Internal Audit Practitioner - IIA-IAP Exam Practice Test

Question 1

An internal auditor is reporting on the organization's asset management system. Which of the following would likely add the greatest value to the organization?

A. Confirmation that controls are operating efficiently.

B. Recommendations aimed at reducing risk exposure.

C. Reports that state identified deficiencies were remedied during the audit.

Correct Answer: B

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Question 2

During a procurement process consulting engagement, the internal auditors reviewed contracts for the hospital's supply of medicine. Which of the following would the internal auditors most likely recommend to improve the effectiveness of the procurement process?

A. Only qualified procurement professionals should manage the procurement process.

B. The procurement process must be comprehensively documented.

C. The procurement process should begin with clearly specified needs.

Correct Answer: C

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Question 3

Which of the following is a common computer-assisted audit tool used to analyze data?

A. Social media

B. Spreadsheet software

C. Word processing software

Correct Answer: B

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Question 4

Which sampling technique uses a nonrandom selection process that is expected to be representative of the population as a whole?

A. Haphazard sampling.

B. Attribute sampling.

C. Judgmental sampling.

Correct Answer: C

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Question 5

During an accounts payable audit engagement, the internal auditor identified a risk that vendor invoices may be paid multiple times. Which of the following would be appropriate preventive controls to mitigate this risk?

A. System controls to identify identical invoice numbers and dates from the same vendor prior to payment.

B. System controls to identify identical invoice amounts from the same vendor that prohibit payment after the initial invoice.

C. Manual controls requiring the reconciliation of paid vendor invoices to monthly invoice statements provided by the vendor.

Correct Answer: A

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Question 6

Which of the following best explains why internal auditors should identify risk scenarios during a risk assessment of the area being audited?

A. To determine what would prevent the achievement of objectives in the area being audited.

B. To determine whether established controls are operating effectively to mitigate critical risks.

C. To evaluate the adequacy of management's risk management process in the area being audited.

Correct Answer: A

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IIA Internal Audit Practitioner - IIA-IAP Exam Practice Test

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