IIA-IAP FREE DUMP DOWNLOAD | IIA-IAP EXAM SAMPLE

IIA-IAP Free Dump Download | IIA-IAP Exam Sample

IIA-IAP Free Dump Download | IIA-IAP Exam Sample

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IIA-IAP (Internal Audit Practitioner) Certification Exam is a professional certification exam offered by the Institute of Internal Auditors (IIA). Internal Audit Practitioner certification is designed for individuals who are new to the internal auditing profession and are seeking to gain a foundational understanding of the principles and practices of internal auditing. The IIA-IAP Certification can help individuals stand out in a competitive job market and demonstrate their commitment to the internal auditing profession.

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IIA Internal Audit Practitioner Sample Questions (Q66-Q71):

NEW QUESTION # 66
Which of the following best describes an audit engagement in which the objective is to appraise the economy of an oil shale mining process and the degree to which yearly production targets are being achieved?

  • A. Operational
  • B. Business process improvement
  • C. Due diligence

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Operational Audit: This type of audit focuses on evaluating the efficiency, effectiveness, and economy of operations, such as the mining process and production targets in this case.


NEW QUESTION # 67
The engagement supervisor is coordinating an audit of investments and needs to select an audit team member to determine the test attributes. Which of the following team members is most appropriate for the engagement supervisor to select?

  • A. An auditor with strong leadership skills who has experience leading projects for the IT audit department.
  • B. An auditor who transferred from the investment department six months prior and has expert knowledge of investments.
  • C. An auditor who has investment audit experience from a previous organization, but who has never performed investment audits at the current organization.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: Internal auditors must possess the necessary knowledge, skills, and competencies to conduct audits effectively.
* The auditor should have the relevant expertise to evaluate investment-related test attributes.
* Reasoning:
* Option A is correct because the auditor has direct knowledge and expertise in investments, making them the most qualified to determine the relevant test attributes for the audit.
* Option B (IT audit experience) does not align with the specific skills required for investment auditing.
* Option C (previous experience) may offer some advantage, but the lack of familiarity with the current organization's processes limits the auditor's effectiveness.
* Importance of Expertise:
* Selecting an auditor with relevant experience and proficiency ensures that the audit will be conducted with accuracy and that the proper test attributes will be identified.


NEW QUESTION # 68
Which of the following best ensures that the internal audit activity is free from undue interference from management?

  • A. An audit charter that defines the chief audit executive's functional reporting relationship with the board.
  • B. A board audit committee that is composed of competent, independent members.
  • C. Audit policies and procedures that are comprehensive and well-documented, in accordance with the Standards.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: The chief audit executive (CAE) must report functionally to the board to ensure independence.
* The audit charter must define the CAE's functional reporting line to the board, securing protection from undue management influence.
* Reasoning:
* Option C addresses the foundational document-the audit charter-that establishes the CAE's authority and independence.
* Option A refers to operational standards, but they do not directly safeguard against interference.
* Option B strengthens governance but is secondary to the audit charter in securing independence.
* Impact:
* A robust audit charter formalizes the CAE's reporting relationship and ensures organizational independence, empowering internal audit.


NEW QUESTION # 69
An internal auditor was assigned to a payroll process audit engagement. At which stage of engagement planning would the auditor conduct a risk assessment?

  • A. After determining audit engagement objectives.
  • B. After allocating resources.
  • C. After documenting the process.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Assessment in Planning: Conducting a risk assessment typically follows documentation of the process, as understanding the process provides the necessary context for identifying and evaluating risks.


NEW QUESTION # 70
Which of the following statements is true regarding engagement status meetings?

  • A. They should involve the chief audit executive and senior management.
  • B. They mainly involve one-way communication from the internal auditor to management of the area under review.
  • C. They are expected to enhance the relationships between the internal audit activity and management of the area under review.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Enhancing Relationships: Status meetings facilitate two-way communication, keeping management informed about audit progress and fostering collaboration. Open discussions during these meetings help address concerns and strengthen the relationship between internal audit and management.


NEW QUESTION # 71
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