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To be eligible for the IIA-IAP Certification Exam, candidates must have completed at least one year of work experience in internal auditing or a related field. IIA-IAP exam itself consists of 100 multiple-choice questions that cover a range of topics related to internal auditing, including risk management, governance, internal control, and audit engagement.
IIA-IAP certification is a valuable credential for individuals who are beginning their careers in internal auditing. It provides a foundation of knowledge and skills that is recognized globally and can lead to career advancement opportunities. Obtaining the certification demonstrates a commitment to the profession and a dedication to maintaining the highest standards of ethics and professionalism.
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IIA Internal Audit Practitioner Sample Questions (Q59-Q64):
NEW QUESTION # 59
According to the IIA's Code of Ethics, which of the following best describes the conduct of an internal auditor who demonstrates the principle of competency?
- A. The auditor does not accept anything that may impair or be presumed to impair her professional judgment
- B. The auditor is prudent in the use and protection of information acquired in the course of her work
- C. The auditor continually improves her proficiency and the effectiveness and quality of her services
Answer: C
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Competency Principle: According to the IIA Code of Ethics, internal auditors must apply the knowledge, skills, and experience needed to perform their duties effectively.
* Key Characteristics: Continuous improvement in proficiency, quality of services, and effectiveness directly align with the principle of competency.
NEW QUESTION # 60
Which of the following statements is appropriate to include in a high-quality internal audit engagement communication?
- A. The internal audit team conducted a review of the financial reporting process prior to year-end. The overall findings have been provided for management's consideration prior to the completion of the organization's annual external financial audit.
- B. The internal audit team noted numerous weaknesses in the organization's internal controls over financial reporting. The team recommends that management determine the root cause of the weaknesses.
- C. The internal audit team conducted an engagement under the assumption that significant control weaknesses were likely. The purpose of the review was to uncover those weaknesses.
Answer: A
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2420 - Quality of Communications: Reports should be accurate, objective, clear, concise, constructive, and complete.
* Findings must be presented factually and free from assumptions or bias.
* Reasoning:
* Option A is correct because it presents the purpose, timing, and findings in a clear and professional manner, allowing management to take informed action.
* Option B lacks balance and shifts responsibility for identifying root causes to management without actionable recommendations.
* Option C includes a biased assumption, undermining the report's objectivity and professionalism.
* Impact of Quality Communication:
* High-quality communications support decision-making by presenting findings and recommendations constructively.
NEW QUESTION # 61
Which of the following is the most appropriate audit objective?
- A. Evaluate common practices of hiring via interviews with responsible personnel.
- B. Analyze the turnover rates in mining and production subsidiaries.
- C. Assess compliance with human resources hiring and compensation policies.
Answer: C
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 # 62
Which of the following describes how the internal audit activity can add the greatest value by assisting management with internal controls?
- A. Internal auditors should assist in designing strong controls.
- B. Internal auditors should evaluate the effectiveness and efficiency of internal controls.
- C. Internal auditors should monitor how internal controls are functioning.
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal audit must evaluate and contribute to the improvement of governance, risk management, and control processes.
* Designing or operating controls (Options A and B) risks impairing internal audit independence (Standard 1100).
* Reasoning:
* Option C aligns with internal audit's role of evaluating internal controls objectively.
* Option A could involve a management function, which compromises independence.
* Option B focuses on monitoring, a management responsibility, and does not leverage internal audit's evaluative expertise.
* Best Practice:
* By evaluating controls, internal auditors provide actionable insights that help improve control effectiveness and efficiency without compromising independence.
NEW QUESTION # 63
Which of the following elements of the Fraud Triangle is directly under the organization's control?
- A. Rationalization
- B. Opportunity
- C. Pressure
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: Organizations can reduce fraud risk by implementing strong internal controls, which limit opportunities for fraud. Examples include segregation of duties, access restrictions, and audit trails.
NEW QUESTION # 64
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