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IIA-IAP certification exam is a computer-based exam that is administered at Pearson VUE testing centers around the world. Candidates must register for the exam through the IIA website and pay the exam fee. IIA-IAP Exam is available in multiple languages, including English, Spanish, and Chinese.

IIA Internal Audit Practitioner Sample Questions (Q21-Q26):

NEW QUESTION # 21
Which of the following situations is most likely to require a compliance engagement from the internal audit activity?

A. An organization is preparing to launch an enhanced service for its online customer information system.
B. An organization must restate its financial statements due to an error in fixed asset valuation.
C. An organization is subject to newly imposed industry health and safety regulations.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Governance: Internal audit must assess compliance with applicable laws, regulations, and industry standards.
* Compliance Auditing: These engagements assess whether the organization adheres to specific rules and regulations.
* Reasoning:
* Option C involves newly imposed health and safety regulations, making compliance auditing critical to ensure the organization avoids penalties or operational disruptions.
* Option A pertains to financial reporting, typically addressed in assurance or financial audits.
* Option B involves a new service launch, which may require consulting or operational audits but not necessarily compliance-focused.

NEW QUESTION # 22
If an internal auditor needs to evaluate compliance with an internal control policy, which sampling method is most appropriate?

A. Difference estimation sampling
B. Attribute sampling
C. Probability-proportional-to-size sampling

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Attribute Sampling: This method is used to evaluate compliance by determining the presence or absence of specific attributes (e.g., adherence to policies or procedures). It is most suitable for assessing yes/no questions or deviations in internal control testing.
* Example: Checking whether purchase orders are properly approved as per policy.

NEW QUESTION # 23
The chief audit executive scheduled an exit meeting to discuss conclusions and recommendations with management before issuing the final engagement communication. Which of the following describes the primary reason that the exit meeting should be documented?

A. The results of the discussion form part of the internal auditor's performance review
B. The Standards require that the internal auditor document exit meetings
C. The information may be needed if a disagreement about the content arises

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Exit Meetings: The purpose of an exit meeting is to ensure that management understands and agrees (or documents any disagreements) with the audit findings, conclusions, and recommendations. Proper documentation ensures that there is a record of the discussion, which can be referred to later if disputes arise about the content.

NEW QUESTION # 24
Which of the following is an element of a well-formed audit recommendation?

A. Factors that allowed the condition to exist.
B. Factual evidence identified during the engagement.
C. Measures to prevent recurrence of the condition.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Audit Recommendations:
* According to the IIA Standards, a recommendation must be actionable, specific, and designed to address the root cause of an identified issue.
* Reasoning:
* Option B is correct because effective recommendations focus on preventing recurrence by addressing root causes or implementing control measures.
* Option A (factual evidence) supports findings but does not constitute the recommendation itself.
* Option C (factors allowing the condition) provides context for findings but does not include actionable measures to resolve or prevent the issue.
* Key Components of a Recommendation:
* Recommendations should propose practical solutions to mitigate risks, improve processes, or enhance controls.
* Measures to prevent recurrence align with the goal of sustainable improvements.

NEW QUESTION # 25
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 proficiency of the internal auditors and the complexity of the engagement.
B. Whether the engagement involves possible violations of laws and governmental regulations.
C. The number of hours approved by the board for that engagement.

Answer: A

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 # 26
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