LATEST IAA-IAP PRACTICE QUESTIONS | NEW IAA-IAP CRAM MATERIALS

Latest IAA-IAP Practice Questions | New IAA-IAP Cram Materials

Latest IAA-IAP Practice Questions | New IAA-IAP Cram Materials

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Tags: Latest IAA-IAP Practice Questions, New IAA-IAP Cram Materials, Exam IAA-IAP Questions Answers, IAA-IAP Latest Test Guide, IAA-IAP New Learning Materials

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IIA IAA-IAP Exam Dumps - Smart Way To Get Success

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IIA Internal Audit Practitioner Sample Questions (Q97-Q102):

NEW QUESTION # 97
Which of the following is an element of a well-formed audit recommendation?

  • A. Factors that allowed the condition to exist.
  • B. Factual evidence identified during the engagement.
  • C. Measures to prevent recurrence of the condition.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Audit Recommendations:
* According to theIIA Standards, a recommendation must be actionable, specific, and designed to address the root cause of an identified issue.
* Reasoning:
* Option Bis correct because effective recommendations focus on preventing recurrence by addressing root causes or implementing control measures.
* Option A(factual evidence) supports findings but does not constitute the recommendation itself.
* Option C(factors allowing the condition) provides context for findings but does not include actionable measures to resolve or prevent the issue.
* Key Components of a Recommendation:
* Recommendations should propose practical solutions to mitigate risks, improve processes, or enhance controls.
* Measures to prevent recurrence align with the goal of sustainable improvements.


NEW QUESTION # 98
An internal auditor is conducting a human resources audit engagement. Which of the following observations would increase the probability of fraud?

  • A. Lack of background checks.
  • B. Vague job descriptions.
  • C. Poor interview skills.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Fraud Risk Factors:
* Lack of proper vetting processes, such as background checks, significantly increases the likelihood of hiring individuals who may pose a fraud risk.
* Reasoning:
* Option Bis correct because failing to conduct background checks creates opportunities for hiring individuals with a history of unethical behavior, increasing fraud risk.
* Option A(vague job descriptions) may lead to inefficiencies or unclear expectations but does not directly relate to fraud risk.
* Option C(poor interview skills) might affect hiring quality but does not increase fraud probability.
* Best Practice:
* Conducting thorough background checks is a critical control to reduce fraud risk in human resources processes.


NEW QUESTION # 99
Management requested that the chief audit executive (CAE) include an audit of the organization's health and safety program in next year's annual audit plan. However, the internal audit activity has no expertise in this area. Which of the following would be the most appropriate actions for the CAE?

  • A. Accept the request, provided management has conducted a thorough risk assessment prior to the engagement to help guide the audit.
  • B. With management's agreement, amend the audit scope so that specialized expertise is not needed.
  • C. Work with an internal subject matter expert to complete the audit.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: The internal audit activity must possess or obtain the knowledge, skills, and competencies needed to perform its responsibilities effectively.
* If internal expertise is lacking, external resources or subject matter experts should be engaged.
* Reasoning:
* Option Ais correct because collaborating with an internal expert ensures that the audit is performed competently while addressing the health and safety risks comprehensively.
* Option B(amending the scope) avoids addressing critical risks, which may undermine the value of the audit.
* Option C(relying on management's risk assessment) is inappropriate, as the internal audit function must independently evaluate the area.
* Mitigating Lack of Expertise:
* Leveraging subject matter experts ensures compliance with professional standards and the integrity of the audit process.


NEW QUESTION # 100
Which of the following best describes the purpose of a detailed engagement risk assessment?

  • A. 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.
  • B. To ensure that all risks identified during the engagement planning process are addressed during the audit.
  • C. To prioritize risks to the activity's objectives, according to the likelihood of occurrence.

Answer: A

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 # 101
In a standard process mapping document, a diamond shape typically represents which of the following?

  • A. Process or operation.
  • B. Decision.
  • C. Flow line.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Diamond Shape: In process mapping, a diamond typically represents a decision point where a choice must be made based on conditions or criteria (e.g., "Yes" or "No").
* Example: "Is the invoice valid?" If yes, the process continues to payment; if no, it is rejected.


NEW QUESTION # 102
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