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IIA IIA-IAP Valid Exam Tips | Latest IIA-IAP Exam Test

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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 Exam is a multiple-choice exam that covers topics such as internal audit basics, risk assessment, control and governance, and business communication. IIA-IAP Exam consists of 100 questions and must be completed within two hours. To be eligible to take the exam, candidates must have a high school diploma or equivalent and have completed at least six months of internal audit experience or coursework. Upon passing the exam, candidates will receive the IIA-IAP certification and become part of a global community of internal auditors committed to excellence and professionalism.

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Quiz IIA - Authoritative IIA-IAP - Internal Audit Practitioner Valid Exam Tips

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IIA Internal Audit Practitioner Sample Questions (Q93-Q98):

NEW QUESTION # 93
During which stage of an audit engagement would the engagement supervisor identify the tasks that were already completed and the remaining tasks to be performed?

A. When allocating resources.
B. When developing the test approach.
C. When documenting the work program.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
The engagement supervisor identifies tasks that are completed and remaining tasks during the process of documenting the work program.
* Reference to IIA Standards:
* According to the IIA's Performance Standards 2200 - Engagement Planning, an internal audit work program should detail the procedures necessary to achieve the engagement's objectives.
* Standard 2240 - Engagement Work Program explicitly states that internal auditors must develop and document work programs that achieve the objectives of the engagement.
* Key Responsibilities:
* Documenting the work program involves listing tasks already performed to avoid redundancy and tasks remaining to ensure coverage of all planned activities.
* Supervisors are responsible for overseeing this process and ensuring the work aligns with the overall engagement plan.
* Relevance to Audit Practice:
* The work program serves as a roadmap for auditors, detailing specific steps to be taken.
* Identifying completed and pending tasks ensures proper time management and resource allocation during the engagement.

NEW QUESTION # 94
Which of the following is considered an organization-level control, as opposed to process-level or transaction- level?

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

Answer: A

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 # 95
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 ensure that all risks identified during the engagement planning process are addressed during the audit.
C. 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.

Answer: C

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 C is 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 B focuses 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 # 96
Which of the following would provide the most reliable information on a process under review?

A. Benchmarking information on the process under review compared to similar industries or organizational units
B. Testimonial evidence, such as survey responses, on the process under review
C. Documentation of a walkthrough conducted on the process under review

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Walkthrough Documentation: A walkthrough involves direct observation of the process and verification of controls, making it one of the most reliable sources of evidence.

NEW QUESTION # 97
Which of the following is an example of criteria in an engagement communication?

A. Annual business conduct training was not performed over the past two years due to inadequate operating budgets.
B. The audit test was designed to evaluate compliance with the organization's policies and procedures related to business conduct and ethics.
C. As a result of inadequate business conduct training, 16% of the executive team was unaware of their obligation to report potential conflicts of interest.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Criteria:
* Definition: Criteria are the standards, policies, or benchmarks used to evaluate the subject matter during an audit.
* IIA Standard 2410 - Criteria for Communicating: Audit reports should clearly state criteria to ensure findings are relevant and actionable.
* Reasoning:
* Option B is correct because it references the organization's policies and procedures, which serve as the criteria for evaluating compliance.
* Option A describes the condition (what was observed), not the criteria.
* Option C describes the effect (the impact of the observed condition).
* Importance of Criteria in Audit Reporting:
* Including criteria provides a basis for comparison, helping stakeholders understand why a finding is significant and how it deviates from expectations.

NEW QUESTION # 98
......

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