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IIA-IAP (Internal Audit Practitioner) Exam is a certification designed for professionals who are looking to achieve a career in internal auditing. It is an excellent way for individuals to validate their skills, knowledge, and experience in this field. The IIA IIA-IAP Exam is created by the Institute of Internal Auditors (IIA), and it helps professionals to enhance their career opportunities and advance their careers in the field of internal auditing.

IIA-IAP (Internal Audit Practitioner) Exam is a certification exam offered by the Institute of Internal Auditors (IIA). IIA-IAP exam is designed for individuals who are new to the internal auditing profession and are looking to demonstrate their knowledge and understanding of internal audit basics. It is an entry-level exam that provides a foundation for those seeking a career in internal auditing.

IIA-IAP (Internal Audit Practitioner) Certification Exam is a globally recognized certification program that is designed for entry-level internal auditors. Internal Audit Practitioner certification is offered by the Institute of Internal Auditors (IIA), which is the leading professional association for internal auditors. The IIA-IAP Certification is an excellent way for internal auditors to demonstrate their knowledge and skills in the field and establish themselves as professionals in the industry.

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IIA Internal Audit Practitioner Sample Questions (Q98-Q103):

NEW QUESTION # 98
Which of the following actions could the chief audit executive take to most directly support the requirement that internal auditors maintain proficiency?

A. Develop a risk-based internal audit plan
B. Provide training and mentoring opportunities
C. Obtain approval of the internal audit activity's purpose, authority, and responsibility

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Training and Mentoring: Offering continuous training and mentoring ensures auditors enhance their skills and maintain proficiency, aligning with IIA Standard 1230: Continuing Professional Development.

NEW QUESTION # 99
Management requested that the chief audit executive (CAE) include an audit of the organization's health and safety program in next year's annual audit plan. However, the internal audit activity has no expertise in this area. Which of the following would be the most appropriate actions for the CAE?

A. With management's agreement, amend the audit scope so that specialized expertise is not needed.
B. Accept the request, provided management has conducted a thorough risk assessment prior to the engagement to help guide the audit.
C. Work with an internal subject matter expert to complete the audit.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: The internal audit activity must possess or obtain the knowledge, skills, and competencies needed to perform its responsibilities effectively.
* If internal expertise is lacking, external resources or subject matter experts should be engaged.
* Reasoning:
* Option A is correct because collaborating with an internal expert ensures that the audit is performed competently while addressing the health and safety risks comprehensively.
* Option B (amending the scope) avoids addressing critical risks, which may undermine the value of the audit.
* Option C (relying on management's risk assessment) is inappropriate, as the internal audit function must independently evaluate the area.
* Mitigating Lack of Expertise:
* Leveraging subject matter experts ensures compliance with professional standards and the integrity of the audit process.

NEW QUESTION # 100
Which of the following is the best audit procedure to determine whether all of a bank's loans are backed by sufficient collateral, properly aged as to current payments, and properly categorized as current or noncurrent?

A. Select a block sample of all loans in excess of a specified dollar limit and determine whether they are current and properly categorized. For each loan approved, verify aging and categorization.
B. Use generalized audit software to read the total loan file, age the file by last payment due, and select a statistical sample stratified by the current and aged population. Examine each loan selected for proper collateralization and aging.
C. Select a discovery sample of all loan applications to determine whether each application contains a statement of collateral.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* IIA Performance Standard 1220.A2: Internal auditors must consider using technology-based audit techniques and other data analysis tools.
* Performance Standard 2320 - Analysis and Evaluation: Sufficient and appropriate analysis should be performed to achieve the engagement's objectives.
* Best Audit Practice for the Scenario:
* Option A involves using generalized audit software (GAS) to extract relevant data from the loan file and stratify it based on specific criteria (e.g., age of loans, collateral backing). This ensures a statistically valid sample.
* By examining a stratified sample, the auditor can determine whether each loan is sufficiently collateralized, aged correctly, and categorized properly.
* This method provides comprehensive coverage while maintaining efficiency and adhering to best practices.
* Why Other Options Are Less Effective:
* Option B: A block sample only includes loans over a certain dollar threshold, which introduces a selection bias and overlooks smaller loans, making the sample less representative.
* Option C: A discovery sample limited to loan applications focuses on documentation compliance (e.g., collateral statements) but does not address loan aging or categorization.
* Practical Implications:
* Generalized audit software automates data analysis, reduces manual effort, and increases the reliability of audit conclusions.
* By selecting a representative statistical sample stratified by population characteristics, auditors gain insights that are applicable to the entire population.

NEW QUESTION # 101
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?

A. External benchmarking.
B. Ratio analysis.
C. Trend analysis.

Answer: C

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 # 102
Which of the following is a purpose of an embedded audit module?

A. It identifies program code that may have been inserted for unauthorized purposes.
B. It verifies the correctness of account balances on a master file.
C. It enables continuous monitoring of transaction processing.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Embedded Audit Modules:
* Definition: Embedded audit modules are software components integrated into systems to monitor transactions in real-time or at regular intervals.
* They support continuous auditing by flagging anomalies or predefined conditions.
* Reasoning:
* Option A is correct because embedded audit modules facilitate continuous monitoring by evaluating transactions as they occur.
* Option B relates to detecting unauthorized program code, a task better suited to software integrity checks or penetration testing.
* Option C (verifying account balances) is a manual or batch review task unrelated to embedded audit modules.
* Benefits of Embedded Audit Modules:
* Real-time insights into compliance, fraud detection, and operational inefficiencies.
* Enhance audit efficiency and effectiveness in high-transaction environments.

NEW QUESTION # 103
......

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