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IIA-IAP Free Dumps | IIA-IAP Latest Test Pdf

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IIA Internal Audit Practitioner Sample Questions (Q99-Q104):

NEW QUESTION # 99
Which of the following statements is appropriate to include in a high-quality internal audit engagement communication?

A. 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.
B. 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.
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: A

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 # 100
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

A. Specialized skills for developing and implementing controls to prevent fraud.
B. Sufficient knowledge to evaluate the risk of fraud.
C. Expertise in detecting and investigating fraud.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210.A2: Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
* They are not expected to have the expertise of a fraud examiner or forensic investigator.
* Reasoning:
* Option B is correct because internal auditors need enough knowledge to assess fraud risks and provide assurance over controls designed to mitigate those risks.
* Option A overstates the requirement, as fraud detection and investigation require specialized expertise typically outside the scope of general internal auditing.
* Option C refers to control development, which is a management responsibility, not an internal audit role.
* Role of Internal Audit in Fraud:
* Auditors evaluate fraud risks and provide recommendations to improve controls, ensuring alignment with organizational risk management strategies.

NEW QUESTION # 101
Which of the following is a purpose of an embedded audit module?

A. It verifies the correctness of account balances on a master file.
B. It identifies program code that may have been inserted for unauthorized purposes.
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 # 102
What is the primary purpose of a preliminary survey?

A. To determine why the engagement is being performed.
B. To gain an understanding of the process under review.
C. To develop a risk and control matrix for the process under review.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Preliminary Survey Purpose: The survey is conducted to gather sufficient information to understand the process, environment, and related risks. This understanding serves as a foundation for planning the engagement.

NEW QUESTION # 103
Which of the following best describes the difference between inherent risk and residual risk?

A. Inherent risk is the level of risk before the risk assessment process, residual risk is the level of risk remaining after completing the risk assessment process.
B. Inherent risk is the level of risk the organization is willing to accept, residual risk is the level of risk deemed unacceptable by the organization.
C. Inherent risk is the level of risk in the absence of any targeted actions or controls to alter its severity, residual risk is the risk remaining after implementing corrective actions.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Definitions from Risk Management Frameworks (e.g., COSO ERM):
* Inherent Risk: The raw or natural level of risk before any controls or mitigating actions are applied.
* Residual Risk: The remaining level of risk after implementing controls or risk responses.
* Reasoning:
* Option C is correct because it captures the essence of inherent risk as the baseline risk level and residual risk as the mitigated level after control actions.
* Option A inaccurately states that residual risk is tied to the completion of a risk assessment process instead of mitigation actions.
* Option B confuses inherent risk with risk appetite, which reflects the organization's tolerance for risk.
* Significance of Differentiation:
* Understanding both risk levels helps prioritize resources for managing critical risks and improving controls.

NEW QUESTION # 104
......

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