Exam IIA-IAP Actual Tests, IIA-IAP Valid Test Vce

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IIA-IAP (Internal Audit Practitioner) Certification Exam is designed to test the knowledge and skills of individuals who are just starting their career in internal auditing. IIA-IAP exam is offered by the Institute of Internal Auditors (IIA), which is a global professional association for internal auditors. The IIA-IAP Certification Exam is recognized as a standard for entry-level internal auditors, providing a foundation of knowledge to build a successful career in internal auditing.

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IIA Internal Audit Practitioner Sample Questions (Q69-Q74):

NEW QUESTION # 69
What are the typical elements of a risk and control matrix used in the engagement planning process?

A. Business objectives, risks to the objectives, and impact and likelihood of the risk occurring.
B. Experience level of key management personnel, susceptibility of the process to fraud, and process automation.
C. Inherent process risks, as defined in a globally accepted risk and control framework.

Answer: A

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 # 70
What is the primary objective for testing controls?

A. To determine whether controls are operating effectively.
B. To understand whether a control is in place.
C. To identify major patterns of errors or irregularities that might exist in final account balances.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess whether internal controls are designed and operating effectively to mitigate identified risks.
* Standard 2200 - Engagement Planning: The objective of testing controls is to evaluate their effectiveness in achieving the desired outcomes.
* Reasoning:
* Option A is correct because the main goal of testing controls is to determine whether they are functioning effectively to manage the identified risks and achieve control objectives.
* Option B (understanding whether a control is in place) focuses on control design but not its operational effectiveness.
* Option C (identifying patterns of errors) is related to detecting irregularities, not directly testing the control's effectiveness.
* Effectiveness of Controls:
* Internal audit testing focuses on evaluating the effectiveness and operational efficiency of controls to ensure they reduce risks to an acceptable level.

NEW QUESTION # 71
Which of the following best describes an audit engagement in which the objective is to appraise the economy of an oil shale mining process and the degree to which yearly production targets are being achieved?

A. Business process improvement
B. Operational
C. Due diligence

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Operational Audit: This type of audit focuses on evaluating the efficiency, effectiveness, and economy of operations, such as the mining process and production targets in this case.

NEW QUESTION # 72
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 # 73
Which of the following statements is true regarding engagement status meetings?

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

Answer: B

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 # 74
......

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Exam IIA-IAP Actual Tests, IIA-IAP Valid Test Vce

Free PDF 2025 High Hit-Rate IIA-IAP: Exam Internal Audit Practitioner Actual Tests

IIA Internal Audit Practitioner Sample Questions (Q69-Q74):

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