IIA IAA-IAP - Internal Audit Practitioner
- Exam Code: IAA-IAP
- Exam Name: Internal Audit Practitioner
- Updated: Aug 11, 2026
- Q & A: 100 Questions and Answers
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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Ethics and Professionalism | 20% | - Professional Conduct
|
| Topic 2: Fraud Risks | 15% | - Fraud Awareness
|
| Topic 3: Foundations of Internal Auditing | 35% | - Internal Audit Fundamentals
|
| Topic 4: Governance, Risk Management, and Control | 30% | - Governance and Risk
|
1. The chief audit executive scheduled an exit meeting to discuss conclusions and recommendations with management before issuing the final engagement communication. Which of the following describes the primary reason that the exit meeting should be documented?
A) The information may be needed if a disagreement about the content arises
B) The Standards require that the internal auditor document exit meetings
C) The results of the discussion form part of the internal auditor's performance review
2. Which of the following statements is true regarding engagement status meetings?
A) They mainly involve one-way communication from the internal auditor to management of the area under review.
B) They should involve the chief audit executive and senior management.
C) They are expected to enhance the relationships between the internal audit activity and management of the area under review.
3. Which of the following would have the most direct impact on management's decision regarding the amount of risk that is considered acceptable?
A) Risk capacity.
B) Risk perception.
C) Risk appetite.
4. Which of the following conditions involving the chief audit executive (CAE) is most likely to impair the independence of the internal audit activity?
A) The CAE reports directly to the controller for the organization, and the internal audit activity resides in the office of the comptroller.
B) The CAE has direct access to records, personnel, and physical properties throughout the organization.
C) The CAE regularly attends and participates in critical executive management meetings for the organization.
5. Which of the following is considered an organization-level control, as opposed to process-level or transaction- level?
A) Supervision of finance employees, including day-to-day oversight and periodic performance evaluations.
B) Personnel policies requiring the employment of competent personnel, based on training and experience, to manage complex functions such as accounting and financial reporting.
C) Segregated budgeting responsibilities of finance employees, including review and approval of financial reports.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: B |
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