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IIA IAA-IAP Exam Syllabus Topics:

IIA Internal Audit Practitioner Sample Questions:

1. In addition to the internal auditor, which of the following parties need to be present at an exit or closing conference?

A) The chief executive officer
B) Audit committee members
C) Management over areas covered by the engagement

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

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

3. An internal auditor is performing an internal control assessment at a manufacturing company. The auditor observed that the accounts payable clerks have the ability to create new vendors without management's review and approval. How should the auditor document this observation?

A) The observation is an internal control weakness; therefore, additional testing should be performed to determine whether secondary mitigating controls exist or whether the control should be redesigned.
B) The observation is a sign of adequate internal controls; however, effectiveness testing should be performed to ensure that the controls are operating as designed and intended.
C) The observation doesn't affect the adequacy of the internal controls because the existing process controls ensure that invoices are promptly and accurately paid.

4. Which of the following would an internal auditor most likely use to document a complex process that includes risks and controls, timelines, and ownership of key steps?

A) Process map.
B) Risk and control matrix.
C) Detailed flowchart.

5. In the absence of any action to control or modify the circumstances, the probability of loss arising from circumstances existing in an environment is known as which of the following types of risk?

A) Control
B) Residual
C) Inherent

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