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IIA IAA-IAP Exam Syllabus Topics:

IIA Internal Audit Practitioner Sample Questions:

1. Which of the following interview techniques would be most effective in a fraud investigation?

A) The interviewer should be positioned between the suspect and the door to discourage the suspect from leaving during the interview.
B) The interviewer should allow the suspect to use his own words and only interrupt if a point requires clarification.
C) The interviewer should ensure that only the interviewer and the suspect are present for the interview.

2. Which of the following situations is most likely to require a compliance engagement from the internal audit activity?

A) An organization is preparing to launch an enhanced service for its online customer information system.
B) An organization must restate its financial statements due to an error in fixed asset valuation.
C) An organization is subject to newly imposed industry health and safety regulations.

3. 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

4. Which of the following conditions would threaten an internal auditor's objectivity?

A) Providing consulting services over the activity where the internal auditor was employed two years prior.
B) Providing assurance services over the activity where the internal auditor was employed 10 months prior.
C) Using knowledge that the internal auditor gained in his previous position to update systems and controls descriptions.

5. 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) 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.
C) 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.

Solutions: