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IIA-IAP Certification Exam is an online, multiple-choice exam that consists of 100 questions. Candidates are given two hours to complete the exam, and a passing score of 70% or higher is required to earn the certification. IIA-IAP exam covers a variety of internal audit topics, including the role of internal audit in the organization, the audit process, risk assessment and management, and internal control frameworks. Candidates who successfully pass the IIA-IAP Certification Exam are awarded the Internal Audit Practitioner certification, which demonstrates their commitment to the internal audit profession and their ability to perform basic internal auditing tasks.

IIA Internal Audit Practitioner Sample Questions (Q65-Q70):

NEW QUESTION # 65
Management has decided that transactions less than $50 no longer require authorization. Which of the following risk management strategies does this represent?

A. Reduce.
B. Avoid.
C. Accept.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Acceptance: By deciding that transactions below $50 do not require authorization, management is consciously accepting the low-level risk associated with this decision to streamline processes and reduce administrative burdens.

NEW QUESTION # 66
Which of the following conditions would threaten an internal auditor's objectivity?

A. Using knowledge that the internal auditor gained in his previous position to update systems and controls descriptions.
B. Providing consulting services over the activity where the internal auditor was employed two years prior.
C. Providing assurance services over the activity where the internal auditor was employed 10 months prior.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1120 - Individual Objectivity: Internal auditors should avoid situations that impair their ability to provide unbiased assurance.
* Practice Advisory 1130.A1-1: Objectivity is impaired if auditors audit activities they previously managed within the last 12 months.
* Reasoning:
* Option A is correct because the auditor's recent role in the audited area creates a conflict of interest and threatens objectivity.
* Option B does not impair objectivity; leveraging prior knowledge is permissible if applied objectively.
* Option C (consulting services two years prior) does not impair objectivity due to the elapsed time.
* Mitigating Actions:
* Auditors with recent involvement in an audited area should disclose the conflict and be reassigned to preserve objectivity.

NEW QUESTION # 67
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. Whether the engagement involves possible violations of laws and governmental regulations.
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 # 68
Which of the following consulting engagements leverages an internal auditor's risk and control knowledge to help the organization keep abreast of emerging risks?

A. Advising on control designs
B. Assisting with the development of policies and procedures
C. Facilitating organizational control self-assessments

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Facilitating Organizational Control Self-Assessments (CSA): This engagement helps the organization identify, evaluate, and monitor risks and controls. By facilitating CSAs, internal auditors use their expertise to highlight emerging risks and ensure that the organization proactively addresses them.

NEW QUESTION # 69
Which of the following creates an opportunity for an employee to commit fraud?

A. Unfair compensation practices
B. Lack of adequate internal controls
C. The need for money to pay personal medical bills

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: In the Fraud Triangle, "opportunity" refers to the ability to commit fraud due to weaknesses in internal controls, such as poor segregation of duties, lack of oversight, or inadequate monitoring systems. These factors are directly within the organization's control to address.

NEW QUESTION # 70
......

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Emma Bailey Emma Bailey

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