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Latest IIA-IAP Reliable Study Materials to Obtain IIA Certification

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IIA-IAP exam is a certification exam offered by the Institute of Internal Auditors (IIA) for those who want to become certified internal auditors. The IIA-IAP exam is an entry-level certification exam that is designed for those who are just starting their careers in internal auditing or for those who have been working in the field for less than two years. IIA-IAP exam covers a wide range of topics, including internal audit principles, practices, and methodologies, as well as risk management, governance, and ethics.

One of the benefits of obtaining the IIA-IAP certification is the recognition it provides to employers and colleagues of an individual's commitment to the internal audit profession. It also demonstrates a level of competence and understanding of the principles and practices of internal auditing. In addition, the IIA-IAP Certification can lead to career advancement opportunities and increased earning potential.

IIA-IAP exam is an entry-level certification that tests fundamental knowledge and skills in internal auditing. IIA-IAP exam is designed for individuals who are new to the profession and want to gain a broad understanding of internal auditing. Obtaining the IIA-IAP certification can demonstrate a strong foundation in internal audit principles and practices, and can be a stepping stone to more advanced certifications.

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IIA Internal Audit Practitioner Sample Questions (Q85-Q90):

NEW QUESTION # 85
What are the typical elements of a risk and control matrix used in the engagement planning process?

A. Business objectives, risks to the objectives, and impact and likelihood of the risk occurring.
B. Inherent process risks, as defined in a globally accepted risk and control framework.
C. Experience level of key management personnel, susceptibility of the process to fraud, and process automation.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk and Control Matrix: A risk and control matrix links business objectives, the risks threatening those objectives, and the likelihood and impact of the risks. It is used to prioritize areas for review and identify necessary controls.

NEW QUESTION # 86
What is the primary objective for testing controls?

A. To identify major patterns of errors or irregularities that might exist in final account balances.
B. To understand whether a control is in place.
C. To determine whether controls are operating effectively.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess whether internal controls are designed and operating effectively to mitigate identified risks.
* Standard 2200 - Engagement Planning: The objective of testing controls is to evaluate their effectiveness in achieving the desired outcomes.
* Reasoning:
* Option A is correct because the main goal of testing controls is to determine whether they are functioning effectively to manage the identified risks and achieve control objectives.
* Option B (understanding whether a control is in place) focuses on control design but not its operational effectiveness.
* Option C (identifying patterns of errors) is related to detecting irregularities, not directly testing the control's effectiveness.
* Effectiveness of Controls:
* Internal audit testing focuses on evaluating the effectiveness and operational efficiency of controls to ensure they reduce risks to an acceptable level.

NEW QUESTION # 87
In addition to the internal auditor, which of the following parties need to be present at an exit or closing conference?

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

Answer: A

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 # 88
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. The procurement process must be comprehensively documented.
C. Only qualified procurement professionals should manage the procurement process.

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 # 89
Operational management has asked the internal auditor for recommendations regarding an ineffective process. According to IIA guidance, which of the following would be the auditor's most appropriate response?

A. Explain that only management should recommend and implement the corrective action.
B. Agree to offer recommendations based on observations and conclusions.
C. Refrain from providing recommendations to preserve audit independence.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2410 - Criteria for Communicating: Recommendations should be provided where appropriate to address identified issues and improve processes.
* Standard 1100 - Independence and Objectivity: Providing recommendations does not impair independence as long as the auditor does not implement them.
* Reasoning:
* Option B is correct because providing recommendations based on objective observations is part of an internal auditor's role in adding value and improving operations.
* Option A unnecessarily avoids recommendations, misinterpreting independence requirements.
* Option C incorrectly suggests that the auditor cannot provide input; while management owns the implementation, the auditor's recommendations can guide effective solutions.
* Adding Value Through Recommendations:
* Recommendations are a critical output of the audit process, guiding management to address inefficiencies and improve operations.

NEW QUESTION # 90
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Mike Hall Mike Hall

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