TEST IIA IAA-IAP SAMPLE ONLINE | IAA-IAP CERTIFICATION TEST QUESTIONS

Test IIA IAA-IAP Sample Online | IAA-IAP Certification Test Questions

Test IIA IAA-IAP Sample Online | IAA-IAP Certification Test Questions

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Tags: Test IAA-IAP Sample Online, IAA-IAP Certification Test Questions, New IAA-IAP Exam Test, IAA-IAP Exam Review, IAA-IAP Test Valid

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IIA IAA-IAP Certification Test Questions, New IAA-IAP Exam Test

Hundreds of applicants who register themselves for the Internal Audit Practitioner (IAA-IAP) certification exam, lack updated practice test questions to prepare successfully in a short time. As a result of which, they don't crack the Internal Audit Practitioner (IAA-IAP) examination which causes a loss of time and money and sometimes loss of the encouragement to take the test for the second time. 2Pass4sure can save you from facing these issues with its real IIA IAA-IAP Exam Questions.

IIA Internal Audit Practitioner Sample Questions (Q19-Q24):

NEW QUESTION # 19
According to the IIA's Code of Ethics, which of the following best describes the conduct of an internal auditor who demonstrates the principle of competency?

  • A. The auditor does not accept anything that may impair or be presumed to impair her professional judgment
  • B. The auditor is prudent in the use and protection of information acquired in the course of her work
  • C. The auditor continually improves her proficiency and the effectiveness and quality of her services

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Competency Principle: According to the IIA Code of Ethics, internal auditors must apply the knowledge, skills, and experience needed to perform their duties effectively.
* Key Characteristics: Continuous improvement in proficiency, quality of services, and effectiveness directly align with the principle of competency.


NEW QUESTION # 20
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

  • A. Expertise in detecting and investigating fraud.
  • B. Sufficient knowledge to evaluate the risk of fraud.
  • C. Specialized skills for developing and implementing controls to prevent fraud.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210.A2: Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
* They are not expected to have the expertise of a fraud examiner or forensic investigator.
* Reasoning:
* Option Bis correct because internal auditors need enough knowledge to assess fraud risks and provide assurance over controls designed to mitigate those risks.
* Option Aoverstates the requirement, as fraud detection and investigation require specialized expertise typically outside the scope of general internal auditing.
* Option Crefers to control development, which is a management responsibility, not an internal audit role.
* Role of Internal Audit in Fraud:
* Auditors evaluate fraud risks and provide recommendations to improve controls, ensuring alignment with organizational risk management strategies.


NEW QUESTION # 21
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. 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.
  • B. 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.
  • C. Select a discovery sample of all loan applications to determine whether each application contains a statement of collateral.

Answer: B

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:
* OptionAinvolves usinggeneralized 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 # 22
An internal auditor discovers a number of control concerns while reviewing the organization's online payment system and decides to interview key employees involved in the system's design and maintenance. Which of the following best describes the results of those interviews?

  • A. Documentary evidence.
  • B. Testimonial evidence.
  • C. Analytical evidence.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Types of Audit Evidence:
* Testimonial Evidence: Information obtained through interviews, discussions, or statements from individuals.
* Documentary Evidence: Written or recorded materials, such as policies, procedures, or reports.
* Analytical Evidence: Evidence derived from analysis or comparisons of data.
* Reasoning:
* Option Ais correct because interviews with employees provide testimonial evidence based on their knowledge, perspectives, or observations.
* Option Brefers to tangible documents or records, which are not the direct result of interviews.
* Option Crefers to data analysis, which is not applicable in this scenario.
* Role of Testimonial Evidence:
* Testimonial evidence is often used to corroborate documentary evidence or provide insights into processes and controls.


NEW QUESTION # 23
Which of the following would best support the overall risk assessment?

  • A. Process narratives and process maps with descriptions of risks and controls.
  • B. Policies and process procedures provided by the manager of the process under review.
  • C. Detailed organizational charts to understand roles and reporting lines in the area under review.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Process Narratives and Maps: These provide a comprehensive view of the process, including descriptions of risks and controls, making them the most relevant for supporting risk assessments. They help identify gaps or weaknesses in the control environment.


NEW QUESTION # 24
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