PASS GUARANTEED VALID IIA - LATEST IAA-IAP TEST ONLINE

Pass Guaranteed Valid IIA - Latest IAA-IAP Test Online

Pass Guaranteed Valid IIA - Latest IAA-IAP Test Online

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Tags: Latest IAA-IAP Test Online, IAA-IAP Valid Exam Experience, IAA-IAP Certification Test Questions, IAA-IAP Examcollection Dumps Torrent, Latest IAA-IAP Test Cost

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Whatever your professional, working towards a Internal Audit Practitioner IAA-IAP certification or designation takes a significant amount of effort and time. Once you have put all your effort, and investment and prepared well then you will be in a position to pass the Internal Audit Practitioner IAA-IAP Certification Exam. But once you get success in the Internal Audit Practitioner IAA-IAP test you’ll be eligible to avail all the personal and professional benefits associated with Internal Audit Practitioner IAA-IAP certification.

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IIA Internal Audit Practitioner Sample Questions (Q28-Q33):

NEW QUESTION # 28
What are the typical elements of a risk and control matrix used in the engagement planning process?

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

Answer: C

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 # 29
When is it appropriate for the internal auditor to determine the engagement's scope and objectives?

  • A. During the planning of the engagement
  • B. During the performance of the engagement
  • C. In the final engagement report

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Planning Phase: According to the International Standards for the Professional Practice of Internal Auditing (ISPPIA),Standard 2200(Engagement Planning), the internal auditor must establish the engagement's objectives, scope, and criteria during the planning phase. This ensures that the audit is focused and aligned with organizational objectives and stakeholder expectations.
* Performance Phase: During this phase, auditors execute the planned activities, but the scope and objectives are typically fixed unless there are significant changes in circumstances.
* Final Engagement Report: The final report documents the outcomes of the audit, not the scope or objectives, which are pre-determined.
References:
* IIA Standard 2200: Engagement Planning.
* IIA Standard 2210: Engagement Objectives.
* IIA Implementation Guides on Engagement Planning emphasize determining the scope and objectives early to provide direction and clarity.
Thus, the correct answer isA. During the planning of the engagement.


NEW QUESTION # 30
An internal auditor wants to use computerized audit tools and techniques. Which of the following is a common obstacle that the auditor is likely to face?

  • A. A lack of specialist IT skills needed to use the tools.
  • B. Difficulty obtaining access privileges to relevant and reliable data.
  • C. Difficulty getting the requisite IT personnel to conduct the tests.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Challenges with Computer-Assisted Audit Tools (CAATs):
* One of the most common issues auditors face is obtaining access to the data needed for analysis, especially when data is stored in secure or restricted systems.
* Access issues may arise due to technical restrictions, security policies, or inadequate documentation of data sources.
* Reasoning:
* Option Ais correct because gaining access to relevant, complete, and reliable data is a frequent challenge when using computerized audit tools.
* Option Bis less common, as CAATs are often designed for use by auditors without requiring advanced IT skills.
* Option Crefers to reliance on IT personnel, which is less relevant for independent auditors using their own tools.
* Mitigating Access Challenges:
* Establishing clear communication with IT and obtaining necessary approvals in advance can help overcome data access issues.


NEW QUESTION # 31
An internal auditor wants to establish the reasonableness of the current period's total payroll costs for the finance department. She divides the actual monthly payroll cost by the number of employees to derive an average cost per employee. Which of the following comparisons to this average cost would be considered trend analysis?

  • A. The mean of all actual salary amounts.
  • B. Budgeted information of another organization in the same industry.
  • C. Similar data for the department from two prior periods.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Trend Analysis: This involves comparing data across different periods to identify patterns, fluctuations, or anomalies. Comparing the current average cost per employee to prior periods' data is a clear example of trend analysis.


NEW QUESTION # 32
Which of the following describes how the internal audit activity can add the greatest value by assisting management with internal controls?

  • A. Internal auditors should assist in designing strong controls.
  • B. Internal auditors should evaluate the effectiveness and efficiency of internal controls.
  • C. Internal auditors should monitor how internal controls are functioning.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal audit must evaluate and contribute to the improvement of governance, risk management, and control processes.
* Designing or operating controls (Options A and B) risks impairing internal audit independence (Standard 1100).
* Reasoning:
* Option Caligns with internal audit's role of evaluating internal controls objectively.
* Option Acould involve a management function, which compromises independence.
* Option Bfocuses on monitoring, a management responsibility, and does not leverage internal audit's evaluative expertise.
* Best Practice:
* By evaluating controls, internal auditors provide actionable insights that help improve control effectiveness and efficiency without compromising independence.


NEW QUESTION # 33
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