IIA IIA-IAP Exam Topic | IIA-IAP Valid Test Registration

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IIA-IAP: Internal Audit Practitioner exam is a certification program offered by the Institute of Internal Auditors (IIA) for professionals seeking to establish their expertise in internal auditing. The program is designed for candidates who are new to the field and have less than two years of experience in internal auditing. IIA-IAP exam is based on the International Professional Practices Framework (IPPF) and covers topics such as internal audit basics, risk management, governance, and internal control.

IIA-IAP (Internal Audit Practitioner) Exam is a certification examination offered by the Institute of Internal Auditors (IIA). This entry-level certification is designed for individuals who are new to the internal audit profession or who have less than two years of experience in the field. The IIA-IAP Exam assesses the knowledge, skills, and abilities required to perform internal audit activities and provides a foundation for further advancement in the field.

IIA-IAP certification exam is an excellent opportunity for individuals who are new to the internal audit profession or individuals who are looking to enhance their knowledge and skills in internal auditing. Obtaining this certification can lead to increased job opportunities, higher salaries, and greater professional recognition within the field. With the IIA's global reputation for excellence in internal audit education and certification, the IIA-IAP certification is a valuable credential for anyone looking to advance their career in internal auditing.

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IIA Internal Audit Practitioner Sample Questions (Q55-Q60):

NEW QUESTION # 55
An internal auditor discovers that a vendor had submitted invoices and was paid for services not rendered. Which of the following controls is most appropriate to address this type of issue?

A. The accounts payable clerk should compare the acknowledgment of goods and services to the invoice.
B. The supervisor should verify that the amount paid agrees with the contracted amount.
C. The supervisor should observe the input of invoices into the payment system.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal audit must assess whether controls ensure compliance and prevent fraud.
* Reasoning:
* Option A directly addresses the root cause: payment for unrendered services. Requiring acknowledgment of receipt ensures only valid invoices are paid.
* Option B (observing invoice input) ensures data entry accuracy but does not address fraud.
* Option C (verifying amounts) ensures correct payments for legitimate invoices but does not prevent unauthorized payments.
* Best Practice:
* Verifying acknowledgment of services before payment is a preventive control, reducing fraud risk.

NEW QUESTION # 56
Based on the three elements of the Fraud Triangle, which of the following might be considered a fraud indicator related to the opportunity element?

A. Poor segregation of duties allows for an executive assistant to authorize payments to one-time vendors without supervisory approvals
B. Reserves were established based on conservative assumptions to maximize the amounts set aside for when operating results may not meet investors' expectations
C. Executive management establishes financial performance objectives for business unit managers. The objectives include significant increases in annual sales and market penetration

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity Element: This element of the Fraud Triangle refers to situations where weaknesses in controls provide the ability for someone to commit fraud without being detected. Poor segregation of duties, as described in Option C, creates such opportunities.
* Example: Allowing an executive assistant to authorize payments without oversight significantly increases the risk of fraud.

NEW QUESTION # 57
Which of the following would best support the overall risk assessment?

A. Policies and process procedures provided by the manager of the process under review.
B. Process narratives and process maps with descriptions of risks and controls.
C. Detailed organizational charts to understand roles and reporting lines in the area under review.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Process Narratives and Maps: These provide a comprehensive view of the process, including descriptions of risks and controls, making them the most relevant for supporting risk assessments. They help identify gaps or weaknesses in the control environment.

NEW QUESTION # 58
During engagement planning, which of the following would provide an internal auditor with a sufficient understanding of the process being audited?

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

Answer: A

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 C is 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 # 59
An internal auditor discovers a number of control concerns while reviewing the organization's online payment system and decides to interview key employees involved in the system's design and maintenance. Which of the following best describes the results of those interviews?

A. Documentary evidence.
B. Analytical evidence.
C. Testimonial evidence.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Types of Audit Evidence:
* Testimonial Evidence: Information obtained through interviews, discussions, or statements from individuals.
* Documentary Evidence: Written or recorded materials, such as policies, procedures, or reports.
* Analytical Evidence: Evidence derived from analysis or comparisons of data.
* Reasoning:
* Option A is correct because interviews with employees provide testimonial evidence based on their knowledge, perspectives, or observations.
* Option B refers to tangible documents or records, which are not the direct result of interviews.
* Option C refers to data analysis, which is not applicable in this scenario.
* Role of Testimonial Evidence:
* Testimonial evidence is often used to corroborate documentary evidence or provide insights into processes and controls.

NEW QUESTION # 60
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IIA IIA-IAP Exam Topic | IIA-IAP Valid Test Registration

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IIA Internal Audit Practitioner Sample Questions (Q55-Q60):

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