IIA-IAP Exam Questions And Answers - IIA-IAP Valid Test Fee

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The Internal Audit Practitioner (IIA-IAP) Exam is designed to test the knowledge and skills of entry-level internal auditors. It is an internationally recognized certification offered by the Institute of Internal Auditors (IIA), one of the most respected professional organizations in the field of internal auditing. The IIA-IAP Exam covers a broad range of topics, including internal audit basics, risk management, governance, and ethics.

IIA Internal Audit Practitioner Sample Questions (Q32-Q37):

NEW QUESTION # 32
During a review of the payroll department, a payroll associate informs the internal auditor, in confidence, that a co-worker is under a great deal of personal stress and has made several uncharacteristic mistakes over the past few weeks. The payroll associate asks the auditor to be sympathetic to the co-worker when drafting the audit findings. If the auditor adjusts the audit findings in consideration of this request, which of the following IIA Code of Ethics principles would be violated?

A. Objectivity and Confidentiality.
B. Integrity and Objectivity.
C. Integrity and Confidentiality.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Code of Ethics:
* Integrity: Internal auditors must report facts accurately and honestly without bias or personal considerations.
* Objectivity: Internal auditors must remain unbiased and free from conflicts of interest when evaluating findings.
* Reasoning:
* Option A is correct because adjusting audit findings to accommodate personal circumstances violates the principles of integrity (accurate reporting) and objectivity (unbiased evaluation).
* Option B (Objectivity and Confidentiality) is incorrect because confidentiality is not violated in this scenario.
* Option C (Integrity and Confidentiality) is incorrect as the auditor is not compromising confidentiality.
* Professional Obligation:
* Internal auditors must base their findings solely on evidence, ensuring reports are factual, unbiased, and aligned with ethical standards.

NEW QUESTION # 33
According to IIA guidance, which of the following is the primary criterion that should determine the extent of supervision required for an audit engagement?

A. Whether the engagement involves possible violations of laws and governmental regulations.
B. The proficiency of the internal auditors and the complexity of the engagement.
C. The number of hours approved by the board for that engagement.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Extent of Supervision: The level of supervision required is determined by the auditors' proficiency (experience and skill set) and the complexity of the engagement. This ensures the work is executed effectively while maintaining compliance with IIA standards.

NEW QUESTION # 34
In addition to the internal auditor, which of the following parties need to be present at an exit or closing conference?

A. Audit committee members
B. Management over areas covered by the engagement
C. The chief executive officer

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Management Over Areas Covered by the Engagement: The purpose of an exit meeting is to discuss findings, conclusions, and recommendations with those responsible for the audited area. Management is a key stakeholder, as they will implement corrective actions.

NEW QUESTION # 35
During a procurement process consulting engagement, the internal auditors reviewed contracts for the hospital's supply of medicine. Which of the following would the internal auditors most likely recommend to improve the effectiveness of the procurement process?

A. The procurement process should begin with clearly specified needs.
B. Only qualified procurement professionals should manage the procurement process.
C. The procurement process must be comprehensively documented.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Best Practices in Procurement:
* Clearly specifying needs at the outset ensures that procurement decisions align with organizational objectives and operational requirements.
* Reasoning:
* Option A is correct because specifying needs at the beginning helps avoid over-purchasing, under-purchasing, or acquiring unsuitable items, thus improving the overall effectiveness of the procurement process.
* Option B (comprehensive documentation) is important for transparency and compliance but does not directly improve the effectiveness of procurement outcomes.
* Option C (qualified professionals) ensures competence but is secondary to having clear, specified needs driving the process.
* Impact of Clear Needs Specification:
* It ensures the procurement process delivers value, meets quality requirements, and aligns with operational demands.

NEW QUESTION # 36
Which of the following analytical procedures would be most effective for an internal auditor to examine changes in performance over time?

A. Analysis of common size financial statements
B. Ratio analysis
C. Trend analysis

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Trend Analysis: This technique identifies patterns or shifts in performance by analyzing data over time. It is particularly effective for tracking metrics like revenue, expenses, or production volumes across reporting periods to spot anomalies or trends.

NEW QUESTION # 37
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IIA-IAP Exam Questions And Answers - IIA-IAP Valid Test Fee

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IIA Internal Audit Practitioner Sample Questions (Q32-Q37):

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