EXAM IAA-IAP TRAINING OFFER YOU ACCURATE ORIGINAL QUESTIONS TO PASS IIA INTERNAL AUDIT PRACTITIONER EXAM

Exam IAA-IAP Training offer you accurate Original Questions to pass IIA Internal Audit Practitioner exam

Exam IAA-IAP Training offer you accurate Original Questions to pass IIA Internal Audit Practitioner exam

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IAA-IAP Original Questions - IAA-IAP Exam Cram Review

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IIA Internal Audit Practitioner Sample Questions (Q78-Q83):

NEW QUESTION # 78
Which of the following statements is appropriate to include in a high-quality internal audit engagement communication?

  • A. The internal audit team conducted an engagement under the assumption that significant control weaknesses were likely. The purpose of the review was to uncover those weaknesses.
  • B. The internal audit team conducted a review of the financial reporting process prior to year-end. The overall findings have been provided for management's consideration prior to the completion of the organization's annual external financial audit.
  • C. The internal audit team noted numerous weaknesses in the organization's internal controls over financial reporting. The team recommends that management determine the root cause of the weaknesses.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2420 - Quality of Communications: Reports should be accurate, objective, clear, concise, constructive, and complete.
* Findings must be presented factually and free from assumptions or bias.
* Reasoning:
* Option Ais correct because it presents the purpose, timing, and findings in a clear and professional manner, allowing management to take informed action.
* Option Blacks balance and shifts responsibility for identifying root causes to management without actionable recommendations.
* Option Cincludes a biased assumption, undermining the report's objectivity and professionalism.
* Impact of Quality Communication:
* High-quality communications support decision-making by presenting findings and recommendations constructively.


NEW QUESTION # 79
A senior internal auditor is planning a compliance audit of the organization's global purchasing department.
Which of the following criteria is a relevant consideration for establishing the engagement objectives?

  • A. Location of all global operations that acquire goods through the organization's global purchasing department
  • B. A list of all items acquired through the organization's global purchasing department in the past year
  • C. Current governance laws and regulations in the countries in which the organization operates

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Compliance Audit Criteria: The objective of a compliance audit is to assess adherence to applicable laws, regulations, and internal policies. Considering current governance laws and regulations ensures the audit is aligned with mandatory requirements.


NEW QUESTION # 80
Which of the following best ensures that the internal audit activity is free from undue interference from management?

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

Answer: B

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 Caddresses the foundational document-the audit charter-that establishes the CAE's authority and independence.
* Option Arefers to operational standards, but they do not directly safeguard against interference.
* Option Bstrengthens 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 # 81
During engagement planning, which of the following sources would provide the internal auditor with relevant information to obtain an understanding of the process under review?

  • A. The internal audit activity's annual audit plan and discussions that led to its development
  • B. Mission, strategic objectives, and key performance indicators of the process under review, based on documented plans, policies, procedures, and discussions with management
  • C. Final report from an external financial audit of the process under review, which includes the status of management's corrective action plans

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Understanding the Process: The mission, strategic objectives, and key performance indicators (KPIs) provide a foundational understanding of the process under review and how it aligns with organizational goals. This information helps identify critical areas for assessment during the audit.


NEW QUESTION # 82
Which of the following would an internal auditor most likely use to document a complex process that includes risks and controls, timelines, and ownership of key steps?

  • A. Risk and control matrix.
  • B. Detailed flowchart.
  • C. Process map.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2330 - Documenting Information: Internal auditors are required to document audit evidence and processes in a way that is clear, complete, and supports audit conclusions.
* Risk and control matricesare effective for documenting risks, controls, and related responsibilities in a structured way.
* Reasoning:
* Option Cis correct because arisk and control matrixclearly documents processes, the associated risks, control activities, and ownership of each step. It is the most suitable tool for understanding risks and controls along with associated timelines and responsibilities.
* Option A(process map) documents the steps in a process but does not directly link risks and controls.
* Option B(detailed flowchart) is used to map the flow of a process but also lacks the structure for detailing risks and control ownership.
* Best Practice for Documentation:
* Arisk and control matrixis the most structured and comprehensive tool for documenting complex processes that involve risks, controls, and ownership.


NEW QUESTION # 83
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