PASS GUARANTEED IIA - RELIABLE IAA-IAP EXAM FEES

Pass Guaranteed IIA - Reliable IAA-IAP Exam Fees

Pass Guaranteed IIA - Reliable IAA-IAP Exam Fees

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Tags: IAA-IAP Exam Fees, IAA-IAP Certification Exam, Exam IAA-IAP Guide, IAA-IAP Reliable Exam Voucher, New IAA-IAP Exam Review

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IIA Internal Audit Practitioner Sample Questions (Q52-Q57):

NEW QUESTION # 52
Which of the following internal auditor attributes benefits the most from continuous professional development?

  • A. Objectivity.
  • B. Integrity.
  • C. Competency.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Competency: Continuous professional development ensures auditors maintain and enhance their knowledge, skills, and expertise, directly supporting their ability to perform engagements effectively.


NEW QUESTION # 53
Which of the following activities would compromise the independence of the internal audit activity and therefore should not be performed by an internal auditor?

  • A. Coordinating risk management activities.
  • B. Championing the establishment of organization-wide risk management.
  • C. Setting the organization's risk appetite.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: Internal audit must be independent of the activities it audits to maintain objectivity.
* Standard 1130 - Impairment to Independence or Objectivity: Internal audit's independence is compromised if auditors take on roles that involve making decisions or implementing controls, as this may bias their findings.
* Reasoning:
* Option Bis correct because setting the organization's risk appetite is a management decision and represents a strategic role that compromises the internal audit's independence.
* Option A(championing the establishment of risk management) andOption C(coordinating risk management) do not directly impair independence, though care should be taken to avoid direct involvement in risk management decisions. These activities can be part of advisory services and not necessarily a threat to independence if appropriately managed.
* Maintaining Independence:
* Internal auditors should provide assurance on risk management but not take on roles that involve decision-making or implementing risk management processes.


NEW QUESTION # 54
During engagement planning, which of the following would provide an internal auditor with a sufficient understanding of the process being audited?

  • A. Management's opinion on the thoroughness of a previous internal audit of the same process.
  • B. The objectives and risk management of the process.
  • C. The mission, vision, and strategic objectives of the organization.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: Internal auditors must develop a plan that considers the objectives, risks, and controls of the area being audited.
* Standard 2210 - Engagement Objectives: The objectives of the engagement must be aligned with the organization's processes and risk management practices.
* Reasoning:
* Option Cis correct because understanding the process's objectives and associated risks allows the auditor to design procedures to assess how well risks are managed and objectives are achieved.
* Option A(mission, vision, and strategic objectives) provides organizational context but does not give detailed insights into the specific process.
* Option B(management's opinion) is subjective and insufficient for developing a comprehensive understanding of the process.
* Effective Engagement Planning:
* Focus on process-specific objectives, risks, and controls ensures a targeted and effective audit, contributing to meaningful outcomes.


NEW QUESTION # 55
Which of the following scenarios would be the strongest indicator of fraud in an accounts payable process?

  • A. The invoices submitted by one of the organization's vendors are more than six months old.
  • B. The accounts payable manager was unable to provide documentation relating to travel expenses on one of the samples selected.
  • C. The address on one of the vendor invoices matches an employee's residential address.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Address Matches an Employee's Residence: This is a strong indicator of fraud, as it suggests the possibility of a fictitious vendor created to divert funds to the employee.


NEW QUESTION # 56
Which of the following is a purpose of an embedded audit module?

  • A. It enables continuous monitoring of transaction processing.
  • B. It identifies program code that may have been inserted for unauthorized purposes.
  • C. It verifies the correctness of account balances on a master file.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Embedded Audit Modules:
* Definition: Embedded audit modules are software components integrated into systems to monitor transactions in real-time or at regular intervals.
* They supportcontinuous auditingby flagging anomalies or predefined conditions.
* Reasoning:
* Option Ais correct because embedded audit modules facilitate continuous monitoring by evaluating transactions as they occur.
* Option Brelates to detecting unauthorized program code, a task better suited to software integrity checks or penetration testing.
* Option C(verifying account balances) is a manual or batch review task unrelated to embedded audit modules.
* Benefits of Embedded Audit Modules:
* Real-time insights into compliance, fraud detection, and operational inefficiencies.
* Enhance audit efficiency and effectiveness in high-transaction environments.


NEW QUESTION # 57
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