COMPLETE IIA IAA-IAP EXAM DUMPS & IAA-IAP TEST PAPERS

Complete IIA IAA-IAP Exam Dumps & IAA-IAP Test Papers

Complete IIA IAA-IAP Exam Dumps & IAA-IAP Test Papers

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Tags: Complete IAA-IAP Exam Dumps, IAA-IAP Test Papers, Exam IAA-IAP Braindumps, Latest IAA-IAP Test Labs, Valid IAA-IAP Exam Cram

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IIA Internal Audit Practitioner Sample Questions (Q94-Q99):

NEW QUESTION # 94
Which of the following best describes the purpose of a detailed engagement risk assessment?

  • A. To prioritize risks to the activity's objectives, according to the likelihood of occurrence.
  • B. To consider significant risks to the activity's objectives and the means by which the potential impact of risk is kept to an acceptable level.
  • C. To ensure that all risks identified during the engagement planning process are addressed during the audit.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Engagement Risk Assessment:
* Definition: Engagement risk assessment evaluates specific risks relevant to the engagement and identifies controls or mitigations.
* Standard 2210.A1: Internal auditors must consider significant risks to objectives, focusing on their likelihood and impact.
* Reasoning:
* Option Cis correct because it aligns with assessing significant risks and ensuring they are mitigated to acceptable levels.
* Option A(ensuring all risks are addressed) is impractical since auditors prioritize significant risks within resource constraints.
* Option Bfocuses on prioritizing risks but does not encompass the broader purpose of addressing their impact or mitigation.
* Importance of Risk Assessment:
* It ensures that the audit focuses on high-impact risks, aligning resources with the organization's risk management framework.


NEW QUESTION # 95
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. Integrity
  • B. Competency
  • 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 Bis 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 # 96
The chief audit executive scheduled an exit meeting to discuss conclusions and recommendations with management before issuing the final engagement communication. Which of the following describes the primary reason that the exit meeting should be documented?

  • A. The information may be needed if a disagreement about the content arises
  • B. The Standards require that the internal auditor document exit meetings
  • C. The results of the discussion form part of the internal auditor's performance review

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Exit Meetings: The purpose of an exit meeting is to ensure that management understands and agrees (or documents any disagreements) with the audit findings, conclusions, and recommendations. Proper documentation ensures that there is a record of the discussion, which can be referred to later if disputes arise about the content.


NEW QUESTION # 97
Which of the following is considered an organization-level control, as opposed to process-level or transaction- level?

  • A. Segregated budgeting responsibilities of finance employees, including review and approval of financial reports.
  • B. Personnel policies requiring the employment of competent personnel, based on training and experience, to manage complex functions such as accounting and financial reporting.
  • C. Supervision of finance employees, including day-to-day oversight and periodic performance evaluations.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Organization-Level Controls: These controls address risks at the entity-wide level, such as governance, tone at the top, and policies affecting multiple processes. Personnel policies requiring qualified employees are an organization-level control as they apply broadly across the organization.


NEW QUESTION # 98
Which of the following consulting engagements leverages an internal auditor's risk and control knowledge to help the organization keep abreast of emerging risks?

  • A. Advising on control designs
  • B. Facilitating organizational control self-assessments
  • C. Assisting with the development of policies and procedures

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Facilitating Organizational Control Self-Assessments (CSA): This engagement helps the organization identify, evaluate, and monitor risks and controls. By facilitating CSAs, internal auditors use their expertise to highlight emerging risks and ensure that the organization proactively addresses them.


NEW QUESTION # 99
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