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IIA IAA-IAP Exam Syllabus Topics:

IIA Internal Audit Practitioner Sample Questions:

1. A senior internal auditor is using a risk and control matrix to facilitate an internal control assessment of the fixed asset accounting process. Which of the following activities would aid the auditor in determining inputs for the risk and control matrix?

A) Management's cost-benefit analysis of internal control alternatives considered in the design of the fixed asset accounting process.
B) Interviews with fixed asset management, control process walkthroughs, and internal control questionnaires.
C) Reviewing the results of control effectiveness testing of the fixed asset capitalization subprocess.

2. 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 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.
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 discovery sample of all loan applications to determine whether each application contains a statement of collateral.

3. Which of the following consulting engagements leverages an internal auditor's risk and control knowledge to help the organization keep abreast of emerging risks?

A) Facilitating organizational control self-assessments
B) Advising on control designs
C) Assisting with the development of policies and procedures

4. Which of the following best describes a compliance audit engagement?

A) The auditor conducts a review to provide assurance that the external service provider of maintenance for the organization has an effective risk management process.
B) The auditor analyzes the economic activity of the organization as measured and reported using international accounting standards.
C) The auditor reviews controls of the oil shale mining process to assess adherence to safetyregulations established by local authorities.

5. 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 the wrong vendors
C) Poor cash management due to potentially paying fraudulent invoices

Solutions: