IIA-IAP Exam Dumps (V8.02) – Your Excellent Resource for IIA Internal Audit Practitioner (IAP) Certification Preparation

1. 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?

2. 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?

3. An internal auditor is planning a business continuity audit engagement at a remote manufacturing plant. During planning interviews, the plant manager stated that the local Environmental, Health, and Safety (EHS) Department, which reports to the plant manager, had completed a similar review six months ago. The EHS review did not find any significant weaknesses.

How should the internal auditor consider the EHS review results in the current audit engagement planning?

4. Which of the following situations is most likely to require a compliance engagement from the internal audit activity?

5. Which of the following statements best describes quality audit workpapers?

6. Which of the following would have the most direct impact on management's decision regarding the amount of risk that is considered acceptable?

7. An internal auditor discovers that a vendor had submitted invoices and was paid for services not rendered.

Which of the following controls is most appropriate to address this type of issue?

8. Which of the following describes an internal auditor's use of external benchmarking?

9. Which of the following best ensures that the internal audit activity is free from undue interference from management?

10. Which of the following describes how the internal audit activity can add the greatest value by assisting management with internal controls?

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

12. What is the purpose of establishing engagement objectives during the planning phase of an internal audit?

13. A newly hired internal auditor has been asked to examine the sales of a specific product over the last four years.

Which of the following analytical review techniques should the auditor employ?

14. Which of the following is an element of a well-formed audit recommendation?

15. Which of the following best describes a compliance audit engagement?

16. Which of the following is a purpose of an embedded audit module?

17. Which of the following best describes the purpose of a detailed engagement risk assessment?

18. Duties in a purchasing system are segregated and performed by different people. One person orders the goods, another person receives the goods, and another pays for the goods. This is an example of which of the following controls?

19. Which of the following activities would compromise the independence of the internal audit activity and therefore should not be performed by an internal auditor?

20. What is the primary objective for testing controls?

21. The engagement supervisor is coordinating an audit of investments and needs to select an audit team member to determine the test attributes.

Which of the following team members is most appropriate for the engagement supervisor to select?

22. 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?

23. Which of the following is the most important initial action for a chief audit executive to perform when establishing a new internal audit activity?

24. As part of the annual training plan, the chief audit executive (CAE) has arranged for a local audit training institute to provide an in-house training session for the internal audit team.

Which of the following best explains the primary purpose of this approach?

25. 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?

26. During engagement planning, which of the following would provide an internal auditor with a sufficient understanding of the process being audited?

27. Which of the following is an important consideration when providing quality audit communications?

28. An internal auditor is performing an internal control assessment at a manufacturing company. The auditor observed that the accounts payable clerks have the ability to create new vendors without management's review and approval.

How should the auditor document this observation?

29. Which of the following is an example of criteria in an engagement communication?

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

31. 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?

32. During an assurance engagement of an organization's procurement process, an internal auditor obtained the policy that specified the authorized dollar limits for invoices. This document would best support which of the following attributes of an audit report?

33. A member of the internal audit team worked eight months ago in an area of the organization that she is now being tasked with auditing.

Which of the following would most likely be impacted by her participation in the audit?

34. Which of the following best describes the difference between inherent risk and residual risk?

35. Which of the following best explains why internal auditors should identify risk scenarios during a risk assessment of the area being audited?

36. Which of the following conditions would threaten an internal auditor's objectivity?

37. Which of the following statements is appropriate to include in a high-quality internal audit engagement communication?

38. According to The IIA's Code of Ethics, which of the following best illustrates the principle of confidentiality?

39. To be organizationally independent, the chief audit executive should administratively report to which of the following?

40. Which of the following is an example of a detective control?