VALID IIA IAA-IAP TEST NOTES & TEST IAA-IAP DUMPS FREE

Valid IIA IAA-IAP Test Notes & Test IAA-IAP Dumps Free

Valid IIA IAA-IAP Test Notes & Test IAA-IAP Dumps Free

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Tags: Valid IAA-IAP Test Notes, Test IAA-IAP Dumps Free, IAA-IAP Test Centres, Valid IAA-IAP Exam Notes, Exam IAA-IAP Review

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IIA Internal Audit Practitioner Sample Questions (Q72-Q77):

NEW QUESTION # 72
Which of the following would be a common benefit of using generalized audit software?

  • A. It eliminates the need to obtain access privileges to relevant and reliable data.
  • B. It enables internal auditors to analyze very large quantities of data.
  • C. It enables internal auditors to perform tests on data with the assistance of the organization's IT personnel.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Analyzing Large Data Sets: Generalized audit software (GAS) like ACL or IDEA allows auditors to process and analyze large volumes of data efficiently, identifying patterns, anomalies, and exceptions.


NEW QUESTION # 73
When is it appropriate for the internal auditor to determine the engagement's scope and objectives?

  • A. During the performance of the engagement
  • B. During the planning of the engagement
  • C. In the final engagement report

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Planning Phase: According to the International Standards for the Professional Practice of Internal Auditing (ISPPIA),Standard 2200(Engagement Planning), the internal auditor must establish the engagement's objectives, scope, and criteria during the planning phase. This ensures that the audit is focused and aligned with organizational objectives and stakeholder expectations.
* Performance Phase: During this phase, auditors execute the planned activities, but the scope and objectives are typically fixed unless there are significant changes in circumstances.
* Final Engagement Report: The final report documents the outcomes of the audit, not the scope or objectives, which are pre-determined.
References:
* IIA Standard 2200: Engagement Planning.
* IIA Standard 2210: Engagement Objectives.
* IIA Implementation Guides on Engagement Planning emphasize determining the scope and objectives early to provide direction and clarity.
Thus, the correct answer isA. During the planning of the engagement.


NEW QUESTION # 74
Which of the following would an internal auditor most likely use to document a complex process that includes risks and controls, timelines, and ownership of key steps?

  • A. Risk and control matrix.
  • B. Detailed flowchart.
  • C. Process map.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2330 - Documenting Information: Internal auditors are required to document audit evidence and processes in a way that is clear, complete, and supports audit conclusions.
* Risk and control matricesare effective for documenting risks, controls, and related responsibilities in a structured way.
* Reasoning:
* Option Cis correct because arisk and control matrixclearly documents processes, the associated risks, control activities, and ownership of each step. It is the most suitable tool for understanding risks and controls along with associated timelines and responsibilities.
* Option A(process map) documents the steps in a process but does not directly link risks and controls.
* Option B(detailed flowchart) is used to map the flow of a process but also lacks the structure for detailing risks and control ownership.
* Best Practice for Documentation:
* Arisk and control matrixis the most structured and comprehensive tool for documenting complex processes that involve risks, controls, and ownership.


NEW QUESTION # 75
Management has decided that transactions less than $50 no longer require authorization. Which of the following risk management strategies does this represent?

  • A. Avoid.
  • B. Reduce.
  • C. Accept.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Acceptance: By deciding that transactions below $50 do not require authorization, management is consciously accepting the low-level risk associated with this decision to streamline processes and reduce administrative burdens.


NEW QUESTION # 76
What is the primary purpose of a preliminary survey?

  • A. To gain an understanding of the process under review.
  • B. To develop a risk and control matrix for the process under review.
  • C. To determine why the engagement is being performed.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Preliminary Survey Purpose: The survey is conducted to gather sufficient information to understand the process, environment, and related risks. This understanding serves as a foundation for planning the engagement.


NEW QUESTION # 77
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