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IIA-IAP Exam is an entry-level certification that helps individuals gain familiarity with the basics of internal auditing. IIA-IAP Exam is suitable for professionals who have recently started their careers in internal auditing, analysts or auditors who work alongside experienced internal auditors, and professionals who manage or supervise internal audit activity. Internal Audit Practitioner certification provides individuals with a comprehensive understanding of the internal auditing process, which is essential for their growth and success in the field.

IIA Internal Audit Practitioner Sample Questions (Q17-Q22):

NEW QUESTION # 17
During a review of the payroll department, a payroll associate informs the internal auditor, in confidence, that a co-worker is under a great deal of personal stress and has made several uncharacteristic mistakes over the past few weeks. The payroll associate asks the auditor to be sympathetic to the co-worker when drafting the audit findings. If the auditor adjusts the audit findings in consideration of this request, which of the following IIA Code of Ethics principles would be violated?

A. Objectivity and Confidentiality.
B. Integrity and Objectivity.
C. Integrity and Confidentiality.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Code of Ethics:
* Integrity: Internal auditors must report facts accurately and honestly without bias or personal considerations.
* Objectivity: Internal auditors must remain unbiased and free from conflicts of interest when evaluating findings.
* Reasoning:
* Option A is correct because adjusting audit findings to accommodate personal circumstances violates the principles of integrity (accurate reporting) and objectivity (unbiased evaluation).
* Option B (Objectivity and Confidentiality) is incorrect because confidentiality is not violated in this scenario.
* Option C (Integrity and Confidentiality) is incorrect as the auditor is not compromising confidentiality.
* Professional Obligation:
* Internal auditors must base their findings solely on evidence, ensuring reports are factual, unbiased, and aligned with ethical standards.

NEW QUESTION # 18
Which of the following is the best audit procedure to determine whether all of a bank's loans are backed by sufficient collateral, properly aged as to current payments, and properly categorized as current or noncurrent?

A. Select a block sample of all loans in excess of a specified dollar limit and determine whether they are current and properly categorized. For each loan approved, verify aging and categorization.
B. Select a discovery sample of all loan applications to determine whether each application contains a statement of collateral.
C. Use generalized audit software to read the total loan file, age the file by last payment due, and select a statistical sample stratified by the current and aged population. Examine each loan selected for proper collateralization and aging.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* IIA Performance Standard 1220.A2: Internal auditors must consider using technology-based audit techniques and other data analysis tools.
* Performance Standard 2320 - Analysis and Evaluation: Sufficient and appropriate analysis should be performed to achieve the engagement's objectives.
* Best Audit Practice for the Scenario:
* Option A involves using generalized audit software (GAS) to extract relevant data from the loan file and stratify it based on specific criteria (e.g., age of loans, collateral backing). This ensures a statistically valid sample.
* By examining a stratified sample, the auditor can determine whether each loan is sufficiently collateralized, aged correctly, and categorized properly.
* This method provides comprehensive coverage while maintaining efficiency and adhering to best practices.
* Why Other Options Are Less Effective:
* Option B: A block sample only includes loans over a certain dollar threshold, which introduces a selection bias and overlooks smaller loans, making the sample less representative.
* Option C: A discovery sample limited to loan applications focuses on documentation compliance (e.g., collateral statements) but does not address loan aging or categorization.
* Practical Implications:
* Generalized audit software automates data analysis, reduces manual effort, and increases the reliability of audit conclusions.
* By selecting a representative statistical sample stratified by population characteristics, auditors gain insights that are applicable to the entire population.

NEW QUESTION # 19
Which of the following is an example of criteria in an engagement communication?

A. The audit test was designed to evaluate compliance with the organization's policies and procedures related to business conduct and ethics.
B. Annual business conduct training was not performed over the past two years due to inadequate operating budgets.
C. As a result of inadequate business conduct training, 16% of the executive team was unaware of their obligation to report potential conflicts of interest.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Criteria:
* Definition: Criteria are the standards, policies, or benchmarks used to evaluate the subject matter during an audit.
* IIA Standard 2410 - Criteria for Communicating: Audit reports should clearly state criteria to ensure findings are relevant and actionable.
* Reasoning:
* Option B is correct because it references the organization's policies and procedures, which serve as the criteria for evaluating compliance.
* Option A describes the condition (what was observed), not the criteria.
* Option C describes the effect (the impact of the observed condition).
* Importance of Criteria in Audit Reporting:
* Including criteria provides a basis for comparison, helping stakeholders understand why a finding is significant and how it deviates from expectations.

NEW QUESTION # 20
According to IIA guidance, which one of the following hiring strategies is most appropriate to fill internal audit positions?

A. Hire the required number of internal auditors to accomplish the audit plan
B. Assess each candidate's competency for an upcoming audit
C. Recruit candidates to fulfill the skills requirement of the internal audit activity

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Skills-Based Recruitment: Internal audit activities require diverse skills to handle complex audits.
Recruiting candidates based on the skills needed ensures the internal audit activity can fulfill its mandate effectively.

NEW QUESTION # 21
Which of the following statements is true regarding engagement status meetings?

A. They are expected to enhance the relationships between the internal audit activity and management of the area under review.
B. They mainly involve one-way communication from the internal auditor to management of the area under review.
C. They should involve the chief audit executive and senior management.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Enhancing Relationships: Status meetings facilitate two-way communication, keeping management informed about audit progress and fostering collaboration. Open discussions during these meetings help address concerns and strengthen the relationship between internal audit and management.

NEW QUESTION # 22
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Latest Internal Audit Practitioner free dumps & IIA-IAP passleader braindumps

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IIA Internal Audit Practitioner Sample Questions (Q17-Q22):

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