Latest IIA-IAP Exam Syllabus - Easy and Guaranteed IIA-IAP Exam Success

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IIA-IAP certification exam covers a variety of topics related to internal auditing, including principles and practices, governance and risk management, communication, and reporting. IIA-IAP exam consists of 100 multiple-choice questions, and you will have two hours to complete it. The passing score for the exam is 70%, and the exam is available in multiple languages.

IIA-IAP (Internal Audit Practitioner) Exam is a certification offered by The Institute of Internal Auditors (IIA) to individuals who are just starting their careers in internal auditing. Internal Audit Practitioner certification is designed to provide a foundation in internal auditing and equip candidates with the necessary skills and knowledge to become competent internal auditors. The IIA-IAP Certification is globally recognized and is an excellent way to differentiate oneself from other entry-level internal auditors in the job market.

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IIA Internal Audit Practitioner Sample Questions (Q97-Q102):

NEW QUESTION # 97
Which of the following best describes a compliance audit engagement?

A. The auditor reviews controls of the oil shale mining process to assess adherence to safety regulations established by local authorities.
B. The auditor analyzes the economic activity of the organization as measured and reported using international accounting standards.
C. The auditor conducts a review to provide assurance that the external service provider of maintenance for the organization has an effective risk management process.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Compliance Auditing:
* Definition: Compliance audits assess adherence to external laws, regulations, or internal policies and procedures.
* Standard 2130 - Control: Internal audit must evaluate the adequacy and effectiveness of controls to ensure compliance with applicable laws and regulations.
* Reasoning:
* Option A is correct because assessing adherence to safety regulations is a compliance activity focused on legal and regulatory conformity.
* Option B (analyzing economic activity) relates more to financial auditing or accounting standards compliance, not regulatory compliance.
* Option C (reviewing an external service provider's risk management process) aligns with a risk or assurance engagement, not compliance.
* Impact of Compliance Audits:
* Ensuring adherence to legal requirements protects the organization from regulatory penalties and enhances operational integrity.

NEW QUESTION # 98
Which of the following would have the most direct impact on management's decision regarding the amount of risk that is considered acceptable?

A. Risk appetite.
B. Risk capacity.
C. Risk perception.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2120 - Risk Management: Internal audit should evaluate the organization's risk appetite and alignment with decision-making processes.
* Definitions:
* Risk Appetite (Option B): The level of risk an organization is willing to accept in pursuit of its objectives, making it the most direct determinant of acceptable risk levels.
* Risk Capacity (Option A): The organization's ability to absorb risk, which is more strategic and long-term.
* Risk Perception (Option C): Subjective views of risk, which can influence decisions but do not directly determine acceptable risk.

NEW QUESTION # 99
The engagement supervisor is coordinating an audit of investments and needs to select an audit team member to determine the test attributes. Which of the following team members is most appropriate for the engagement supervisor to select?

A. An auditor with strong leadership skills who has experience leading projects for the IT audit department.
B. An auditor who transferred from the investment department six months prior and has expert knowledge of investments.
C. An auditor who has investment audit experience from a previous organization, but who has never performed investment audits at the current organization.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: Internal auditors must possess the necessary knowledge, skills, and competencies to conduct audits effectively.
* The auditor should have the relevant expertise to evaluate investment-related test attributes.
* Reasoning:
* Option A is correct because the auditor has direct knowledge and expertise in investments, making them the most qualified to determine the relevant test attributes for the audit.
* Option B (IT audit experience) does not align with the specific skills required for investment auditing.
* Option C (previous experience) may offer some advantage, but the lack of familiarity with the current organization's processes limits the auditor's effectiveness.
* Importance of Expertise:
* Selecting an auditor with relevant experience and proficiency ensures that the audit will be conducted with accuracy and that the proper test attributes will be identified.

NEW QUESTION # 100
What is the purpose of establishing engagement objectives during the planning phase of an internal audit?

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

Answer: B

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 # 101
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

A. Expertise in detecting and investigating fraud.
B. Sufficient knowledge to evaluate the risk of fraud.
C. Specialized skills for developing and implementing controls to prevent fraud.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210.A2: Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
* They are not expected to have the expertise of a fraud examiner or forensic investigator.
* Reasoning:
* Option B is correct because internal auditors need enough knowledge to assess fraud risks and provide assurance over controls designed to mitigate those risks.
* Option A overstates the requirement, as fraud detection and investigation require specialized expertise typically outside the scope of general internal auditing.
* Option C refers to control development, which is a management responsibility, not an internal audit role.
* Role of Internal Audit in Fraud:
* Auditors evaluate fraud risks and provide recommendations to improve controls, ensuring alignment with organizational risk management strategies.

NEW QUESTION # 102
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