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Free PDF Quiz Accurate IIA-IAP - Internal Audit Practitioner Valid Study Materials

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IIA-IAP (Internal Audit Practitioner) Certification Exam is a globally recognized certification offered by the Institute of Internal Auditors (IIA) for individuals who are new to the internal audit profession. Internal Audit Practitioner certification verifies that an individual has the knowledge and skills necessary to perform internal auditing tasks and provides a strong foundation for further growth in the field. The IIA-IAP Certification Exam is designed to assess the candidate's understanding of internal audit basics, including the International Standards for the Professional Practice of Internal Auditing (Standards), risk management, governance, and internal control.

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IIA-IAP (Internal Audit Practitioner) exam is a certification offered by the Institute of Internal Auditors (IIA). Internal Audit Practitioner certification is specifically designed for individuals who are new to the field of internal auditing and are looking to establish a strong foundation of knowledge and skills. The IIA-IAP Exam covers a wide range of topics related to internal auditing, including the principles of internal auditing, risk management, governance, and control.

IIA Internal Audit Practitioner Sample Questions (Q15-Q20):

NEW QUESTION # 15
Internal and external benchmarking by the internal audit activity are examples of which of the following?

A. Confirmation
B. Analytical procedures
C. Inquiry

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Analytical Procedures: Benchmarking compares an organization's performance against internal or external standards, which is a core analytical procedure used to assess efficiency, effectiveness, or best practices.

NEW QUESTION # 16
Which of the following is an example of a detective control?

A. Segregation of duties.
B. Reconciliations.
C. Required authorizations.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definition of Detective Controls:
* Detective controls are designed to identify errors, irregularities, or fraudulent activities after they occur, enabling corrective action.
* Reasoning:
* Option B is correct because reconciliations compare records (e.g., bank statements against ledgers) to detect discrepancies.
* Option A (segregation of duties) and Option C (required authorizations) are preventive controls designed to stop errors or fraud before they occur.
* Role of Detective Controls:
* Detective controls play a critical role in monitoring and identifying issues, supporting the overall control environment.

NEW QUESTION # 17
Which of the following would be a common benefit of using generalized audit software?

A. It enables internal auditors to analyze very large quantities of data.
B. It eliminates the need to obtain access privileges to relevant and reliable data.
C. It enables internal auditors to perform tests on data with the assistance of the organization's IT personnel.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Analyzing Large Data Sets: Generalized audit software (GAS) like ACL or IDEA allows auditors to process and analyze large volumes of data efficiently, identifying patterns, anomalies, and exceptions.

NEW QUESTION # 18
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. Detailed flowchart.
B. Risk and control matrix.
C. Process map.

Answer: B

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 matrices are effective for documenting risks, controls, and related responsibilities in a structured way.
* Reasoning:
* Option C is correct because a risk and control matrix clearly 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:
* A risk and control matrix is the most structured and comprehensive tool for documenting complex processes that involve risks, controls, and ownership.

NEW QUESTION # 19
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. Final report from an external financial audit of the process under review, which includes the status of management's corrective action plans
B. The internal audit activity's annual audit plan and discussions that led to its development
C. Mission, strategic objectives, and key performance indicators of the process under review, based on documented plans, policies, procedures, and discussions with management

Answer: C

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 # 20
......

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