Question IIA-IAP Explanations - Verified IIA-IAP Answers

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IIAP exam is designed to evaluate an individual's understanding of the International Professional Practices Framework (IPPF) and internal audit basics. IIA-IAP Exam consists of 75 multiple-choice questions and is available in online and paper-based formats. Internal Audit Practitioner certification is valid for three years, during which time certified individuals must earn continuing education credits to maintain their certification status.

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IIA Internal Audit Practitioner Sample Questions (Q24-Q29):

NEW QUESTION # 24
An internal auditor was gathering information regarding the receiving process and decided that a narrative memorandum was the best way to document the process. Which of the following explanations best supports the auditor's decision?

A. The department has comprehensive manuals
B. The process is simple and does not need a visual depiction
C. The audit engagement is not considering efficiency

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Narrative Memorandum: A narrative is most suitable for documenting simple processes that do not require detailed visuals or flowcharts for clarity. If the process can be effectively described in writing, a narrative is appropriate.

NEW QUESTION # 25
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. Recommend canceling the audit engagement, as it would be a duplication of effort to revisit the same process already reviewed by EHS.
B. Ignore the EHS review results, as the department is not a reliable source of information due to its lack of objectivity and independence.
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 # 26
Which of the following is the most appropriate audit objective?

A. Analyze the turnover rates in mining and production subsidiaries.
B. Evaluate common practices of hiring via interviews with responsible personnel.
C. Assess compliance with human resources hiring and compensation policies.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2210 - Engagement Objectives: Audit objectives must align with the engagement scope and focus on evaluating compliance, efficiency, and effectiveness.
* Reasoning:
* Option C is correct because assessing compliance with HR policies is a specific, measurable, and relevant objective aligned with internal audit's role in evaluating governance and control processes.
* Option A (analyzing turnover rates) is more investigative and does not align with assessing processes or compliance.
* Option B (evaluating common practices) is vague and lacks a clear link to controls, policies, or risks.
* Impact of Clear Objectives:
* Well-defined objectives, like compliance assessment, ensure the audit delivers actionable insights and adds value to the organization.

NEW QUESTION # 27
During engagement planning, which of the following sources would provide the internal auditor with relevant information to obtain an understanding of the process under review?

A. Mission, strategic objectives, and key performance indicators of the process under review, based on documented plans, policies, procedures, and discussions with management
B. The internal audit activity's annual audit plan and discussions that led to its development
C. Final report from an external financial audit of the process under review, which includes the status of management's corrective action plans

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Understanding the Process: The mission, strategic objectives, and key performance indicators (KPIs) provide a foundational understanding of the process under review and how it aligns with organizational goals. This information helps identify critical areas for assessment during the audit.

NEW QUESTION # 28
According to IIA guidance, which of the following is the primary criterion that should determine the extent of supervision required for an audit engagement?

A. Whether the engagement involves possible violations of laws and governmental regulations.
B. The number of hours approved by the board for that engagement.
C. The proficiency of the internal auditors and the complexity of the engagement.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Extent of Supervision: The level of supervision required is determined by the auditors' proficiency (experience and skill set) and the complexity of the engagement. This ensures the work is executed effectively while maintaining compliance with IIA standards.

NEW QUESTION # 29
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