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Exam Code: IAA-IAP
Exam Name: Internal Audit Practitioner
Vendor: IIA

60 Questions & Answers
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NEW QUESTION: 1
An application developer needs to create a new policy for the new payment method created.
Apart from QueryPaymentsInfoPolicyCmdlmpl, which two other commands must be associated with the new policy in the POLICYCMD table in order to successfully execute the payment method?
A. RefundPaymentPolicyCmdlmpl
B. EditPaymentlnstructionPolicyCmdlmpl
C. CheckPaymentPolicyDisplayCmdlmpl
D. DoPaymentActionsPolicyCmdlmpl
E. EvaluatePaymentRulesCmdImpl
Answer: E

NEW QUESTION: 2
Nat Smart was employed as an investment adviser representative and sold many of his clients on a
municipal bond fund of which he was fond, telling his clients that the returns earned on it were completely
free from federal taxation. Unfortunately, he had some unhappy clients when, at the end of the year, they
discovered that they had to pay federal tax on the capital gains earned by the fund when it sold some of
the bonds it held. Nat was as surprised as they were. Based on these facts, which of the following
statements is necessarily true?
I. Because Nat was as surprised as they were, he is guiltless.
II. Nat is subject to civil liability payments.
III. Nat will be subject to the criminal penalties for fraud and may spend time in prison.
A. I only
B. III only
C. II and III only
D. II only
Answer: D
Explanation:
Only Selection II is an accurate statement. In telling his clients that the returns earned on a
municipal bond fund were totally tax-free, Nat misled the clients, whether intentionally or not. This
constitutes fraud, and Nat is, at a minimum subject to civil liability payments, so this is "necessarily" true.
Whether or not Nat will be subject to criminal penalties for fraud and spend time in prison depends on his
ability to prove that he had no knowledge that he was misleading his clients.

NEW QUESTION: 3
View the Exhibit and examine the data in the PROMO_CATEGORY and PROMO_COST columns of the PROMOTIONS table.

Evaluate the following two queries:
SQL>SELECT DISTINCT promo_category to_char(promo_cost)"code" FROM promotions ORDER BY code; SQL>SELECT DISTINCT promo_category promo_cost "code" FROM promotions ORDER BY 1; Which statement is true regarding the execution of the above queries?
A. Only the second query executes successfully.
B. Both queries execute successfully and give the same result.
C. Only the first query executes successfully.
D. Both queries execute successfully but give different results.
Answer: A

NEW QUESTION: 4
Cost of goods sold (COGS) split functionality is available in account-based CO-PA.
Which settings are necessary?
Note: There are 2 correct answers to this question.
Response:
A. Characteristic values and characteristic groups must be maintained
B. The corresponding cost elements must exist in the chart of accounts.
C. Cost elements must be mapped to cost components
D. Operating concern currency must be determined.
Answer: B,C


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