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IIA IAA-IAP Exam Syllabus Topics:

IIA Internal Audit Practitioner Sample Questions:

1. An internal auditor is performing an internal control assessment at a manufacturing company. The auditor observed that the accounts payable clerks have the ability to create new vendors without management's review and approval. How should the auditor document this observation?

A) The observation is a sign of adequate internal controls; however, effectiveness testing should be performed to ensure that the controls are operating as designed and intended.
B) The observation is an internal control weakness; therefore, additional testing should be performed to determine whether secondary mitigating controls exist or whether the control should be redesigned.
C) The observation doesn't affect the adequacy of the internal controls because the existing process controls ensure that invoices are promptly and accurately paid.

2. Which of the following elements are typically included in an engagement work program?

A) Planning, objectives, and preliminary risk assessments
B) Opinions and final engagement communications
C) Fieldwork, analytical testing, and resources

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

4. Which of the following would be the best indicator that the organization's risk management processes are operating effectively?

A) Management established policies and procedures that state risk will be considered.
B) The organization implemented formal operational risk management processes.
C) Management openly discusses both risks and opportunities facing the organization.

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 discovery sample of all loan applications to determine whether each application contains a statement of collateral.
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 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.

Solutions: