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IIA Internal Audit Practitioner - IIA-IAP Exam Practice Test

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Total 102 questions

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Question 1

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

A. To ensure that audit procedures are designed to address the risks relevant to the area being audited. B. To ensure that all auditors have a common understanding of the area being audited. C. To ensure that the work performed by other internal or external assurance providers is considered during audit planning.

Correct Answer: A

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Question 2

Which of the following statements is true regarding root cause analysis?

A. Root cause analysis enables internal auditors to reveal multiple causes and recommend control enhancements for each cause identified. B. Root cause analysis enables internal auditors to improve the effectiveness and efficiency of the organization's governance, risk management, and control processes. C. Root cause analysis is a simple, straightforward tool that can be implemented by internal auditors who may not possess relevant subject matter expertise.

Correct Answer: A

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Question 3

Which of the following is an advantage of communicating audit observations as they are identified?

A. The auditor may receive additional pertinent documentation or other relevant information B. The auditor may be able to plan more efficiently next year's audit C. The auditor may not need to communicate the final results of the audit to the board

Correct Answer: A

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Question 4

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?

A. Explain that only management should recommend and implement the corrective action. B. Refrain from providing recommendations to preserve audit independence. C. Agree to offer recommendations based on observations and conclusions.

Correct Answer: C

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Question 5

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?

A. Select a block sample of all loans in excess of a specified dollar limit and determine whether they are current and properly categorized. For each loan approved, verify aging and categorization. B. Use generalized audit software to read the total loan file, age the file by last payment due, and select a statistical sample stratified by the current and aged population. Examine each loan selected for proper collateralization and aging. C. Select a discovery sample of all loan applications to determine whether each application contains a statement of collateral.

Correct Answer: B

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Question 6

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

A. Required authorizations. B. Segregation of duties. C. Reconciliations.

Correct Answer: C

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Question 7

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

A. An organization must restate its financial statements due to an error in fixed asset valuation. B. An organization is preparing to launch an enhanced service for its online customer information system. C. An organization is subject to newly imposed industry health and safety regulations.

Correct Answer: C

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Question 8

Which of the following statements best describes quality audit workpapers?

A. They should be electronic and indexed. B. They should be relevant and interesting. C. They should be understandable and complete.

Correct Answer: C

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Question 9

An internal auditor discovers a number of control concerns while reviewing the organization's online payment system and decides to interview key employees involved in the system's design and maintenance. Which of the following best describes the results of those interviews?

A. Documentary evidence. B. Analytical evidence. C. Testimonial evidence.

Correct Answer: C

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Question 10

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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Total 102 questions

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