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IIA-IAP Upgrade Dumps & IIA-IAP Free Download Pdf

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IIA-IAP exam is offered by the Institute of Internal Auditors (IIA), which is the leading professional organization for internal auditors worldwide. IIA-IAP exam is available in multiple languages and can be taken at any Pearson VUE test center around the world. The IIA-IAP Certification is valid for two years and can be renewed by completing the required continuing education credits.

IIA Internal Audit Practitioner Sample Questions (Q71-Q76):

NEW QUESTION # 71
Which of the following is an element of a well-formed audit recommendation?

A. Factual evidence identified during the engagement.
B. Factors that allowed the condition to exist.
C. Measures to prevent recurrence of the condition.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Audit Recommendations:
* According to the IIA Standards, a recommendation must be actionable, specific, and designed to address the root cause of an identified issue.
* Reasoning:
* Option B is correct because effective recommendations focus on preventing recurrence by addressing root causes or implementing control measures.
* Option A (factual evidence) supports findings but does not constitute the recommendation itself.
* Option C (factors allowing the condition) provides context for findings but does not include actionable measures to resolve or prevent the issue.
* Key Components of a Recommendation:
* Recommendations should propose practical solutions to mitigate risks, improve processes, or enhance controls.
* Measures to prevent recurrence align with the goal of sustainable improvements.

NEW QUESTION # 72
Which of the following actions could the chief audit executive take to most directly support the requirement that internal auditors maintain proficiency?

A. Obtain approval of the internal audit activity's purpose, authority, and responsibility
B. Develop a risk-based internal audit plan
C. Provide training and mentoring opportunities

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Training and Mentoring: Offering continuous training and mentoring ensures auditors enhance their skills and maintain proficiency, aligning with IIA Standard 1230: Continuing Professional Development.

NEW QUESTION # 73
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 supervisor should verify that the amount paid agrees with the contracted amount.
B. The accounts payable clerk should compare the acknowledgment of goods and services to the invoice.
C. The supervisor should observe the input of invoices into the payment system.

Answer: B

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 # 74
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 # 75
A senior police officer was in charge of the cash fund used for undercover operations. In this situation, which of the following would likely be considered a red flag?

A. The officer never speaks about the operations.
B. The officer has no professional qualifications.
C. The officer appears to be living beyond his means.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Living Beyond Means: This is a classic red flag for potential fraud. It suggests that the officer may be using unauthorized funds to support an extravagant lifestyle, particularly when they have access to a cash fund with limited oversight.

NEW QUESTION # 76
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