VALID IIA-IAP EXAM COST | IIA-IAP RELIABLE EXAM COST

Valid IIA-IAP Exam Cost | IIA-IAP Reliable Exam Cost

Valid IIA-IAP Exam Cost | IIA-IAP Reliable Exam Cost

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Tags: Valid IIA-IAP Exam Cost, IIA-IAP Reliable Exam Cost, IIA-IAP Latest Exam Price, IIA-IAP Reliable Dumps Free, Valid IIA-IAP Test Book

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IIA-IAP exam is a challenging exam that requires a significant amount of preparation and study. IIA-IAP Exam is computer-based and consists of 125 multiple-choice questions that must be answered within three hours. In order to pass the exam, individuals must achieve a score of 70 or higher. There are a variety of resources available to help individuals prepare for the exam, including study guides, online courses, and practice exams.

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Quiz 2025 Authoritative IIA-IAP: Valid Internal Audit Practitioner Exam Cost

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IIA-IAP Certification Exam covers a range of topics, including internal audit basics, risk assessment, audit planning and reporting, and governance, risk management, and control. IIA-IAP exam is computer-based and consists of 125 multiple-choice questions. Candidates have two hours to complete the exam, and a passing score is 70%. IIA-IAP Exam is available in multiple languages and is administered at Prometric testing centers worldwide. Earning the IIA-IAP Certification demonstrates to employers and colleagues that an individual has a solid understanding of the fundamentals of internal auditing, and is committed to ongoing professional development.

IIA Internal Audit Practitioner Sample Questions (Q73-Q78):

NEW QUESTION # 73
Which of the following best describes a compliance audit engagement?

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

Answer: A

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 # 74
Which of the following is considered an organization-level control, as opposed to process-level or transaction- level?

  • A. Segregated budgeting responsibilities of finance employees, including review and approval of financial reports.
  • B. Personnel policies requiring the employment of competent personnel, based on training and experience, to manage complex functions such as accounting and financial reporting.
  • C. Supervision of finance employees, including day-to-day oversight and periodic performance evaluations.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Organization-Level Controls: These controls address risks at the entity-wide level, such as governance, tone at the top, and policies affecting multiple processes. Personnel policies requiring qualified employees are an organization-level control as they apply broadly across the organization.


NEW QUESTION # 75
Which of the following activities would compromise the independence of the internal audit activity and therefore should not be performed by an internal auditor?

  • A. Setting the organization's risk appetite.
  • B. Championing the establishment of organization-wide risk management.
  • C. Coordinating risk management activities.

Answer: A

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: Internal audit must be independent of the activities it audits to maintain objectivity.
* Standard 1130 - Impairment to Independence or Objectivity: Internal audit's independence is compromised if auditors take on roles that involve making decisions or implementing controls, as this may bias their findings.
* Reasoning:
* Option B is correct because setting the organization's risk appetite is a management decision and represents a strategic role that compromises the internal audit's independence.
* Option A (championing the establishment of risk management) and Option C (coordinating risk management) do not directly impair independence, though care should be taken to avoid direct involvement in risk management decisions. These activities can be part of advisory services and not necessarily a threat to independence if appropriately managed.
* Maintaining Independence:
* Internal auditors should provide assurance on risk management but not take on roles that involve decision-making or implementing risk management processes.


NEW QUESTION # 76
What is the primary objective for testing controls?

  • A. To identify major patterns of errors or irregularities that might exist in final account balances.
  • B. To understand whether a control is in place.
  • C. To determine whether controls are operating effectively.

Answer: C

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Control: Internal auditors must assess whether internal controls are designed and operating effectively to mitigate identified risks.
* Standard 2200 - Engagement Planning: The objective of testing controls is to evaluate their effectiveness in achieving the desired outcomes.
* Reasoning:
* Option A is correct because the main goal of testing controls is to determine whether they are functioning effectively to manage the identified risks and achieve control objectives.
* Option B (understanding whether a control is in place) focuses on control design but not its operational effectiveness.
* Option C (identifying patterns of errors) is related to detecting irregularities, not directly testing the control's effectiveness.
* Effectiveness of Controls:
* Internal audit testing focuses on evaluating the effectiveness and operational efficiency of controls to ensure they reduce risks to an acceptable level.


NEW QUESTION # 77
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 subject to newly imposed industry health and safety regulations.
  • C. An organization is preparing to launch an enhanced service for its online customer information system.

Answer: B

Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2130 - Governance: Internal audit must assess compliance with applicable laws, regulations, and industry standards.
* Compliance Auditing: These engagements assess whether the organization adheres to specific rules and regulations.
* Reasoning:
* Option C involves newly imposed health and safety regulations, making compliance auditing critical to ensure the organization avoids penalties or operational disruptions.
* Option A pertains to financial reporting, typically addressed in assurance or financial audits.
* Option B involves a new service launch, which may require consulting or operational audits but not necessarily compliance-focused.


NEW QUESTION # 78
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