EXAM IIA-IAP QUICK PREP & IIA-IAP LATEST EXAM EXPERIENCE

Exam IIA-IAP Quick Prep & IIA-IAP Latest Exam Experience

Exam IIA-IAP Quick Prep & IIA-IAP Latest Exam Experience

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Tags: Exam IIA-IAP Quick Prep, IIA-IAP Latest Exam Experience, IIA-IAP Exam Bootcamp, Learning IIA-IAP Materials, IIA-IAP Test Passing Score

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IIA Internal Audit Practitioner Sample Questions (Q63-Q68):

NEW QUESTION # 63
Which of the following statements is appropriate to include in a high-quality internal audit engagement communication?

  • A. The internal audit team conducted an engagement under the assumption that significant control weaknesses were likely. The purpose of the review was to uncover those weaknesses.
  • B. The internal audit team conducted a review of the financial reporting process prior to year-end. The overall findings have been provided for management's consideration prior to the completion of the organization's annual external financial audit.
  • C. The internal audit team noted numerous weaknesses in the organization's internal controls over financial reporting. The team recommends that management determine the root cause of the weaknesses.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2420 - Quality of Communications: Reports should be accurate, objective, clear, concise, constructive, and complete.
* Findings must be presented factually and free from assumptions or bias.
* Reasoning:
* Option A is correct because it presents the purpose, timing, and findings in a clear and professional manner, allowing management to take informed action.
* Option B lacks balance and shifts responsibility for identifying root causes to management without actionable recommendations.
* Option C includes a biased assumption, undermining the report's objectivity and professionalism.
* Impact of Quality Communication:
* High-quality communications support decision-making by presenting findings and recommendations constructively.


NEW QUESTION # 64
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 supported by inclusion of original documentation
  • C. Workpapers should be completed in an electronic format only

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 # 65
During an accounts payable audit engagement, the internal auditor found that vendor invoices are always paid
30 days after the invoice date, regardless of the vendor's payment terms. The auditor also discovered that accounts payable employees are not comparing vendor invoices received to previous vendor invoices prior to payment. Based on the auditor's observations, what are the potential risks?

  • A. Poor cash management due to potentially lost payment discounts
  • B. Poor cash management due to potentially paying fraudulent invoices
  • C. Poor cash management due to potentially paying the wrong vendors

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Lost Payment Discounts: By paying all invoices after 30 days, regardless of terms, the organization risks losing early payment discounts offered by vendors, leading to poor cash management.


NEW QUESTION # 66
Which of the following statements is true regarding engagement status meetings?

  • A. They are expected to enhance the relationships between the internal audit activity and management of the area under review.
  • B. They should involve the chief audit executive and senior management.
  • C. They mainly involve one-way communication from the internal auditor to management of the area under review.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Enhancing Relationships: Status meetings facilitate two-way communication, keeping management informed about audit progress and fostering collaboration. Open discussions during these meetings help address concerns and strengthen the relationship between internal audit and management.


NEW QUESTION # 67
The engagement supervisor is coordinating an audit of investments and needs to select an audit team member to determine the test attributes. Which of the following team members is most appropriate for the engagement supervisor to select?

  • A. An auditor with strong leadership skills who has experience leading projects for the IT audit department.
  • B. An auditor who transferred from the investment department six months prior and has expert knowledge of investments.
  • C. An auditor who has investment audit experience from a previous organization, but who has never performed investment audits at the current organization.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: Internal auditors must possess the necessary knowledge, skills, and competencies to conduct audits effectively.
* The auditor should have the relevant expertise to evaluate investment-related test attributes.
* Reasoning:
* Option A is correct because the auditor has direct knowledge and expertise in investments, making them the most qualified to determine the relevant test attributes for the audit.
* Option B (IT audit experience) does not align with the specific skills required for investment auditing.
* Option C (previous experience) may offer some advantage, but the lack of familiarity with the current organization's processes limits the auditor's effectiveness.
* Importance of Expertise:
* Selecting an auditor with relevant experience and proficiency ensures that the audit will be conducted with accuracy and that the proper test attributes will be identified.


NEW QUESTION # 68
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