RELIABLE IIA IIA-IAP EXAM SIMULATOR, IIA-IAP EXAM PASS4SURE

Reliable IIA IIA-IAP Exam Simulator, IIA-IAP Exam Pass4sure

Reliable IIA IIA-IAP Exam Simulator, IIA-IAP Exam Pass4sure

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Tags: Reliable IIA-IAP Exam Simulator, IIA-IAP Exam Pass4sure, Authorized IIA-IAP Test Dumps, IIA-IAP Pdf Files, Associate IIA-IAP Level Exam

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IIA-IAP Certification Exam is an excellent opportunity for entry-level internal auditors to demonstrate their knowledge and commitment to the profession. Internal Audit Practitioner certification can enhance their career prospects and help them stand out in a competitive job market. IIA-IAP exam is designed to test the candidate's knowledge of the internal audit process, ethics, and professional standards. Candidates who pass the exam receive the IIA-IAP certification, which is valid for three years and maintained through annual CPE credits.

IIA-IAP certification exam is a computer-based exam that consists of 125 multiple-choice questions. IIA-IAP exam covers a wide range of topics including the role of internal audit, risk management, governance, internal control, and data analytics. Candidates are given two hours and thirty minutes to complete the exam. The passing score is 70%, and candidates who pass the exam are awarded the IIA-IAP Certification.

IIA-IAP certification is a valuable credential for individuals who are beginning their careers in internal auditing. It provides a foundation of knowledge and skills that is recognized globally and can lead to career advancement opportunities. Obtaining the certification demonstrates a commitment to the profession and a dedication to maintaining the highest standards of ethics and professionalism.

IIA Internal Audit Practitioner Sample Questions (Q54-Q59):

NEW QUESTION # 54
An internal auditor discovers that a vendor had submitted invoices and was paid for services not rendered. Which of the following controls is most appropriate to address this type of issue?

  • A. The accounts payable clerk should compare the acknowledgment of goods and services to the invoice.
  • B. The supervisor should verify that the amount paid agrees with the contracted amount.
  • C. The supervisor should observe the input of invoices into the payment system.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal audit must assess whether controls ensure compliance and prevent fraud.
* Reasoning:
* Option A directly addresses the root cause: payment for unrendered services. Requiring acknowledgment of receipt ensures only valid invoices are paid.
* Option B (observing invoice input) ensures data entry accuracy but does not address fraud.
* Option C (verifying amounts) ensures correct payments for legitimate invoices but does not prevent unauthorized payments.
* Best Practice:
* Verifying acknowledgment of services before payment is a preventive control, reducing fraud risk.


NEW QUESTION # 55
In the absence of any action to control or modify the circumstances, the probability of loss arising from circumstances existing in an environment is known as which of the following types of risk?

  • A. Inherent
  • B. Residual
  • C. Control

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Inherent Risk: This is the risk that exists in an environment or process before any actions or controls are applied to mitigate it. It reflects the natural vulnerability of the process to errors or misstatements.


NEW QUESTION # 56
An internal auditor is planning a business continuity audit engagement at a remote manufacturing plant. During planning interviews, the plant manager stated that the local Environmental, Health, and Safety (EHS) Department, which reports to the plant manager, had completed a similar review six months ago. The EHS review did not find any significant weaknesses. How should the internal auditor consider the EHS review results in the current audit engagement planning?

  • A. Ignore the EHS review results, as the department is not a reliable source of information due to its lack of objectivity and independence.
  • B. Recommend canceling the audit engagement, as it would be a duplication of effort to revisit the same process already reviewed by EHS.
  • C. Evaluate the objectivity and competency of the EHS reviewers and their work to determine whether their review results may be relied upon.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1220 - Due Professional Care: Internal auditors must consider the reliability of other assurance providers.
* Standard 2050 - Coordination and Reliance: Internal auditors may rely on the work of other assurance providers if their objectivity, independence, and competency are assessed and deemed adequate.
* Why Evaluate EHS Work:
* The EHS review results can be useful if the review process was thorough, objective, and performed by competent individuals.
* Dismissing their results without evaluation (Option A) could lead to inefficiencies or redundant work.
* Canceling the engagement entirely (Option B) ignores the internal audit's responsibility for independent assurance.
* Audit Planning Impact:
* By leveraging the EHS review where appropriate, the internal auditor can focus resources on other areas not covered or on verifying key findings.


NEW QUESTION # 57
Which of the following conditions involving the chief audit executive (CAE) is most likely to impair the independence of the internal audit activity?

  • A. The CAE reports directly to the controller for the organization, and the internal audit activity resides in the office of the comptroller.
  • B. The CAE regularly attends and participates in critical executive management meetings for the organization.
  • C. The CAE has direct access to records, personnel, and physical properties throughout the organization.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reporting to the Controller: Independence is compromised when the CAE reports to an operational management role such as the controller, as this creates a conflict of interest and undermines objectivity.
The IIA Standards recommend that the CAE report functionally to the board and administratively to the CEO to preserve independence.


NEW QUESTION # 58
Which of the following statements is true regarding root cause analysis?

  • A. Root cause analysis is a simple, straightforward tool that can be implemented by internal auditors who may not possess relevant subject matter expertise.
  • B. Root cause analysis enables internal auditors to improve the effectiveness and efficiency of the organization's governance, risk management, and control processes.
  • C. Root cause analysis enables internal auditors to reveal multiple causes and recommend control enhancements for each cause identified.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Root Cause Analysis: This method identifies underlying causes of issues rather than just addressing symptoms, allowing internal auditors to recommend targeted improvements to controls and processes.
By identifying multiple causes, auditors can propose tailored control enhancements to address each cause effectively.


NEW QUESTION # 59
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