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100% Pass IIA-IAP - Updated Internal Audit Practitioner Exam Bible

The certification is necessary to get a job in your desired IIA company. Success in the test gives you an edge over the others because you will have certified skills that will make a good impression on the interviewer. Most people preparing for the IIA-IAP Exam are confused about preparation. How will they get real and updated Internal Audit Practitioner (IIA-IAP) exam questions?

IIA Internal Audit Practitioner Sample Questions (Q46-Q51):

NEW QUESTION # 46
Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

A. Specialized skills for developing and implementing controls to prevent fraud.
B. Expertise in detecting and investigating fraud.
C. Sufficient knowledge to evaluate the risk of fraud.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1210.A2: Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
* They are not expected to have the expertise of a fraud examiner or forensic investigator.
* Reasoning:
* Option B is correct because internal auditors need enough knowledge to assess fraud risks and provide assurance over controls designed to mitigate those risks.
* Option A overstates the requirement, as fraud detection and investigation require specialized expertise typically outside the scope of general internal auditing.
* Option C refers to control development, which is a management responsibility, not an internal audit role.
* Role of Internal Audit in Fraud:
* Auditors evaluate fraud risks and provide recommendations to improve controls, ensuring alignment with organizational risk management strategies.

NEW QUESTION # 47
An internal auditor was gathering information regarding the receiving process and decided that a narrative memorandum was the best way to document the process. Which of the following explanations best supports the auditor's decision?

A. The audit engagement is not considering efficiency
B. The process is simple and does not need a visual depiction
C. The department has comprehensive manuals

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Narrative Memorandum: A narrative is most suitable for documenting simple processes that do not require detailed visuals or flowcharts for clarity. If the process can be effectively described in writing, a narrative is appropriate.

NEW QUESTION # 48
Based on the three elements of the Fraud Triangle, which of the following might be considered a fraud indicator related to the opportunity element?

A. Executive management establishes financial performance objectives for business unit managers. The objectives include significant increases in annual sales and market penetration
B. Reserves were established based on conservative assumptions to maximize the amounts set aside for when operating results may not meet investors' expectations
C. Poor segregation of duties allows for an executive assistant to authorize payments to one-time vendors without supervisory approvals

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Opportunity Element: This element of the Fraud Triangle refers to situations where weaknesses in controls provide the ability for someone to commit fraud without being detected. Poor segregation of duties, as described in Option C, creates such opportunities.
* Example: Allowing an executive assistant to authorize payments without oversight significantly increases the risk of fraud.

NEW QUESTION # 49
Which of the following is an advantage of communicating audit observations as they are identified?

A. The auditor may be able to plan more efficiently next year's audit
B. The auditor may receive additional pertinent documentation or other relevant information
C. The auditor may not need to communicate the final results of the audit to the board

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Real-Time Communication: Sharing audit observations promptly allows management to provide additional documentation or clarifications that could affect findings or conclusions.

NEW QUESTION # 50
An internal auditor is reporting on the organization's asset management system. Which of the following would likely add the greatest value to the organization?

A. Confirmation that controls are operating efficiently.
B. Reports that state identified deficiencies were remedied during the audit.
C. Recommendations aimed at reducing risk exposure.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2410 - Criteria for Communicating: Internal audit reports must provide relevant and constructive information, including recommendations for improvement.
* Recommendations focused on reducing risk exposure align with the purpose of internal auditing:
improving governance, risk management, and controls.
* Reasoning:
* Option B is correct because providing recommendations aimed at reducing risk exposure directly addresses the organization's strategic and operational vulnerabilities, adding significant value.
* Option A (confirmation of efficient controls) ensures reliability but does not proactively improve risk management or processes.
* Option C (deficiencies remedied during the audit) is informative but lacks the forward-looking impact of targeted recommendations.
* Adding Value through Recommendations:
* Internal audit recommendations guide management in addressing critical risks, improving operational efficiency, and enhancing organizational resilience.

NEW QUESTION # 51
......

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