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IIA-IAP PDF Question - IIA-IAP Pass Test

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IIA-IAP Certification Exam is an online, multiple-choice exam that consists of 100 questions. Candidates are given two hours to complete the exam, and a passing score of 70% or higher is required to earn the certification. IIA-IAP exam covers a variety of internal audit topics, including the role of internal audit in the organization, the audit process, risk assessment and management, and internal control frameworks. Candidates who successfully pass the IIA-IAP Certification Exam are awarded the Internal Audit Practitioner certification, which demonstrates their commitment to the internal audit profession and their ability to perform basic internal auditing tasks.

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IIAP exam content covers various topics such as internal audit fundamentals, conducting internal audit engagements, governance, risk management, and control, business processes, professionalism, and ethics. IIA-IAP exam's structure seeks to reinforce learners' knowledge and understanding of internal audit concepts, procedures, and techniques, as well as their application in real-world scenarios. IIA-IAP Exam is an excellent starting point for individuals seeking to establish a career in internal auditing while demonstrating their commitment to the field.

IIA Internal Audit Practitioner Sample Questions (Q54-Q59):

NEW QUESTION # 54
Which of the following would be considered out of scope for a purchasing process audit engagement?

A. Matching goods received to requisitions
B. Control of goods
C. Authorization of requisitions

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Control of Goods: The control of goods is generally considered part of inventory management or logistics, not the purchasing process. The purchasing process typically ends with the receipt of goods or services and ensuring appropriate payments.
* Other Options:
* Authorization of Requisitions: Within scope, as it is directly related to the initiation of the purchasing process.
* Matching Goods Received to Requisitions: Part of the purchasing process audit scope to ensure accurate and legitimate transactions.
Thus, the correct answer is B. Control of Goods.

NEW QUESTION # 55
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 # 56
Which of the following is most likely to be considered an internal audit assurance service?

A. Facilitation engagement.
B. Process design engagement.
C. Compliance engagement.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Definition of Assurance Services: Assurance services involve the objective examination of evidence to provide an independent assessment of governance, risk management, and control processes.
* Compliance engagements align with assurance services by verifying adherence to laws, regulations, or internal policies.
* Reasoning:
* Option C qualifies as assurance because it involves assessing whether compliance requirements are met.
* Option A (process design) and Option B (facilitation) are advisory in nature and fall under consulting services, not assurance.
* Impact on the Organization:
* Compliance assurance engagements provide critical oversight, helping organizations maintain accountability and avoid regulatory penalties.

NEW QUESTION # 57
Which of the following is considered an organization-level control, as opposed to process-level or transaction- level?

A. Supervision of finance employees, including day-to-day oversight and periodic performance evaluations.
B. Personnel policies requiring the employment of competent personnel, based on training and experience, to manage complex functions such as accounting and financial reporting.
C. Segregated budgeting responsibilities of finance employees, including review and approval of financial reports.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Organization-Level Controls: These controls address risks at the entity-wide level, such as governance, tone at the top, and policies affecting multiple processes. Personnel policies requiring qualified employees are an organization-level control as they apply broadly across the organization.

NEW QUESTION # 58
According to IIA guidance, which of the following are commonly standardized workpaper elements?

A. Workpapers should be supported by inclusion of original documentation
B. Workpapers should include a uniform cross-referencing system
C. Workpapers should be completed in an electronic format only

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Uniform Cross-Referencing System: A standardized cross-referencing system ensures consistency, facilitates review, and allows quick retrieval of supporting documents. This is a best practice widely recommended by the IIA in workpaper documentation.

NEW QUESTION # 59
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