EXAM IIA IIA-IAP TESTS, EXAM IIA-IAP DUMPS

Exam IIA IIA-IAP Tests, Exam IIA-IAP Dumps

Exam IIA IIA-IAP Tests, Exam IIA-IAP Dumps

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Tags: Exam IIA-IAP Tests, Exam IIA-IAP Dumps, IIA-IAP Online Tests, Test IIA-IAP Dumps Demo, New IIA-IAP Dumps Pdf

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The Internal Audit Practitioner (IIA-IAP) exam is a certification offered by the Institute of Internal Auditors (IIA) to individuals who are starting their career in internal auditing. Internal Audit Practitioner certification is designed for professionals who have less than two years of experience in the field of internal auditing and want to demonstrate their knowledge and skills in this area. The IIA-IAP Exam covers the fundamental concepts of internal auditing, including governance, risk management, internal control, and audit engagement.

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IIA Internal Audit Practitioner Sample Questions (Q88-Q93):

NEW QUESTION # 88
The chief audit executive scheduled an exit meeting to discuss conclusions and recommendations with management before issuing the final engagement communication. Which of the following describes the primary reason that the exit meeting should be documented?

  • A. The information may be needed if a disagreement about the content arises
  • B. The Standards require that the internal auditor document exit meetings
  • C. The results of the discussion form part of the internal auditor's performance review

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Exit Meetings: The purpose of an exit meeting is to ensure that management understands and agrees (or documents any disagreements) with the audit findings, conclusions, and recommendations. Proper documentation ensures that there is a record of the discussion, which can be referred to later if disputes arise about the content.


NEW QUESTION # 89
During a review of the payroll department, a payroll associate informs the internal auditor, in confidence, that a co-worker is under a great deal of personal stress and has made several uncharacteristic mistakes over the past few weeks. The payroll associate asks the auditor to be sympathetic to the co-worker when drafting the audit findings. If the auditor adjusts the audit findings in consideration of this request, which of the following IIA Code of Ethics principles would be violated?

  • A. Objectivity and Confidentiality.
  • B. Integrity and Objectivity.
  • C. Integrity and Confidentiality.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Code of Ethics:
* Integrity: Internal auditors must report facts accurately and honestly without bias or personal considerations.
* Objectivity: Internal auditors must remain unbiased and free from conflicts of interest when evaluating findings.
* Reasoning:
* Option A is correct because adjusting audit findings to accommodate personal circumstances violates the principles of integrity (accurate reporting) and objectivity (unbiased evaluation).
* Option B (Objectivity and Confidentiality) is incorrect because confidentiality is not violated in this scenario.
* Option C (Integrity and Confidentiality) is incorrect as the auditor is not compromising confidentiality.
* Professional Obligation:
* Internal auditors must base their findings solely on evidence, ensuring reports are factual, unbiased, and aligned with ethical standards.


NEW QUESTION # 90
During an accounts payable audit engagement, the internal auditor found that vendor invoices are always paid
30 days after the invoice date, regardless of the vendor's payment terms. The auditor also discovered that accounts payable employees are not comparing vendor invoices received to previous vendor invoices prior to payment. Based on the auditor's observations, what are the potential risks?

  • A. Poor cash management due to potentially paying fraudulent invoices
  • B. Poor cash management due to potentially lost payment discounts
  • C. Poor cash management due to potentially paying the wrong vendors

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Lost Payment Discounts: By paying all invoices after 30 days, regardless of terms, the organization risks losing early payment discounts offered by vendors, leading to poor cash management.


NEW QUESTION # 91
Which of the following would be considered out of scope for a purchasing process audit engagement?

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

Answer: A

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 # 92
Which of the following is the most appropriate audit objective?

  • A. Analyze the turnover rates in mining and production subsidiaries.
  • B. Evaluate common practices of hiring via interviews with responsible personnel.
  • 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 # 93
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