Weekend Special Limited Time 70% Discount Offer - Ends in 0d 00h 00m 00s - Coupon code = simple70

Pass the IIA IAP IIA-IAP Questions and answers with ExamsMirror

Practice at least 50% of the questions to maximize your chances of passing.

Exam IIA-IAP Premium Access

View all detail and faqs for the IIA-IAP exam

Go to Exam

475 Students Passed

96% Average Score

91% Same Questions

Viewing page 1 out of 3 pages

Viewing questions 1-10 out of questions

Questions # 1:

Which of the following best demonstrates that appropriate and sufficient resources were allocated to an audit engagement to achieve its objectives?

Options:

Staff skills audit.

Approved engagement work program.

Post-engagement survey of management of the audited area.

Questions # 2:

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

Options:

Advising on control designs

Assisting with the development of policies and procedures

Facilitating organizational control self-assessments

Questions # 3:

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?

Options:

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.

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.

Select a discovery sample of all loan applications to determine whether each application contains a statement of collateral.

Questions # 4:

Which of the following conditions involving the chief audit executive (CAE) is most likely to impair the independence of the internal audit activity?

Options:

The CAE regularly attends and participates in critical executive management meetings for the organization.

The CAE has direct access to records, personnel, and physical properties throughout the organization.

The CAE reports directly to the controller for the organization, and the internal audit activity resides in the office of the comptroller.

Questions # 5:

What is the primary objective for testing controls?

Options:

To determine whether controls are operating effectively.

To understand whether a control is in place.

To identify major patterns of errors or irregularities that might exist in final account balances.

Questions # 6:

Which of the following is considered an organization-level control, as opposed to process-level or transaction-level?

Options:

Personnel policies requiring the employment of competent personnel, based on training and experience, to manage complex functions such as accounting and financial reporting.

Supervision of finance employees, including day-to-day oversight and periodic performance evaluations.

Segregated budgeting responsibilities of finance employees, including review and approval of financial reports.

Questions # 7:

During an accounts payable audit engagement, the internal auditor identified a risk that vendor invoices may be paid multiple times. Which of the following would be appropriate preventive controls to mitigate this risk?

Options:

System controls to identify identical invoice amounts from the same vendor that prohibit payment after the initial invoice.

System controls to identify identical invoice numbers and dates from the same vendor prior to payment.

Manual controls requiring the reconciliation of paid vendor invoices to monthly invoice statements provided by the vendor.

Questions # 8:

Which of the following is most likely to be considered an internal audit assurance service?

Options:

Process design engagement.

Facilitation engagement.

Compliance engagement.

Questions # 9:

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

Options:

Develop a risk-based internal audit plan

Provide training and mentoring opportunities

Obtain approval of the internal audit activity's purpose, authority, and responsibility

Questions # 10:

During which stage of an audit engagement would the engagement supervisor identify the tasks that were already completed and the remaining tasks to be performed?