THREE IN-DEMAND IIA IIA-IAP EXAM QUESTIONS FORMATS

Three in-Demand IIA IIA-IAP Exam Questions Formats

Three in-Demand IIA IIA-IAP Exam Questions Formats

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Tags: Question IIA-IAP Explanations, Reliable IIA-IAP Exam Simulator, IIA-IAP Actual Questions, IIA-IAP Passing Score Feedback, IIA-IAP Exam Questions

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IIA-IAP Exam is an excellent professional development opportunity for individuals who are new to the internal audit field or wish to improve their knowledge and skills. It is also a great way to demonstrate to employers and colleagues that you have a solid understanding of internal audit principles and practices. The IIA-IAP Exam is recognized globally, and passing it can enhance your career prospects and earning potential.

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IIA Internal Audit Practitioner Sample Questions (Q57-Q62):

NEW QUESTION # 57
What is the purpose of establishing engagement objectives during the planning phase of an internal audit?

  • A. To ensure that audit procedures are designed to address the risks relevant to the area being audited.
  • B. To ensure that the work performed by other internal or external assurance providers is considered during audit planning.
  • C. To ensure that all auditors have a common understanding of the area being audited.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2210 - Engagement Objectives: Internal auditors must establish objectives for each engagement to align with the organization's goals and address identified risks.
* Reasoning:
* Option A is correct because engagement objectives focus on ensuring audit procedures target and mitigate identified risks effectively.
* Option B (common understanding) is important for team alignment but is secondary to risk- focused objectives.
* Option C (considering work of other assurance providers) is part of planning but not the primary purpose of setting objectives.
* Importance of Objectives:
* Engagement objectives drive the audit's focus, ensuring that procedures are purposeful and tailored to mitigate relevant risks.


NEW QUESTION # 58
Which of the following elements are typically included in an engagement work program?

  • A. Fieldwork, analytical testing, and resources
  • B. Planning, objectives, and preliminary risk assessments
  • C. Opinions and final engagement communications

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Engagement Work Program: A structured plan detailing the steps to achieve engagement objectives.
The program typically includes planning activities, objectives, and preliminary risk assessments to guide the audit.


NEW QUESTION # 59
Management requested that the chief audit executive (CAE) include an audit of the organization's health and safety program in next year's annual audit plan. However, the internal audit activity has no expertise in this area. Which of the following would be the most appropriate actions for the CAE?

  • A. Accept the request, provided management has conducted a thorough risk assessment prior to the engagement to help guide the audit.
  • B. Work with an internal subject matter expert to complete the audit.
  • C. With management's agreement, amend the audit scope so that specialized expertise is not needed.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: The internal audit activity must possess or obtain the knowledge, skills, and competencies needed to perform its responsibilities effectively.
* If internal expertise is lacking, external resources or subject matter experts should be engaged.
* Reasoning:
* Option A is correct because collaborating with an internal expert ensures that the audit is performed competently while addressing the health and safety risks comprehensively.
* Option B (amending the scope) avoids addressing critical risks, which may undermine the value of the audit.
* Option C (relying on management's risk assessment) is inappropriate, as the internal audit function must independently evaluate the area.
* Mitigating Lack of Expertise:
* Leveraging subject matter experts ensures compliance with professional standards and the integrity of the audit process.


NEW QUESTION # 60
Operational management has asked the internal auditor for recommendations regarding an ineffective process. According to IIA guidance, which of the following would be the auditor's most appropriate response?

  • A. Explain that only management should recommend and implement the corrective action.
  • B. Agree to offer recommendations based on observations and conclusions.
  • C. Refrain from providing recommendations to preserve audit independence.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2410 - Criteria for Communicating: Recommendations should be provided where appropriate to address identified issues and improve processes.
* Standard 1100 - Independence and Objectivity: Providing recommendations does not impair independence as long as the auditor does not implement them.
* Reasoning:
* Option B is correct because providing recommendations based on objective observations is part of an internal auditor's role in adding value and improving operations.
* Option A unnecessarily avoids recommendations, misinterpreting independence requirements.
* Option C incorrectly suggests that the auditor cannot provide input; while management owns the implementation, the auditor's recommendations can guide effective solutions.
* Adding Value Through Recommendations:
* Recommendations are a critical output of the audit process, guiding management to address inefficiencies and improve operations.


NEW QUESTION # 61
Which of the following describes how the internal audit activity can add the greatest value by assisting management with internal controls?

  • A. Internal auditors should evaluate the effectiveness and efficiency of internal controls.
  • B. Internal auditors should assist in designing strong controls.
  • C. Internal auditors should monitor how internal controls are functioning.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal audit must evaluate and contribute to the improvement of governance, risk management, and control processes.
* Designing or operating controls (Options A and B) risks impairing internal audit independence (Standard 1100).
* Reasoning:
* Option C aligns with internal audit's role of evaluating internal controls objectively.
* Option A could involve a management function, which compromises independence.
* Option B focuses on monitoring, a management responsibility, and does not leverage internal audit's evaluative expertise.
* Best Practice:
* By evaluating controls, internal auditors provide actionable insights that help improve control effectiveness and efficiency without compromising independence.


NEW QUESTION # 62
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