IIA-IAP Latest Exam Pattern | 100% Free the Best Valid Test Internal Audit Practitioner Format

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IIA-IAP certification program is open to individuals who have less than two years of experience in the internal audit profession. Internal Audit Practitioner certification exam consists of 100 multiple-choice questions and individuals are given two hours to complete the exam. IIA-IAP Exam covers topics such as internal audit fundamentals, risk management, governance, and internal control.

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IIA-IAP exam is a computer-based exam that is administered at Pearson VUE testing centers around the world. IIA-IAP exam consists of 115 multiple-choice questions and has a time limit of 2.5 hours. The passing score for the IIA-IAP Exam is 70%.

IIA Internal Audit Practitioner Sample Questions (Q101-Q106):

NEW QUESTION # 101
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 # 102
Which of the following best demonstrates that appropriate and sufficient resources were allocated to an audit engagement to achieve its objectives?

A. Approved engagement work program.
B. Staff skills audit.
C. Post-engagement survey of management of the audited area.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: The engagement work program outlines the resources, timelines, and procedures necessary to achieve the engagement's objectives.
* The work program must be approved to ensure alignment with objectives and resource requirements.
* Reasoning:
* Option B is correct because an approved engagement work program confirms that the scope, procedures, and resources were planned and allocated effectively.
* Option A (staff skills audit) evaluates team competencies but does not confirm specific resource allocation for an engagement.
* Option C (post-engagement survey) evaluates the outcome of the audit but does not provide evidence of initial resource planning.
* Significance of the Work Program:
* The work program ensures that the engagement is structured to meet objectives efficiently, with adequate and relevant resources.

NEW QUESTION # 103
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 assist in designing strong controls.
B. Internal auditors should monitor how internal controls are functioning.
C. Internal auditors should evaluate the effectiveness and efficiency of internal controls.

Answer: C

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 # 104
Which of the following is the best audit procedure to determine whether all of a bank's loans are backed by sufficient collateral, properly aged as to current payments, and properly categorized as current or noncurrent?

A. Use generalized audit software to read the total loan file, age the file by last payment due, and select a statistical sample stratified by the current and aged population. Examine each loan selected for proper collateralization and aging.
B. Select a discovery sample of all loan applications to determine whether each application contains a statement of collateral.
C. Select a block sample of all loans in excess of a specified dollar limit and determine whether they are current and properly categorized. For each loan approved, verify aging and categorization.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* IIA Performance Standard 1220.A2: Internal auditors must consider using technology-based audit techniques and other data analysis tools.
* Performance Standard 2320 - Analysis and Evaluation: Sufficient and appropriate analysis should be performed to achieve the engagement's objectives.
* Best Audit Practice for the Scenario:
* Option A involves using generalized audit software (GAS) to extract relevant data from the loan file and stratify it based on specific criteria (e.g., age of loans, collateral backing). This ensures a statistically valid sample.
* By examining a stratified sample, the auditor can determine whether each loan is sufficiently collateralized, aged correctly, and categorized properly.
* This method provides comprehensive coverage while maintaining efficiency and adhering to best practices.
* Why Other Options Are Less Effective:
* Option B: A block sample only includes loans over a certain dollar threshold, which introduces a selection bias and overlooks smaller loans, making the sample less representative.
* Option C: A discovery sample limited to loan applications focuses on documentation compliance (e.g., collateral statements) but does not address loan aging or categorization.
* Practical Implications:
* Generalized audit software automates data analysis, reduces manual effort, and increases the reliability of audit conclusions.
* By selecting a representative statistical sample stratified by population characteristics, auditors gain insights that are applicable to the entire population.

NEW QUESTION # 105
A member of the internal audit team worked eight months ago in an area of the organization that she is now being tasked with auditing. Which of the following would most likely be impacted by her participation in the audit?

A. Competency
B. Integrity
C. Objectivity

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1120 - Individual Objectivity: Internal auditors must perform engagements with honesty and without any bias.
* Serving in an operational or management role in the area being audited within the past year can impair objectivity, as the auditor may unconsciously favor or critique processes they were involved in developing or managing.
* Reasoning:
* Option B is correct because recent involvement in the audited area could compromise objectivity, leading to potential conflicts of interest or biased assessments.
* Option A (integrity) is less likely impacted, as integrity relates to adherence to ethical principles and honesty.
* Option C (competency) is not affected, as the individual's skills and knowledge remain intact regardless of the recency of their involvement.
* Mitigating Actions:
* The chief audit executive (CAE) should evaluate and address potential impairments to objectivity, possibly assigning the auditor to a different engagement.

NEW QUESTION # 106
......

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IIA-IAP Latest Exam Pattern | 100% Free the Best Valid Test Internal Audit Practitioner Format

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IIA Internal Audit Practitioner Sample Questions (Q101-Q106):

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