IIA certification IIA-IAP best exam questions and answers
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IIA-IAP exam is designed for individuals who are new to internal auditing and want to gain a broad understanding of the profession. IIA-IAP exam covers topics such as risk management, governance, internal controls, and audit planning and reporting. IIA-IAP Exam consists of 100 multiple-choice questions and candidates have two hours to complete it. Pass rates for the IIA-IAP exam are typically high, with over 80% of candidates passing on their first attempt.
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IIA-IAP (Internal Audit Practitioner) Certification Exam is a globally recognized certification program that is designed for entry-level internal auditors. Internal Audit Practitioner certification is offered by the Institute of Internal Auditors (IIA), which is the leading professional association for internal auditors. The IIA-IAP Certification is an excellent way for internal auditors to demonstrate their knowledge and skills in the field and establish themselves as professionals in the industry.
IIA Internal Audit Practitioner Sample Questions (Q72-Q77):
NEW QUESTION # 72
According to The IIA's Code of Ethics, which of the following best illustrates the principle of confidentiality?
Answer: A
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 # 73
An internal auditor is conducting a human resources audit engagement. Which of the following observations would increase the probability of fraud?
Answer: C
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 # 74
During engagement planning, which of the following sources would provide the internal auditor with relevant information to obtain an understanding of the process under review?
Answer: C
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Understanding the Process: The mission, strategic objectives, and key performance indicators (KPIs) provide a foundational understanding of the process under review and how it aligns with organizational goals. This information helps identify critical areas for assessment during the audit.
NEW QUESTION # 75
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?
Answer: A
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 # 76
When is it appropriate for the internal auditor to determine the engagement's scope and objectives?
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Planning Phase: According to the International Standards for the Professional Practice of Internal Auditing (ISPPIA), Standard 2200 (Engagement Planning), the internal auditor must establish the engagement's objectives, scope, and criteria during the planning phase. This ensures that the audit is focused and aligned with organizational objectives and stakeholder expectations.
* Performance Phase: During this phase, auditors execute the planned activities, but the scope and objectives are typically fixed unless there are significant changes in circumstances.
* Final Engagement Report: The final report documents the outcomes of the audit, not the scope or objectives, which are pre-determined.
References:
* IIA Standard 2200: Engagement Planning.
* IIA Standard 2210: Engagement Objectives.
* IIA Implementation Guides on Engagement Planning emphasize determining the scope and objectives early to provide direction and clarity.
Thus, the correct answer is A. During the planning of the engagement.
NEW QUESTION # 77
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