Online Access Free IAA-IAP Exam Questions

Which of the following best describes a compliance audit engagement?

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

Which of the following best describes the purpose of a detailed engagement risk assessment?

• A.To ensure that all risks identified during the engagement planning process are addressed during the audit.
• B.To prioritize risks to the activity's objectives, according to the likelihood of occurrence.
• C.To consider significant risks to the activity's objectives and the means by which the potential impact of risk is kept to an acceptable level.

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

What are the typical elements of a risk and control matrix used in the engagement planning process?

• A.Business objectives, risks to the objectives, and impact and likelihood of the risk occurring.
• B.Experience level of key management personnel, susceptibility of the process to fraud, and process automation.
• C.Inherent process risks, as defined in a globally accepted risk and control framework.

What is the purpose of establishing engagement objectives during the planning phase of an internal audit?

• A.To ensure that all auditors have a common understanding of the area being audited.
• B.To ensure that audit procedures are designed to address the risks relevant to the area being audited.
• C.To ensure that the work performed by other internal or external assurance providers is considered during audit planning.