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IIA Internal Audit Practitioner - IAA-IAP Exam Practice Test

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Total 100 questions

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Question 1

Which of the following interview techniques would be most effective in a fraud investigation?

A. The interviewer should allow the suspect to use his own words and only interrupt if a point requires clarification. B. The interviewer should ensure that only the interviewer and the suspect are present for the interview. C. The interviewer should be positioned between the suspect and the door to discourage the suspect from leaving during the interview.

Correct Answer: A

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Question 2

Internal and external benchmarking by the internal audit activity are examples of which of the following?

A. Analytical procedures B. Confirmation C. Inquiry

Correct Answer: A

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Question 3

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

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

Correct Answer: A

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Question 4

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

A. The need for money to pay personal medical bills B. Unfair compensation practices C. Lack of adequate internal controls

Correct Answer: C

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Question 5

Based on the three elements of the Fraud Triangle, which of the following might be considered a fraud indicator related to the opportunity element?

A. Poor segregation of duties allows for an executive assistant to authorize payments to one-time vendors without supervisory approvals B. Executive management establishes financial performance objectives for business unit managers. The objectives include significant increases in annual sales and market penetration C. Reserves were established based on conservative assumptions to maximize the amounts set aside for when operating results may not meet investors' expectations

Correct Answer: A

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Question 6

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

A. The internal audit team noted numerous weaknesses in the organization's internal controls over financial reporting. The team recommends that management determine the root cause of the weaknesses. B. The internal audit team conducted a review of the financial reporting process prior to year-end. The overall findings have been provided for management's consideration prior to the completion of the organization's annual external financial audit. C. The internal audit team conducted an engagement under the assumption that significant control weaknesses were likely. The purpose of the review was to uncover those weaknesses.

Correct Answer: B

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Question 7

Management requested that the chief audit executive (CAE) include an audit of the organization's health and safety program in next year's annual audit plan. However, the internal audit activity has no expertise in this area. Which of the following would be the most appropriate actions for the CAE?

A. Work with an internal subject matter expert to complete the audit. B. Accept the request, provided management has conducted a thorough risk assessment prior to the engagement to help guide the audit. C. With management's agreement, amend the audit scope so that specialized expertise is not needed.

Correct Answer: A

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Question 8

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

A. The chief executive officer. B. The board of directors. C. The audit committee.

Correct Answer: A

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Question 9

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

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

Correct Answer: B

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Question 10

An internal auditor was gathering information regarding the receiving process and decided that a narrative memorandum was the best way to document the process. Which of the following explanations best supports the auditor's decision?

A. The process is simple and does not need a visual depiction B. The audit engagement is not considering efficiency C. The department has comprehensive manuals

Correct Answer: A

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Total 100 questions

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