LATEST IIA-IAP EXAM FEE - INTERNAL AUDIT PRACTITIONER REALISTIC 100% PASS QUIZ

Latest IIA-IAP Exam Fee - Internal Audit Practitioner Realistic 100% Pass Quiz

Latest IIA-IAP Exam Fee - Internal Audit Practitioner Realistic 100% Pass Quiz

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IIA-IAP (Internal Audit Practitioner) Certification Exam is a globally recognized certification offered by the Institute of Internal Auditors (IIA) for individuals who are new to the internal audit profession. Internal Audit Practitioner certification verifies that an individual has the knowledge and skills necessary to perform internal auditing tasks and provides a strong foundation for further growth in the field. The IIA-IAP Certification Exam is designed to assess the candidate's understanding of internal audit basics, including the International Standards for the Professional Practice of Internal Auditing (Standards), risk management, governance, and internal control.

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IIA Internal Audit Practitioner Sample Questions (Q43-Q48):

NEW QUESTION # 43
Which of the following would be a common benefit of using generalized audit software?

  • A. It eliminates the need to obtain access privileges to relevant and reliable data.
  • B. It enables internal auditors to analyze very large quantities of data.
  • C. It enables internal auditors to perform tests on data with the assistance of the organization's IT personnel.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Analyzing Large Data Sets: Generalized audit software (GAS) like ACL or IDEA allows auditors to process and analyze large volumes of data efficiently, identifying patterns, anomalies, and exceptions.


NEW QUESTION # 44
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 monitor how internal controls are functioning.
  • B. Internal auditors should assist in designing strong controls.
  • C. Internal auditors should evaluate the effectiveness and efficiency of internal controls.

Answer: C

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 C aligns with internal audit's role of evaluating internal controls objectively.
* Option A could involve a management function, which compromises independence.
* Option B focuses 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 # 45
Which of the following would best support the overall risk assessment?

  • A. Policies and process procedures provided by the manager of the process under review.
  • B. Process narratives and process maps with descriptions of risks and controls.
  • C. Detailed organizational charts to understand roles and reporting lines in the area under review.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Process Narratives and Maps: These provide a comprehensive view of the process, including descriptions of risks and controls, making them the most relevant for supporting risk assessments. They help identify gaps or weaknesses in the control environment.


NEW QUESTION # 46
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. Budgeted information of another organization in the same industry.
  • B. Similar data for the department from two prior periods.
  • C. The mean of all actual salary amounts.

Answer: B

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 # 47
According to IIA guidance, which of the following are commonly standardized workpaper elements?

  • A. Workpapers should include a uniform cross-referencing system
  • B. Workpapers should be completed in an electronic format only
  • C. Workpapers should be supported by inclusion of original documentation

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Uniform Cross-Referencing System: A standardized cross-referencing system ensures consistency, facilitates review, and allows quick retrieval of supporting documents. This is a best practice widely recommended by the IIA in workpaper documentation.


NEW QUESTION # 48
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