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IIA-IAP Exam Braindumps & IIA-IAP Exam Simulation & IIA-IAP Reliable Questions and Answers

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To be eligible to take the IIA-IAP exam, candidates must have a minimum of one year of experience in an internal audit or related field. They must also have a high school diploma or equivalent. IIA-IAP Exam itself is computer-based and consists of 115 multiple-choice questions. Candidates have two hours to complete the exam and must achieve a score of at least 70% to pass.

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IIA Internal Audit Practitioner Sample Questions (Q74-Q79):

NEW QUESTION # 74
An internal auditor was assigned to a payroll process audit engagement. At which stage of engagement planning would the auditor conduct a risk assessment?

A. After allocating resources.
B. After documenting the process.
C. After determining audit engagement objectives.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Assessment in Planning: Conducting a risk assessment typically follows documentation of the process, as understanding the process provides the necessary context for identifying and evaluating risks.

NEW QUESTION # 75
Which of the following would be the best indicator that the organization's risk management processes are operating effectively?

A. Management openly discusses both risks and opportunities facing the organization.
B. Management established policies and procedures that state risk will be considered.
C. The organization implemented formal operational risk management processes.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Open Discussions of Risks and Opportunities: The best indicator of effective risk management is a culture where management actively identifies, evaluates, and discusses risks and opportunities, integrating them into decision-making processes.

NEW QUESTION # 76
Which of the following consulting engagements leverages an internal auditor's risk and control knowledge to help the organization keep abreast of emerging risks?

A. Facilitating organizational control self-assessments
B. Assisting with the development of policies and procedures
C. Advising on control designs

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Facilitating Organizational Control Self-Assessments (CSA): This engagement helps the organization identify, evaluate, and monitor risks and controls. By facilitating CSAs, internal auditors use their expertise to highlight emerging risks and ensure that the organization proactively addresses them.

NEW QUESTION # 77
Operational management has asked the internal auditor for recommendations regarding an ineffective process. According to IIA guidance, which of the following would be the auditor's most appropriate response?

A. Refrain from providing recommendations to preserve audit independence.
B. Explain that only management should recommend and implement the corrective action.
C. Agree to offer recommendations based on observations and conclusions.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2410 - Criteria for Communicating: Recommendations should be provided where appropriate to address identified issues and improve processes.
* Standard 1100 - Independence and Objectivity: Providing recommendations does not impair independence as long as the auditor does not implement them.
* Reasoning:
* Option B is correct because providing recommendations based on objective observations is part of an internal auditor's role in adding value and improving operations.
* Option A unnecessarily avoids recommendations, misinterpreting independence requirements.
* Option C incorrectly suggests that the auditor cannot provide input; while management owns the implementation, the auditor's recommendations can guide effective solutions.
* Adding Value Through Recommendations:
* Recommendations are a critical output of the audit process, guiding management to address inefficiencies and improve operations.

NEW QUESTION # 78
To be organizationally independent, the chief audit executive should administratively report to which of the following?

A. The chief executive officer.
B. The audit committee.
C. The board of directors.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: Organizational independence is achieved when the CAE reports functionally to the board or audit committee and administratively to the CEO or equivalent.
* Reasoning:
* Option C is correct because administrative reporting to the CEO ensures the CAE has access to resources, support, and operations without impairing functional independence.
* Option A and Option B describe functional reporting lines (e.g., approval of the audit charter and plans), which are distinct from administrative reporting.
* Significance of Reporting Structure:
* Administrative reporting ensures the day-to-day management of the internal audit function, while functional reporting maintains independence and alignment with governance.

NEW QUESTION # 79
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