IIA IIA-IAP Exam Reviews | Practice IIA-IAP Test

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The Internal Audit Practitioner (IIA-IAP) Certification Exam is a globally recognized certification offered by the Institute of Internal Auditors (IIA). It is an entry-level certification that is designed to assess a candidate's knowledge and skills in the field of internal auditing. The IIA-IAP Certification is aimed at individuals who are new to the internal audit profession and who wish to demonstrate their commitment to the profession and their ability to perform the role of an internal auditor.

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IIA Internal Audit Practitioner Sample Questions (Q76-Q81):

NEW QUESTION # 76
According to The IIA's Code of Ethics, which of the following best illustrates the principle of confidentiality?

A. The auditor declined to delegate critical audit lead responsibilities to a new auditor.
B. The auditor refused to use information learned during an audit to diversify his financial portfolio.
C. The auditor declined to lead an audit of a department in which his nephew is the manager.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to the IIA Code of Ethics - Confidentiality:
* The principle of confidentiality requires internal auditors to respect and protect the value of information obtained during the course of their work and to avoid using it for personal gain.
* Reasoning:
* Option A is correct because refusing to use audit information for personal financial gain directly aligns with the principle of confidentiality.
* Option B relates to competency and professional judgment, not confidentiality.
* Option C pertains to avoiding conflicts of interest, which is an example of the principle of objectivity.
* Application of Confidentiality:
* Internal auditors must safeguard sensitive information and use it solely for legitimate audit purposes.

NEW QUESTION # 77
Which of the following is the most appropriate audit objective?

A. Assess compliance with human resources hiring and compensation policies.
B. Analyze the turnover rates in mining and production subsidiaries.
C. Evaluate common practices of hiring via interviews with responsible personnel.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2210 - Engagement Objectives: Audit objectives must align with the engagement scope and focus on evaluating compliance, efficiency, and effectiveness.
* Reasoning:
* Option C is correct because assessing compliance with HR policies is a specific, measurable, and relevant objective aligned with internal audit's role in evaluating governance and control processes.
* Option A (analyzing turnover rates) is more investigative and does not align with assessing processes or compliance.
* Option B (evaluating common practices) is vague and lacks a clear link to controls, policies, or risks.
* Impact of Clear Objectives:
* Well-defined objectives, like compliance assessment, ensure the audit delivers actionable insights and adds value to the organization.

NEW QUESTION # 78
Which of the following describes an internal auditor's use of external benchmarking?

A. The auditor calculates the net profit margin for a business segment to analyze the profitability.
B. The auditor evaluates operating income margin between geographical areas within an organization to analyze its profitability.
C. The auditor compares return on equity for a beverage company against its competitor to analyze profitability.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Benchmarking:
* External benchmarking involves comparing the organization's metrics with those of other entities, typically competitors or industry averages.
* Standard 1210 - Proficiency: Internal auditors must have knowledge to evaluate performance against external benchmarks effectively.
* Reasoning:
* Option B demonstrates external benchmarking by comparing the organization's return on equity with a competitor's performance.
* Option A and Option C focus on internal analysis within the organization and do not use external references.
* Application in Internal Auditing:
* External benchmarking identifies competitive gaps, informs strategic decisions, and supports recommendations for improvement.

NEW QUESTION # 79
During engagement planning, which of the following would provide an internal auditor with a sufficient understanding of the process being audited?

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

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: Internal auditors must develop a plan that considers the objectives, risks, and controls of the area being audited.
* Standard 2210 - Engagement Objectives: The objectives of the engagement must be aligned with the organization's processes and risk management practices.
* Reasoning:
* Option C is correct because understanding the process's objectives and associated risks allows the auditor to design procedures to assess how well risks are managed and objectives are achieved.
* Option A (mission, vision, and strategic objectives) provides organizational context but does not give detailed insights into the specific process.
* Option B (management's opinion) is subjective and insufficient for developing a comprehensive understanding of the process.
* Effective Engagement Planning:
* Focus on process-specific objectives, risks, and controls ensures a targeted and effective audit, contributing to meaningful outcomes.

NEW QUESTION # 80
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. Reviewing the results of control effectiveness testing of the fixed asset capitalization subprocess.
B. Interviews with fixed asset management, control process walkthroughs, and internal control questionnaires.
C. Management's cost-benefit analysis of internal control alternatives considered in the design of the fixed asset accounting process.

Answer: B

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 # 81
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IIA IIA-IAP Exam Reviews | Practice IIA-IAP Test

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IIA Internal Audit Practitioner Sample Questions (Q76-Q81):

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