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Passing the IIA-IAP exam is a valuable achievement for individuals who are starting their career in internal auditing. Internal Audit Practitioner certification demonstrates to employers and colleagues that the individual has a strong understanding of the fundamental concepts and principles of internal auditing. It also provides a foundation for further professional development in this field, such as the Certified Internal Auditor (CIA) certification offered by the IIA. With the increasing importance of internal auditing in organizations around the world, the IIA-IAP certification is becoming an essential qualification for those who want to pursue a career in this field.
The Internal Audit Practitioner (IIA-IAP) Certification Exam is an entry-level certification exam offered by the Institute of Internal Auditors (IIA) for individuals who are new to the internal audit profession. IIA-IAP Exam is designed to test the candidate's knowledge of internal auditing principles and practices, as well as their understanding of the International Professional Practices Framework (IPPF) and the Code of Ethics. The IIA-IAP certification is a great way for individuals to demonstrate their commitment to the internal audit profession and to enhance their career prospects.
NEW QUESTION # 34
Which of the following describes how the internal audit activity can add the greatest value by assisting management with internal controls?
Answer: A
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal audit must evaluate and contribute to the improvement of governance, risk management, and control processes.
* Designing or operating controls (Options A and B) risks impairing internal audit independence (Standard 1100).
* Reasoning:
* Option C aligns with internal audit's role of evaluating internal controls objectively.
* Option A could involve a management function, which compromises independence.
* Option B focuses on monitoring, a management responsibility, and does not leverage internal audit's evaluative expertise.
* Best Practice:
* By evaluating controls, internal auditors provide actionable insights that help improve control effectiveness and efficiency without compromising independence.
NEW QUESTION # 35
Duties in a purchasing system are segregated and performed by different people. One person orders the goods, another person receives the goods, and another pays for the goods. This is an example of which of the following controls?
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Internal Controls:
* Preventive controls are designed to prevent errors, fraud, or irregularities before they occur by ensuring that processes and activities are performed correctly from the start.
* Standard 2130 - Control: Internal auditors assess the design and effectiveness of controls to prevent risks from materializing.
* Reasoning:
* Option A is correct because segregation of duties (ordering, receiving, and paying) is a preventive control, as it prevents a single person from having the authority to initiate, authorize, and complete a transaction, reducing the risk of fraud or errors.
* Option B (Directive) would focus on guiding behavior, such as setting policies or expectations.
* Option C (Detective) refers to controls that identify and detect errors after they occur, such as audits or reviews.
* Impact of Segregation of Duties:
* By ensuring duties are segregated, organizations minimize the risk of fraudulent activities and errors, thus acting as a preventive measure.
NEW QUESTION # 36
Which of the following statements best describes quality audit workpapers?
Answer: A
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2330 - Documenting Information: Workpapers must be sufficient, reliable, relevant, and useful to support audit findings and conclusions.
* Practice Advisory: Clear and complete documentation enhances understanding and ensures consistency in audit conclusions.
* Characteristics of Quality Workpapers:
* They should clearly articulate audit procedures, results, and conclusions in a way that another auditor or stakeholder can understand and rely on them.
* While electronic and indexed workpapers (Option B) are desirable for organization, they are not defining characteristics of quality.
NEW QUESTION # 37
What are the typical elements of a risk and control matrix used in the engagement planning process?
Answer: C
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk and Control Matrix: A risk and control matrix links business objectives, the risks threatening those objectives, and the likelihood and impact of the risks. It is used to prioritize areas for review and identify necessary controls.
NEW QUESTION # 38
As part of the annual training plan, the chief audit executive (CAE) has arranged for a local audit training institute to provide an in-house training session for the internal audit team. Which of the following best explains the primary purpose of this approach?
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210 - Proficiency: Internal auditors must possess the knowledge, skills, and competencies needed to perform their responsibilities.
* Continuous professional development ensures the internal audit team maintains proficiency.
* Reasoning:
* Option A is correct because training enhances the skills and proficiency of the internal audit team, aligning with the requirement to maintain technical and professional competence.
* Option B (organizational status for independence) relates to governance and reporting relationships, not training.
* Option C (assessing development efforts) is a secondary benefit and not the primary goal of providing training.
* Impact of Training:
* A well-trained audit team improves the quality of engagements, ensures adherence to professional standards, and supports the overall effectiveness of the internal audit activity.
NEW QUESTION # 39
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