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IIA-IAP exam is a computer-based exam that is administered at Pearson VUE testing centers around the world. IIA-IAP Exam consists of 115 multiple-choice questions and has a time limit of 2.5 hours. The passing score for the IIA-IAP exam is 70%.
Passing the IIA-IAP certification exam is a great achievement for individuals who are just starting their career in internal auditing. Internal Audit Practitioner certification demonstrates to employers and colleagues that the individual has a strong understanding of the principles and practices of internal auditing and is committed to professional development. Additionally, the certification can help individuals to enhance their job prospects and advance their careers in internal auditing.
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IIA-IAP certification exam covers the fundamental concepts and principles of internal auditing, including risk assessment, internal control, and governance. IIA-IAP exam consists of 100 multiple-choice questions and has a duration of two hours. Candidates who pass the exam are awarded the IIA-IAP Certification, which demonstrates their commitment to the internal audit profession and their ability to perform internal audit tasks at an entry-level.
NEW QUESTION # 28
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?
Answer: C
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 # 29
Management has decided that transactions less than $50 no longer require authorization. Which of the following risk management strategies does this represent?
Answer: A
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Acceptance: By deciding that transactions below $50 do not require authorization, management is consciously accepting the low-level risk associated with this decision to streamline processes and reduce administrative burdens.
NEW QUESTION # 30
Which of the following best demonstrates that appropriate and sufficient resources were allocated to an audit engagement to achieve its objectives?
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: The engagement work program outlines the resources, timelines, and procedures necessary to achieve the engagement's objectives.
* The work program must be approved to ensure alignment with objectives and resource requirements.
* Reasoning:
* Option B is correct because an approved engagement work program confirms that the scope, procedures, and resources were planned and allocated effectively.
* Option A (staff skills audit) evaluates team competencies but does not confirm specific resource allocation for an engagement.
* Option C (post-engagement survey) evaluates the outcome of the audit but does not provide evidence of initial resource planning.
* Significance of the Work Program:
* The work program ensures that the engagement is structured to meet objectives efficiently, with adequate and relevant resources.
NEW QUESTION # 31
Duties in a purchasing system are segregated and performed by different people. One person orders the goods, another person receives the goods, and another pays for the goods. This is an example of which of the following controls?
Answer: A
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Controls:
* Preventive controls are designed to prevent errors, fraud, or irregularities before they occur by ensuring that processes and activities are performed correctly from the start.
* Standard 2130 - Control: Internal auditors assess the design and effectiveness of controls to prevent risks from materializing.
* Reasoning:
* Option A is correct because segregation of duties (ordering, receiving, and paying) is a preventive control, as it prevents a single person from having the authority to initiate, authorize, and complete a transaction, reducing the risk of fraud or errors.
* Option B (Directive) would focus on guiding behavior, such as setting policies or expectations.
* Option C (Detective) refers to controls that identify and detect errors after they occur, such as audits or reviews.
* Impact of Segregation of Duties:
* By ensuring duties are segregated, organizations minimize the risk of fraudulent activities and errors, thus acting as a preventive measure.
NEW QUESTION # 32
A newly hired internal auditor has been asked to examine the sales of a specific product over the last four years. Which of the following analytical review techniques should the auditor employ?
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Analytical Techniques:
* Trend Analysis involves examining data over a period to identify patterns, shifts, or anomalies.
* This technique is appropriate for longitudinal data like sales over four years.
* Reasoning:
* Option B (Trend analysis) is correct as it helps the auditor analyze sales performance over time and identify patterns or deviations.
* Option A (Ratio analysis) compares related metrics, such as profitability or liquidity, but does not focus on changes over time.
* Option C (External benchmarking) involves comparing performance to external standards or competitors, not internal historical data.
* Application in Audit:
* Trend analysis allows the auditor to assess growth, seasonal patterns, or irregularities in sales data, providing actionable insights.
NEW QUESTION # 33
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