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100% Pass IIA - Reliable Detail IIA-IAP Explanation

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Achieving the IIA-IAP Certification demonstrates to employers and colleagues that an individual has a comprehensive understanding of the internal audit profession and is committed to their ongoing professional development. It is a valuable credential for those looking to enter the internal auditing profession or for those who are already working in the field but want to enhance their knowledge and skills.

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IIA-IAP exam is a challenging exam that requires a significant amount of preparation and study. IIA-IAP Exam is computer-based and consists of 125 multiple-choice questions that must be answered within three hours. In order to pass the exam, individuals must achieve a score of 70 or higher. There are a variety of resources available to help individuals prepare for the exam, including study guides, online courses, and practice exams.

IIA Internal Audit Practitioner Sample Questions (Q30-Q35):

NEW QUESTION # 30
Which of the following analytical procedures would be most effective for an internal auditor to examine changes in performance over time?

A. Analysis of common size financial statements
B. Trend analysis
C. Ratio analysis

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Trend Analysis: This technique identifies patterns or shifts in performance by analyzing data over time. It is particularly effective for tracking metrics like revenue, expenses, or production volumes across reporting periods to spot anomalies or trends.

NEW QUESTION # 31
During a travel expense audit engagement, the internal auditor discovered that the accounts payable staff spend a significant amount of time previewing expense reports before the reports are sent to managers for review and approval. The total of all expense reports during a year represents less than 1% of the organization' s total budget. Which of the following best supports the auditor's recommendation to reduce the level of reviews?

A. The inherent risk of travel expense fraud is low.
B. The cost of the control outweighs the benefit.
C. The duplication of effort in the review process is unnecessary.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Cost-Benefit Analysis: Controls should be cost-effective. Spending significant resources on a process that accounts for less than 1% of the budget indicates that the cost of the control (extensive reviews) outweighs the potential benefits.

NEW QUESTION # 32
Management requested that the chief audit executive (CAE) include an audit of the organization's health and safety program in next year's annual audit plan. However, the internal audit activity has no expertise in this area. Which of the following would be the most appropriate actions for the CAE?

A. With management's agreement, amend the audit scope so that specialized expertise is not needed.
B. Work with an internal subject matter expert to complete the audit.
C. Accept the request, provided management has conducted a thorough risk assessment prior to the engagement to help guide the audit.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: The internal audit activity must possess or obtain the knowledge, skills, and competencies needed to perform its responsibilities effectively.
* If internal expertise is lacking, external resources or subject matter experts should be engaged.
* Reasoning:
* Option A is correct because collaborating with an internal expert ensures that the audit is performed competently while addressing the health and safety risks comprehensively.
* Option B (amending the scope) avoids addressing critical risks, which may undermine the value of the audit.
* Option C (relying on management's risk assessment) is inappropriate, as the internal audit function must independently evaluate the area.
* Mitigating Lack of Expertise:
* Leveraging subject matter experts ensures compliance with professional standards and the integrity of the audit process.

NEW QUESTION # 33
Which of the following elements of the Fraud Triangle is directly under the organization's control?

A. Opportunity
B. Pressure
C. Rationalization

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity: Organizations can reduce fraud risk by implementing strong internal controls, which limit opportunities for fraud. Examples include segregation of duties, access restrictions, and audit trails.

NEW QUESTION # 34
Which of the following would best support the overall risk assessment?

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

Answer: C

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 # 35
......

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Mark Miller Mark Miller

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