IIA-IAP EXAM TOPICS, IIA-IAP PRACTICE EXAM

IIA-IAP Exam Topics, IIA-IAP Practice Exam

IIA-IAP Exam Topics, IIA-IAP Practice Exam

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Tags: IIA-IAP Exam Topics, IIA-IAP Practice Exam, New IIA-IAP Cram Materials, Latest IIA-IAP Dumps Ppt, IIA-IAP Exam Practice

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IIA-IAP certification program is an excellent starting point for individuals who are new to the internal audit profession. It provides individuals with a solid foundation in internal audit principles and practices, as well as a competitive edge in the job market. Internal Audit Practitioner certification program is offered by the Institute of Internal Auditors, a globally recognized professional association for internal auditors.

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IIA-IAP Exam Topics: Internal Audit Practitioner - Latest IIA IIA-IAP Practice Exam

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IIA Internal Audit Practitioner Sample Questions (Q61-Q66):

NEW QUESTION # 61
An internal auditor wants to use computerized audit tools and techniques. Which of the following is a common obstacle that the auditor is likely to face?

  • A. Difficulty getting the requisite IT personnel to conduct the tests.
  • B. Difficulty obtaining access privileges to relevant and reliable data.
  • C. A lack of specialist IT skills needed to use the tools.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Challenges with Computer-Assisted Audit Tools (CAATs):
* One of the most common issues auditors face is obtaining access to the data needed for analysis, especially when data is stored in secure or restricted systems.
* Access issues may arise due to technical restrictions, security policies, or inadequate documentation of data sources.
* Reasoning:
* Option A is correct because gaining access to relevant, complete, and reliable data is a frequent challenge when using computerized audit tools.
* Option B is less common, as CAATs are often designed for use by auditors without requiring advanced IT skills.
* Option C refers to reliance on IT personnel, which is less relevant for independent auditors using their own tools.
* Mitigating Access Challenges:
* Establishing clear communication with IT and obtaining necessary approvals in advance can help overcome data access issues.


NEW QUESTION # 62
Which of the following situations is most likely to require a compliance engagement from the internal audit activity?

  • A. An organization is preparing to launch an enhanced service for its online customer information system.
  • B. An organization is subject to newly imposed industry health and safety regulations.
  • C. An organization must restate its financial statements due to an error in fixed asset valuation.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Governance: Internal audit must assess compliance with applicable laws, regulations, and industry standards.
* Compliance Auditing: These engagements assess whether the organization adheres to specific rules and regulations.
* Reasoning:
* Option C involves newly imposed health and safety regulations, making compliance auditing critical to ensure the organization avoids penalties or operational disruptions.
* Option A pertains to financial reporting, typically addressed in assurance or financial audits.
* Option B involves a new service launch, which may require consulting or operational audits but not necessarily compliance-focused.


NEW QUESTION # 63
When determining the appropriate level of resources needed for an engagement, which of the following would be the first step?

  • A. Determine the sufficiency of internal audit staff
  • B. Identify required technology and audit tools
  • C. Determine travel and related costs for the engagement

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Resource Sufficiency: Ensuring that the internal audit team has sufficient staff with the appropriate expertise is the foundational step in resource planning for an engagement.


NEW QUESTION # 64
During a procurement process consulting engagement, the internal auditors reviewed contracts for the hospital's supply of medicine. Which of the following would the internal auditors most likely recommend to improve the effectiveness of the procurement process?

  • A. The procurement process should begin with clearly specified needs.
  • B. Only qualified procurement professionals should manage the procurement process.
  • C. The procurement process must be comprehensively documented.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Best Practices in Procurement:
* Clearly specifying needs at the outset ensures that procurement decisions align with organizational objectives and operational requirements.
* Reasoning:
* Option A is correct because specifying needs at the beginning helps avoid over-purchasing, under-purchasing, or acquiring unsuitable items, thus improving the overall effectiveness of the procurement process.
* Option B (comprehensive documentation) is important for transparency and compliance but does not directly improve the effectiveness of procurement outcomes.
* Option C (qualified professionals) ensures competence but is secondary to having clear, specified needs driving the process.
* Impact of Clear Needs Specification:
* It ensures the procurement process delivers value, meets quality requirements, and aligns with operational demands.


NEW QUESTION # 65
Which of the following conditions would threaten an internal auditor's objectivity?

  • A. Providing consulting services over the activity where the internal auditor was employed two years prior.
  • B. Providing assurance services over the activity where the internal auditor was employed 10 months prior.
  • C. Using knowledge that the internal auditor gained in his previous position to update systems and controls descriptions.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1120 - Individual Objectivity: Internal auditors should avoid situations that impair their ability to provide unbiased assurance.
* Practice Advisory 1130.A1-1: Objectivity is impaired if auditors audit activities they previously managed within the last 12 months.
* Reasoning:
* Option A is correct because the auditor's recent role in the audited area creates a conflict of interest and threatens objectivity.
* Option B does not impair objectivity; leveraging prior knowledge is permissible if applied objectively.
* Option C (consulting services two years prior) does not impair objectivity due to the elapsed time.
* Mitigating Actions:
* Auditors with recent involvement in an audited area should disclose the conflict and be reassigned to preserve objectivity.


NEW QUESTION # 66
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