FREE PDF QUIZ IIA - NEWEST VALID IAA-IAP MOCK EXAM

Free PDF Quiz IIA - Newest Valid IAA-IAP Mock Exam

Free PDF Quiz IIA - Newest Valid IAA-IAP Mock Exam

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Tags: Valid IAA-IAP Mock Exam, Exam IAA-IAP Answers, IAA-IAP Study Reference, IAA-IAP Exams Dumps, Exam IAA-IAP Tutorial

Candidates who become IIA IAA-IAP certified demonstrate their worth in the IIA field. The Internal Audit Practitioner (IAA-IAP) certification is proof of their competence and skills. This is a highly sought-after skill in large IIA companies and makes a career easier for the candidate. To become certified, you must pass the Internal Audit Practitioner (IAA-IAP) certification exam. For this task, you need high-quality and accurate Internal Audit Practitioner (IAA-IAP) exam dumps. We have seen that candidates who study with outdated Internal Audit Practitioner (IAA-IAP) practice material don't get success and lose their resources.

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Exam IAA-IAP Answers - IAA-IAP Study Reference

Hence, memorizing them will help you get prepared for the IIA IAA-IAP examination in a short time. The product of ITExamSimulator comes in PDF, desktop practice exam software, and Internal Audit Practitioner (IAA-IAP) web-based practice test. To give you a complete understanding of these formats, we have discussed their features below.

IIA Internal Audit Practitioner Sample Questions (Q58-Q63):

NEW QUESTION # 58
Which of the following would provide the most reliable information on a process under review?

  • A. Testimonial evidence, such as survey responses, on the process under review
  • B. Documentation of a walkthrough conducted on the process under review
  • C. Benchmarking information on the process under review compared to similar industries or organizational units

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Walkthrough Documentation: A walkthrough involves direct observation of the process and verification of controls, making it one of the most reliable sources of evidence.


NEW QUESTION # 59
An internal auditor discovers that a vendor had submitted invoices and was paid for services not rendered. Which of the following controls is most appropriate to address this type of issue?

  • A. The supervisor should observe the input of invoices into the payment system.
  • B. The accounts payable clerk should compare the acknowledgment of goods and services to the invoice.
  • C. The supervisor should verify that the amount paid agrees with the contracted amount.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal audit must assess whether controls ensure compliance and prevent fraud.
* Reasoning:
* Option Adirectly addresses the root cause: payment for unrendered services. Requiring acknowledgment of receipt ensures only valid invoices are paid.
* Option B(observing invoice input) ensures data entry accuracy but does not address fraud.
* Option C(verifying amounts) ensures correct payments for legitimate invoices but does not prevent unauthorized payments.
* Best Practice:
* Verifying acknowledgment of services before payment is a preventive control, reducing fraud risk.


NEW QUESTION # 60
Which of the following actions could the chief audit executive take to most directly support the requirement that internal auditors maintain proficiency?

  • A. Provide training and mentoring opportunities
  • B. Obtain approval of the internal audit activity's purpose, authority, and responsibility
  • C. Develop a risk-based internal audit plan

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Training and Mentoring: Offering continuous training and mentoring ensures auditors enhance their skills and maintain proficiency, aligning with IIA Standard 1230: Continuing Professional Development.


NEW QUESTION # 61
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 information may be needed if a disagreement about the content arises
  • B. The Standards require that the internal auditor document exit meetings
  • C. The results of the discussion form part of the internal auditor's performance review

Answer: A

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 # 62
An internal auditor is performing an internal control assessment at a manufacturing company. The auditor observed that the accounts payable clerks have the ability to create new vendors without management's review and approval. How should the auditor document this observation?

  • A. The observation is a sign of adequate internal controls; however, effectiveness testing should be performed to ensure that the controls are operating as designed and intended.
  • B. The observation is an internal control weakness; therefore, additional testing should be performed to determine whether secondary mitigating controls exist or whether the control should be redesigned.
  • C. The observation doesn't affect the adequacy of the internal controls because the existing process controls ensure that invoices are promptly and accurately paid.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Control Assessment:
* Standard 2130 - Control: Internal auditors must evaluate the adequacy and effectiveness of controls in mitigating risks.
* COSO Framework: Proper segregation of duties is essential for preventing unauthorized transactions and fraud.
* Reasoning:
* Option Bis correct because the lack of management review and approval for creating vendors indicates a control weakness, as it creates opportunities for unauthorized vendors or fraud. The auditor should investigate whether mitigating controls exist (e.g., periodic review of vendor lists) or recommend redesigning the process to include managerial oversight.
* Option Adismisses the observation without considering its impact on control adequacy. Prompt payment alone does not address risks related to unauthorized vendors.
* Option Cincorrectly assumes the observation reflects adequate controls, which is not the case given the lack of management approval.
* Actionable Next Steps:
* Document the observation as a control deficiency.
* Perform additional testing to identify whether compensating controls mitigate the risk or recommend enhancements to strengthen controls.


NEW QUESTION # 63
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