Online Access Free IIA-IAP Practice Test

According to IIA guidance, which of the following is the primary criterion that should determine the extent of supervision required for an audit engagement?

• A.Whether the engagement involves possible violations of laws and governmental regulations.
• B.The number of hours approved by the board for that engagement.
• C.The proficiency of the internal auditors and the complexity of the engagement.

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 safety regulations established by local authorities.

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

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

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

Internal and external benchmarking by the internal audit activity are examples of which of the following?

• A.Analytical procedures
• B.Inquiry
• C.Confirmation