CHEAP IAA-IAP DUMPS & IAA-IAP VALID TEST CRAM

Cheap IAA-IAP Dumps & IAA-IAP Valid Test Cram

Cheap IAA-IAP Dumps & IAA-IAP Valid Test Cram

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Tags: Cheap IAA-IAP Dumps, IAA-IAP Valid Test Cram, IAA-IAP Free Test Questions, Sample IAA-IAP Questions, Valid Dumps IAA-IAP Ebook

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IIA IAA-IAP Valid Test Cram | IAA-IAP Free Test Questions

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IIA Internal Audit Practitioner Sample Questions (Q47-Q52):

NEW QUESTION # 47
Which of the following is an important consideration when providing quality audit communications?

  • A. Include as much detail as possible.
  • B. Provide a fair and balanced assessment.
  • C. Demonstrate knowledge by using technical language.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2420 - Quality of Communications: Audit communications must be accurate, objective, clear, concise, constructive, complete, and timely.
* A fair and balanced assessment ensures objectivity and builds credibility.
* Reasoning:
* Option Bis correct because fair and balanced reporting reflects both positive and negative findings, maintaining the credibility and usefulness of the audit report.
* Option A(including as much detail as possible) risks overwhelming the audience and detracting from key messages.
* Option C(using technical language) can reduce clarity and accessibility for non-technical stakeholders.
* Importance of Balanced Reporting:
* Objective and balanced communications ensure that the audit report is actionable and supports informed decision-making by management and the board.


NEW QUESTION # 48
Which of the following statements is true regarding root cause analysis?

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

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Root Cause Analysis: This method identifies underlying causes of issues rather than just addressing symptoms, allowing internal auditors to recommend targeted improvements to controls and processes.
By identifying multiple causes, auditors can propose tailored control enhancements to address each cause effectively.


NEW QUESTION # 49
According to the IIA's Code of Ethics, which of the following best describes the conduct of an internal auditor who demonstrates the principle of competency?

  • A. The auditor continually improves her proficiency and the effectiveness and quality of her services
  • B. The auditor is prudent in the use and protection of information acquired in the course of her work
  • C. The auditor does not accept anything that may impair or be presumed to impair her professional judgment

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Competency Principle: According to the IIA Code of Ethics, internal auditors must apply the knowledge, skills, and experience needed to perform their duties effectively.
* Key Characteristics: Continuous improvement in proficiency, quality of services, and effectiveness directly align with the principle of competency.


NEW QUESTION # 50
During an accounts payable audit engagement, the internal auditor found that vendor invoices are always paid
30 days after the invoice date, regardless of the vendor's payment terms. The auditor also discovered that accounts payable employees are not comparing vendor invoices received to previous vendor invoices prior to payment. Based on the auditor's observations, what are the potential risks?

  • A. Poor cash management due to potentially paying fraudulent invoices
  • B. Poor cash management due to potentially lost payment discounts
  • C. Poor cash management due to potentially paying the wrong vendors

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Lost Payment Discounts: By paying all invoices after 30 days, regardless of terms, the organization risks losing early payment discounts offered by vendors, leading to poor cash management.


NEW QUESTION # 51
Which of the following best ensures that the internal audit activity is free from undue interference from management?

  • A. An audit charter that defines the chief audit executive's functional reporting relationship with the board.
  • B. Audit policies and procedures that are comprehensive and well-documented, in accordance with the Standards.
  • C. A board audit committee that is composed of competent, independent members.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: The chief audit executive (CAE) must report functionally to the board to ensure independence.
* The audit charter must define the CAE's functional reporting line to the board, securing protection from undue management influence.
* Reasoning:
* Option Caddresses the foundational document-the audit charter-that establishes the CAE's authority and independence.
* Option Arefers to operational standards, but they do not directly safeguard against interference.
* Option Bstrengthens governance but is secondary to the audit charter in securing independence.
* Impact:
* A robust audit charter formalizes the CAE's reporting relationship and ensures organizational independence, empowering internal audit.


NEW QUESTION # 52
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