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IIA-IAP certification exam is a computer-based exam that is administered at Pearson VUE testing centers around the world. Candidates must register for the exam through the IIA website and pay the exam fee. IIA-IAP Exam is available in multiple languages, including English, Spanish, and Chinese.

IIA Internal Audit Practitioner Sample Questions (Q61-Q66):

NEW QUESTION # 61
If an internal auditor needs to evaluate compliance with an internal control policy, which sampling method is most appropriate?

A. Probability-proportional-to-size sampling
B. Difference estimation sampling
C. Attribute sampling

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Attribute Sampling: This method is used to evaluate compliance by determining the presence or absence of specific attributes (e.g., adherence to policies or procedures). It is most suitable for assessing yes/no questions or deviations in internal control testing.
* Example: Checking whether purchase orders are properly approved as per policy.

NEW QUESTION # 62
An internal auditor was assigned to a payroll process audit engagement. At which stage of engagement planning would the auditor conduct a risk assessment?

A. After documenting the process.
B. After allocating resources.
C. After determining audit engagement objectives.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Risk Assessment in Planning: Conducting a risk assessment typically follows documentation of the process, as understanding the process provides the necessary context for identifying and evaluating risks.

NEW QUESTION # 63
Which of the following would have the most direct impact on management's decision regarding the amount of risk that is considered acceptable?

A. Risk appetite.
B. Risk capacity.
C. Risk perception.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2120 - Risk Management: Internal audit should evaluate the organization's risk appetite and alignment with decision-making processes.
* Definitions:
* Risk Appetite (Option B): The level of risk an organization is willing to accept in pursuit of its objectives, making it the most direct determinant of acceptable risk levels.
* Risk Capacity (Option A): The organization's ability to absorb risk, which is more strategic and long-term.
* Risk Perception (Option C): Subjective views of risk, which can influence decisions but do not directly determine acceptable risk.

NEW QUESTION # 64
Which of the following best demonstrates that appropriate and sufficient resources were allocated to an audit engagement to achieve its objectives?

A. Staff skills audit.
B. Approved engagement work program.
C. Post-engagement survey of management of the audited area.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2200 - Engagement Planning: The engagement work program outlines the resources, timelines, and procedures necessary to achieve the engagement's objectives.
* The work program must be approved to ensure alignment with objectives and resource requirements.
* Reasoning:
* Option B is correct because an approved engagement work program confirms that the scope, procedures, and resources were planned and allocated effectively.
* Option A (staff skills audit) evaluates team competencies but does not confirm specific resource allocation for an engagement.
* Option C (post-engagement survey) evaluates the outcome of the audit but does not provide evidence of initial resource planning.
* Significance of the Work Program:
* The work program ensures that the engagement is structured to meet objectives efficiently, with adequate and relevant resources.

NEW QUESTION # 65
Which of the following best describes a compliance audit engagement?

A. The auditor conducts a review to provide assurance that the external service provider of maintenance for the organization has an effective risk management process.
B. The auditor analyzes the economic activity of the organization as measured and reported using international accounting standards.
C. The auditor reviews controls of the oil shale mining process to assess adherence to safety regulations established by local authorities.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to Compliance Auditing:
* Definition: Compliance audits assess adherence to external laws, regulations, or internal policies and procedures.
* Standard 2130 - Control: Internal audit must evaluate the adequacy and effectiveness of controls to ensure compliance with applicable laws and regulations.
* Reasoning:
* Option A is correct because assessing adherence to safety regulations is a compliance activity focused on legal and regulatory conformity.
* Option B (analyzing economic activity) relates more to financial auditing or accounting standards compliance, not regulatory compliance.
* Option C (reviewing an external service provider's risk management process) aligns with a risk or assurance engagement, not compliance.
* Impact of Compliance Audits:
* Ensuring adherence to legal requirements protects the organization from regulatory penalties and enhances operational integrity.

NEW QUESTION # 66
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