IAA-IAP by IIA Actual Free Exam Questions And Answers

Question 1

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. Sufficient knowledge to evaluate the risk of fraud.

C. Expertise in detecting and investigating fraud.

Discussion 0

Correct Answer: B Vote an answer

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Question 2

Which of the following scenarios would be the strongest indicator of fraud in an accounts payable process?

A. The accounts payable manager was unable to provide documentation relating to travel expenses on one of the samples selected.

B. The address on one of the vendor invoices matches an employee's residential address.

C. The invoices submitted by one of the organization's vendors are more than six months old.

Discussion 0

Correct Answer: B Vote an answer

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Question 3

According to IIA guidance, which of the following is the primary criterion that should determine the extent of supervision required for an audit engagement?

A. The number of hours approved by the board for that engagement.

B. Whether the engagement involves possible violations of laws and governmental regulations.

C. The proficiency of the internal auditors and the complexity of the engagement.

Discussion 0

Correct Answer: C Vote an answer

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Question 4

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?

A. When allocating resources.

B. When documenting the work program.

C. When developing the test approach.

Discussion 0

Correct Answer: B Vote an answer

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Question 5

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

A. To ensure that the work performed by other internal or external assurance providers is considered during audit planning.

B. To ensure that all auditors have a common understanding of the area being audited.

C. To ensure that audit procedures are designed to address the risks relevant to the area being audited.

Discussion 0

Correct Answer: C Vote an answer

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Question 6

Which of the following creates an opportunity for an employee to commit fraud?

A. Unfair compensation practices

B. The need for money to pay personal medical bills

C. Lack of adequate internal controls

Discussion 0

Correct Answer: C Vote an answer

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Question 7

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?

A. An auditor who has investment audit experience from a previous organization, but who has never performed investment audits at the current organization.

B. An auditor with strong leadership skills who has experience leading projects for the IT auditdepartment.

C. An auditor who transferred from the investment department six months prior and has expert knowledge of investments.

Discussion 0

Correct Answer: C Vote an answer

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Question 8

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

A. The auditor declined to delegate critical audit lead responsibilities to a new auditor.

B. The auditor declined to lead an audit of a department in which his nephew is the manager.

C. The auditor refused to use information learned during an audit to diversify his financial portfolio.

Discussion 0

Correct Answer: C Vote an answer

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Question 9

In a standard process mapping document, a diamond shape typically represents which of the following?

A. Process or operation.

B. Decision.

C. Flow line.

Discussion 0

Correct Answer: B Vote an answer

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Question 10

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?

A. The supervisor should observe the input of invoices into the payment system.

B. The supervisor should verify that the amount paid agrees with the contracted amount.

C. The accounts payable clerk should compare the acknowledgment of goods and services to the invoice.

Discussion 0

Correct Answer: C Vote an answer

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IIA Internal Audit Practitioner - IAA-IAP Exam Practice Test

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