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IIA-IAP Exam is designed for individuals who are new to the internal auditing profession or are in support positions within their organizations. Internal Audit Practitioner certification is also suitable for students who are currently pursuing a degree in accounting, finance, or related fields. The IIA-IAP Exam covers topics such as internal control, risk management, governance, auditing processes, and ethics, among others.
NEW QUESTION # 19
Which of the following is an advantage of communicating audit observations as they are identified?
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Real-Time Communication: Sharing audit observations promptly allows management to provide additional documentation or clarifications that could affect findings or conclusions.
NEW QUESTION # 20
To be organizationally independent, the chief audit executive should administratively report to which of the following?
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 1110 - Organizational Independence: Organizational independence is achieved when the CAE reports functionally to the board or audit committee and administratively to the CEO or equivalent.
* Reasoning:
* Option C is correct because administrative reporting to the CEO ensures the CAE has access to resources, support, and operations without impairing functional independence.
* Option A and Option B describe functional reporting lines (e.g., approval of the audit charter and plans), which are distinct from administrative reporting.
* Significance of Reporting Structure:
* Administrative reporting ensures the day-to-day management of the internal audit function, while functional reporting maintains independence and alignment with governance.
NEW QUESTION # 21
The internal audit activity has been tasked with evaluating the effectiveness of the organization's risk management processes. Which of the following activities are appropriate and relevant to consider in the overall evaluation?
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Ongoing Risk Evaluation: Insights gathered from multiple audit engagements over the past year provide a broad and detailed perspective on the effectiveness of risk management across the organization.
NEW QUESTION # 22
In the absence of any action to control or modify the circumstances, the probability of loss arising from circumstances existing in an environment is known as which of the following types of risk?
Answer: B
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Inherent Risk: This is the risk that exists in an environment or process before any actions or controls are applied to mitigate it. It reflects the natural vulnerability of the process to errors or misstatements.
NEW QUESTION # 23
Which of the following would an internal auditor most likely use to document a complex process that includes risks and controls, timelines, and ownership of key steps?
Answer: C
Explanation:
Comprehensive and Detailed Step-by-Step Explanation:
* Reference to IIA Standards:
* Standard 2330 - Documenting Information: Internal auditors are required to document audit evidence and processes in a way that is clear, complete, and supports audit conclusions.
* Risk and control matrices are effective for documenting risks, controls, and related responsibilities in a structured way.
* Reasoning:
* Option C is correct because a risk and control matrix clearly documents processes, the associated risks, control activities, and ownership of each step. It is the most suitable tool for understanding risks and controls along with associated timelines and responsibilities.
* Option A (process map) documents the steps in a process but does not directly link risks and controls.
* Option B (detailed flowchart) is used to map the flow of a process but also lacks the structure for detailing risks and control ownership.
* Best Practice for Documentation:
* A risk and control matrix is the most structured and comprehensive tool for documenting complex processes that involve risks, controls, and ownership.
NEW QUESTION # 24
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