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Internal Audit Practitioner Valid Exam Reference & IIA-IAP Free Training Pdf & Internal Audit Practitioner Latest Practice Questions

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IIA-IAP exam is a computer-based test that consists of 100 multiple-choice questions. IIA-IAP Exam is divided into four sections, each covering a specific area of internal auditing. The first section covers the role of internal auditing in an organization, including the principles of governance, risk management, and internal control. The second section covers the tools and techniques used in internal auditing, such as sampling, data analysis, and interviewing. The third section covers the audit process, including planning, fieldwork, and reporting. The fourth section covers the professional ethics and standards that govern the practice of internal auditing.

IIA Internal Audit Practitioner Sample Questions (Q51-Q56):

NEW QUESTION # 51
An internal auditor is conducting a human resources audit engagement. Which of the following observations would increase the probability of fraud?

A. Lack of background checks.
B. Vague job descriptions.
C. Poor interview skills.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Fraud Risk Factors:
* Lack of proper vetting processes, such as background checks, significantly increases the likelihood of hiring individuals who may pose a fraud risk.
* Reasoning:
* Option B is correct because failing to conduct background checks creates opportunities for hiring individuals with a history of unethical behavior, increasing fraud risk.
* Option A (vague job descriptions) may lead to inefficiencies or unclear expectations but does not directly relate to fraud risk.
* Option C (poor interview skills) might affect hiring quality but does not increase fraud probability.
* Best Practice:
* Conducting thorough background checks is a critical control to reduce fraud risk in human resources processes.

NEW QUESTION # 52
Duties in a purchasing system are segregated and performed by different people. One person orders the goods, another person receives the goods, and another pays for the goods. This is an example of which of the following controls?

A. Directive
B. Detective
C. Preventive

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Controls:
* Preventive controls are designed to prevent errors, fraud, or irregularities before they occur by ensuring that processes and activities are performed correctly from the start.
* Standard 2130 - Control: Internal auditors assess the design and effectiveness of controls to prevent risks from materializing.
* Reasoning:
* Option A is correct because segregation of duties (ordering, receiving, and paying) is a preventive control, as it prevents a single person from having the authority to initiate, authorize, and complete a transaction, reducing the risk of fraud or errors.
* Option B (Directive) would focus on guiding behavior, such as setting policies or expectations.
* Option C (Detective) refers to controls that identify and detect errors after they occur, such as audits or reviews.
* Impact of Segregation of Duties:
* By ensuring duties are segregated, organizations minimize the risk of fraudulent activities and errors, thus acting as a preventive measure.

NEW QUESTION # 53
Which of the following best describes a compliance audit engagement?

A. The auditor conducts a review to provide assurance that the external service provider of maintenance for the organization has an effective risk management process.
B. The auditor reviews controls of the oil shale mining process to assess adherence to safety regulations established by local authorities.
C. The auditor analyzes the economic activity of the organization as measured and reported using international accounting standards.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Compliance Auditing:
* Definition: Compliance audits assess adherence to external laws, regulations, or internal policies and procedures.
* Standard 2130 - Control: Internal audit must evaluate the adequacy and effectiveness of controls to ensure compliance with applicable laws and regulations.
* Reasoning:
* Option A is correct because assessing adherence to safety regulations is a compliance activity focused on legal and regulatory conformity.
* Option B (analyzing economic activity) relates more to financial auditing or accounting standards compliance, not regulatory compliance.
* Option C (reviewing an external service provider's risk management process) aligns with a risk or assurance engagement, not compliance.
* Impact of Compliance Audits:
* Ensuring adherence to legal requirements protects the organization from regulatory penalties and enhances operational integrity.

NEW QUESTION # 54
A senior internal auditor is using a risk and control matrix to facilitate an internal control assessment of the fixed asset accounting process. Which of the following activities would aid the auditor in determining inputs for the risk and control matrix?

A. Interviews with fixed asset management, control process walkthroughs, and internal control questionnaires.
B. Reviewing the results of control effectiveness testing of the fixed asset capitalization subprocess.
C. Management's cost-benefit analysis of internal control alternatives considered in the design of the fixed asset accounting process.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Gathering Inputs for the Matrix: Interviews, walkthroughs, and questionnaires are primary tools for gathering detailed insights into risks, controls, and processes. These activities provide the information necessary to populate a risk and control matrix effectively.

NEW QUESTION # 55
What is the primary objective for testing controls?

A. To understand whether a control is in place.
B. To determine whether controls are operating effectively.
C. To identify major patterns of errors or irregularities that might exist in final account balances.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess whether internal controls are designed and operating effectively to mitigate identified risks.
* Standard 2200 - Engagement Planning: The objective of testing controls is to evaluate their effectiveness in achieving the desired outcomes.
* Reasoning:
* Option A is correct because the main goal of testing controls is to determine whether they are functioning effectively to manage the identified risks and achieve control objectives.
* Option B (understanding whether a control is in place) focuses on control design but not its operational effectiveness.
* Option C (identifying patterns of errors) is related to detecting irregularities, not directly testing the control's effectiveness.
* Effectiveness of Controls:
* Internal audit testing focuses on evaluating the effectiveness and operational efficiency of controls to ensure they reduce risks to an acceptable level.

NEW QUESTION # 56
......

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