IIA IAA-IAP : Internal Audit Practitioner

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IIA Internal Audit Practitioner Sample Questions:

1. Which of the following best describes the knowledge, skills, and abilities that internal auditors should possess with regard to fraud?

A) Expertise in detecting and investigating fraud.
B) Specialized skills for developing and implementing controls to prevent fraud.
C) Sufficient knowledge to evaluate the risk of fraud.

2. During a review of the payroll department, a payroll associate informs the internal auditor, in confidence, that a co-worker is under a great deal of personal stress and has made several uncharacteristic mistakes over the past few weeks. The payroll associate asks the auditor to be sympathetic to the co-worker when drafting the audit findings. If the auditor adjusts the audit findings in consideration of this request, which of the following IIA Code of Ethics principles would be violated?

A) Objectivity and Confidentiality.
B) Integrity and Confidentiality.
C) Integrity and Objectivity.

3. 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.

4. A member of the internal audit team worked eight months ago in an area of the organization that she is now being tasked with auditing. Which of the following would most likely be impacted by her participation in the audit?

A) Integrity
B) Competency
C) Objectivity

5. When determining the appropriate level of resources needed for an engagement, which of the following would be the first step?

A) Identify required technology and audit tools
B) Determine travel and related costs for the engagement
C) Determine the sufficiency of internal audit staff

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