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IIA IAA-IAP Exam Syllabus Topics:

IIA Internal Audit Practitioner Sample Questions:

1. Which of the following analytical procedures would be most effective for an internal auditor to examine changes in performance over time?

A) Ratio analysis
B) Trend analysis
C) Analysis of common size financial statements

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

3. Which of the following best describes the difference between inherent risk and residual risk?

A) Inherent risk is the level of risk in the absence of any targeted actions or controls to alter its severity, residual risk is the risk remaining after implementing corrective actions.
B) Inherent risk is the level of risk before the risk assessment process, residual risk is the level of risk remaining after completing the risk assessment process.
C) Inherent risk is the level of risk the organization is willing to accept, residual risk is the level of risk deemed unacceptable by the organization.

4. 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

5. Based on the three elements of the Fraud Triangle, which of the following might be considered a fraud indicator related to the opportunity element?

A) Reserves were established based on conservative assumptions to maximize the amounts set aside for when operating results may not meet investors' expectations
B) Poor segregation of duties allows for an executive assistant to authorize payments to one-time vendors without supervisory approvals
C) Executive management establishes financial performance objectives for business unit managers. The objectives include significant increases in annual sales and market penetration

Solutions: