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 Cinvolves newly imposed health and safety regulations, making compliance auditing critical to ensure the organization avoids penalties or operational disruptions.
* Option Apertains to financial reporting, typically addressed in assurance or financial audits.
* Option Binvolves a new service launch, which may require consulting or operational audits but not necessarily compliance-focused.


NEW QUESTION # 92
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