VALID IAA-IAP EXAM TUTORIAL & IAA-IAP EXAM PASS GUIDE

Valid IAA-IAP Exam Tutorial & IAA-IAP Exam Pass Guide

Valid IAA-IAP Exam Tutorial & IAA-IAP Exam Pass Guide

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Tags: Valid IAA-IAP Exam Tutorial, IAA-IAP Exam Pass Guide, Exam IAA-IAP Material, IAA-IAP Positive Feedback, IAA-IAP New APP Simulations

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

NEW QUESTION # 24
An internal auditor is conducting a human resources audit engagement. Which of the following observations would increase the probability of fraud?

  • A. Poor interview skills.
  • B. Vague job descriptions.
  • C. Lack of background checks.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Fraud Risk Factors:
* Lack of proper vetting processes, such as background checks, significantly increases the likelihood of hiring individuals who may pose a fraud risk.
* Reasoning:
* Option Bis correct because failing to conduct background checks creates opportunities for hiring individuals with a history of unethical behavior, increasing fraud risk.
* Option A(vague job descriptions) may lead to inefficiencies or unclear expectations but does not directly relate to fraud risk.
* Option C(poor interview skills) might affect hiring quality but does not increase fraud probability.
* Best Practice:
* Conducting thorough background checks is a critical control to reduce fraud risk in human resources processes.


NEW QUESTION # 25
Which sampling technique uses a nonrandom selection process that is expected to be representative of the population as a whole?

  • A. Judgmental sampling.
  • B. Haphazard sampling.
  • C. Attribute sampling.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definition of Sampling Techniques:
* Judgmental Sampling: A nonrandom method where the auditor uses their professional judgment to select items expected to be representative of the population.
* Haphazard Sampling: A nonrandom approach without systematic methodology, relying on arbitrary selection.
* Attribute Sampling: A statistical sampling method used to test for specific attributes or characteristics in a population.
* Reasoning:
* Option Ais correct because judgmental sampling intentionally selects items based on the auditor' s knowledge and expectations, aiming for representation.
* Option B(haphazard sampling) lacks intentionality and may not reliably represent the population.
* Option C(attribute sampling) involves random, statistical selection rather than a nonrandom process.
* When to Use Judgmental Sampling:
* It is appropriate when the auditor has sufficient expertise to select representative items and when statistical sampling is not feasible.


NEW QUESTION # 26
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. The number of hours approved by the board for that engagement.
  • B. The proficiency of the internal auditors and the complexity of the engagement.
  • C. Whether the engagement involves possible violations of laws and governmental regulations.

Answer: B

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 # 27
According to The IIA's Code of Ethics, which of the following best illustrates the principle of confidentiality?

  • A. The auditor declined to delegate critical audit lead responsibilities to a new auditor.
  • B. The auditor declined to lead an audit of a department in which his nephew is the manager.
  • C. The auditor refused to use information learned during an audit to diversify his financial portfolio.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to the IIA Code of Ethics - Confidentiality:
* The principle of confidentiality requires internal auditors to respect and protect the value of information obtained during the course of their work and to avoid using it for personal gain.
* Reasoning:
* Option Ais correct because refusing to use audit information for personal financial gain directly aligns with the principle of confidentiality.
* Option Brelates to competency and professional judgment, not confidentiality.
* Option Cpertains to avoiding conflicts of interest, which is an example of the principle of objectivity.
* Application of Confidentiality:
* Internal auditors must safeguard sensitive information and use it solely for legitimate audit purposes.


NEW QUESTION # 28
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 documenting the work program.
  • B. When allocating resources.
  • C. When developing the test approach.

Answer: A

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 theIIA's Performance Standards 2200 - Engagement Planning, an internal audit work program should detail the procedures necessary to achieve the engagement's objectives.
* Standard2240 - Engagement Work Programexplicitly 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 # 29
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