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Simulation IIA-IAP Questions - IIA-IAP Reliable Braindumps Ppt

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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.

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IIA Internal Audit Practitioner Sample Questions (Q39-Q44):

NEW QUESTION # 39
Which of the following activities would compromise the independence of the internal audit activity and therefore should not be performed by an internal auditor?

A. Championing the establishment of organization-wide risk management.
B. Setting the organization's risk appetite.
C. Coordinating risk management activities.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: Internal audit must be independent of the activities it audits to maintain objectivity.
* Standard 1130 - Impairment to Independence or Objectivity: Internal audit's independence is compromised if auditors take on roles that involve making decisions or implementing controls, as this may bias their findings.
* Reasoning:
* Option B is correct because setting the organization's risk appetite is a management decision and represents a strategic role that compromises the internal audit's independence.
* Option A (championing the establishment of risk management) and Option C (coordinating risk management) do not directly impair independence, though care should be taken to avoid direct involvement in risk management decisions. These activities can be part of advisory services and not necessarily a threat to independence if appropriately managed.
* Maintaining Independence:
* Internal auditors should provide assurance on risk management but not take on roles that involve decision-making or implementing risk management processes.

NEW QUESTION # 40
Which of the following creates an opportunity for an employee to commit fraud?

A. The need for money to pay personal medical bills
B. Lack of adequate internal controls
C. Unfair compensation practices

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: In the Fraud Triangle, "opportunity" refers to the ability to commit fraud due to weaknesses in internal controls, such as poor segregation of duties, lack of oversight, or inadequate monitoring systems. These factors are directly within the organization's control to address.

NEW QUESTION # 41
Which of the following describes an internal auditor's use of external benchmarking?

A. The auditor calculates the net profit margin for a business segment to analyze the profitability.
B. The auditor evaluates operating income margin between geographical areas within an organization to analyze its profitability.
C. The auditor compares return on equity for a beverage company against its competitor to analyze profitability.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Benchmarking:
* External benchmarking involves comparing the organization's metrics with those of other entities, typically competitors or industry averages.
* Standard 1210 - Proficiency: Internal auditors must have knowledge to evaluate performance against external benchmarks effectively.
* Reasoning:
* Option B demonstrates external benchmarking by comparing the organization's return on equity with a competitor's performance.
* Option A and Option C focus on internal analysis within the organization and do not use external references.
* Application in Internal Auditing:
* External benchmarking identifies competitive gaps, informs strategic decisions, and supports recommendations for improvement.

NEW QUESTION # 42
Information collected and documented in audit workpapers should be sufficient to:

A. Allow the work to be repeated and achieve the same results that logically lead to the same conclusion.
B. Confirm that management has effectively implemented recommended actions to resolve all identified control weaknesses.
C. Support engagement observations and be consistent with engagement objectives.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Sufficient Documentation: Audit workpapers must support observations, conclusions, and recommendations made during the engagement and align with engagement objectives.

NEW QUESTION # 43
Which of the following would be considered out of scope for a purchasing process audit engagement?

A. Matching goods received to requisitions
B. Control of goods
C. Authorization of requisitions

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Control of Goods: The control of goods is generally considered part of inventory management or logistics, not the purchasing process. The purchasing process typically ends with the receipt of goods or services and ensuring appropriate payments.
* Other Options:
* Authorization of Requisitions: Within scope, as it is directly related to the initiation of the purchasing process.
* Matching Goods Received to Requisitions: Part of the purchasing process audit scope to ensure accurate and legitimate transactions.
Thus, the correct answer is B. Control of Goods.

NEW QUESTION # 44
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