IIA-CIA-Part2 Questions Pass on Your First Attempt Dumps for Certified Internal Certified
IIA-CIA-Part2 Practice Test Pdf Exam Material
IIA-CIA-Part2 certification exam is a valuable certification for individuals in the field of internal auditing. It provides individuals with the necessary knowledge and skills to succeed in the field and opens up new career opportunities. As a globally recognized certification, it demonstrates a commitment to the profession and a desire to continue learning and growing as an internal auditor.
NEW QUESTION # 171
Which of the following is the most common method management can use to manage risk within its risk appetite?
- A. Continuous evaluations and audits.
- B. Frequent communication of risk appetite for operating personnel.
- C. Implementation of controls.
- D. Use of risk registers and dashboard.
Answer: C
NEW QUESTION # 172
According to the Standards, which of the following objectives is not required to ensure the appropriate completion of an engagement?
- A. Determining audit team members are coordinated to ensure the efficient execution of all engagement procedures.
- B. Confirming engagement working papers properly support the observations, recommendations and conclusions.
- C. Providing structured learning opportunities for engagement auditors when and wherever possible.
- D. Ensuring all engagement objectives are reviewed for satisfactory achievement and properly documented.
Answer: C
NEW QUESTION # 173
Which of the following situations would best support the decision of a chief audit executive (CAE) to defer follow-up activity at a branch office until the next audit engagement?
- A. An audit of the branch office is routinely scheduled every three years.
- B. Branch office management states that correction of the audit issue may take longer than expected.
- C. On-site follow-up of a remote branch may not be feasible due to travel costs.
- D. The CAE and management agree that the corrective action taken to date is sufficient.
Answer: D
NEW QUESTION # 174
During an audit of an ethics program, which of the following procedures are most appropriate to evaluate the effectiveness of the program?
* Testing whether corrective actions taken on involved parties breaching the ethics program are adequate.
* Testing whether all employees are mandated through policy to comply with the ethics program.
* Testing whether all employees are required to confirm in writing their compliance with the ethics program.
* Testing through surveys employee's level of understanding and commitment to the ethics program.
- A. 2 and 3 only
- B. 1 and 2 only
- C. 1 and 4 only
- D. 3 and 4 only
Answer: C
NEW QUESTION # 175
After issuance of the engagement final communication for an audit of an organization's accounts payable function, which of the following should be sent satisfaction surveys?
I.Manager of disbursements.
II.
Controller.
III.
Chief operating officer.
IV.
- A. I and II only.
- B. I only.
- C. II, III, and IV only.
Audit committee members. - D. II and III only.
Answer: A
NEW QUESTION # 176
During an audit of a major contract, an auditor finds that actual hours and dollars billed are consistently at or near budgeted amounts. This condition is a red flag for which of the following procurement fraud schemes?
- A. Defective pricing.
- B. Cost mischarging.
- C. Fictitious vendor.
- D. Bid rotation.
Answer: B
Explanation:
Section: Volume C
NEW QUESTION # 177
A chief audit executive (CAE) is evaluating four potential audit engagements based on the following factors: the engagement's ability to reduce risk to the organization, the engagement's ability to save the organization money, and the extent of change in the area since the last engagement. The CAE has scored the engagements for each factor from low to high, assigned points, and calculated an overall ranking. The results are shown below with the points in parentheses:
Risk Reduction
Cost Savings
Changes
High (3)
Medium (2)
Low (1)
High (3)
Low (1)
High (3)
Low (1)
High (3)
Medium (2)
Medium (2)
Medium (2)
High (3)
If the organization has asked the CAE to consider the cost savings factor to be twice as important as any other factor, which engagements should the CAE pursue?
- A. 2 and 4 only
- B. 1 and 2 only
- C. 1 and 3 only
- D. 3 and 4 only
Answer: D
NEW QUESTION # 178
Senior management requested that the internal audit activity perform a consulting project to assist in making a decision on a new software system Which of the following would be used to determine the engagement objectives?
- A. The probability of significant errors fraud or noncompliance
- B. Criteria previously established by the board
- C. An understanding of the engagement client's expectations
- D. An assessment of risks to the business objectives
Answer: C
NEW QUESTION # 179
When a significant finding is noted early during a review of the accounts payable function, which next course of action is best for communicating the issue?
- A. Call a meeting and discuss me issue with the audit committee
- B. Note the item in the workpapers for inclusion in the final audit report
- C. Intern accounting management via an interim memorandum update
- D. Alert the CEO as soon as the issue is discovered
Answer: D
NEW QUESTION # 180
An internal auditor is testing the success of the IT support department in meeting the service levels guaranteed to small, medium and large customers. The customer's size classification is based on its annual expenditures with the organization and the nature and extent of services it receives. Which of the following sampling techniques would be the most suitable to select customers for this test?
- A. Interval sampling
- B. Stop-and-go sampling
- C. Cluster sampling
- D. Stratified sampling
Answer: D
NEW QUESTION # 181
An internal auditor has been assigned to facilitate a risk and control self-assessment for the finance group.
Which of the following is the most appropriate role that she should assume when facilitating the workshop?
- A. Provide appropriate techniques and guidelines on how the exercise should be undertaken.
- B. Evaluate and report on all issues that may be uncovered during the exercise.
- C. Express an opinion on the participants' inputs and conclusions as the assessment progresses.
- D. Screen and vet participants so that the most appropriate candidates are selected to participate in the exercise.
Answer: A
NEW QUESTION # 182
The chief risk officer (CRO) of a large manufacturing organization decided to facilitate a workshop for process managers and staff to identify opportunities for improving productivity and reducing defects. Which of the following is the most likely reason the CRO chose the workshop approach?
- A. Workshop participants have an opportunity to learn while contributing ideas toward the objectives.
- B. It minimizes the amount of time spent and cost incurred to gather the necessary information.
- C. Workshops do not require extensive facilitation skills and are therefore ideal for nonauditors.
- D. Responses can be confidential, thus encouraging participants to be candid expressing their concerns.
Answer: A
NEW QUESTION # 183
A newly promoted chief audit executive (CAE) is faced with a backlog of assurance engagement reports to review for approval. In an attempt to attach a priority for this review, the CAE scans the opinion statement on each report. According to IIA guidance, which of the following opinions would receive the lowest review priority?
1.Graded positive opinion.
2.Negative assurance opinion.
3.Limited assurance opinion.
4.Third-party opinion.
- A. 2 and 4
- B. 1 and 4
- C. 1 and 3
- D. 2 and 3
Answer: D
NEW QUESTION # 184
Information gathered in a forensic investigation of business fraud is usually gathered with which of the following standards in mind?
- A. Legal evidence.
- B. Generally Accepted Accounting Principles.
- C. The International Professional Practices Framework.
- D. Generally Accepted Auditing Standards.
Answer: A
NEW QUESTION # 185
Which of the following is an appropriate documentation of proper engagement supervision?
- A. The supervisor's review notes on engagement workpapers.
- B. A supervisor's approval of resources allocated to the engagement
- C. The email exchanges between the audit team and the supervisor.
- D. A completed engagement workpaper review checklist.
Answer: A
NEW QUESTION # 186
A code of business conduct provides:
- A. A program to anonymously report irregularities to authorities.
- B. A passive method of fraud deterrence.
- C. An alternative to "tone at the top" programs.
- D. A fraud avoidance plan that does not explicitly describe punishments for violations.
Answer: B
NEW QUESTION # 187
In response to an accounts receivable confirmation, a customer indicated that the invoice listed on the confirmation letter had been paid two months earlier.
This may indicate that:
- A. Fraudulent activity has occurred.
- B. The customer is a bad credit risk.
- C. The receivable was selected for confirmation in error.
- D. The receivable should be written off.
Answer: A
Explanation:
Section: Volume B
NEW QUESTION # 188
A chief audit executive is preparing interview questions for the upcoming recruitment of a senior internal auditor. According to IIA guidance, which of the following attributes shows a candidate's ability to probe further when reviewing incidents that have the appearance of misbehavior?
- A. Initiative.
- B. Flexibility.
- C. Integrity.
- D. Curiosity.
Answer: D
Explanation:
Section: Volume E
NEW QUESTION # 189
Which of the following is an appropriate role for the internal audit activity with regard to the organization's risk management program?
- A. Identify and ensure that appropriate controls exist to mitigate risks.
- B. Identify and manage risks in line with the organization's risk appetite.
- C. Ensure that a proper and effective risk management process exists.
- D. Attain an adequate understanding of the organization's key risk mitigation strategies.
Answer: D
Explanation:
Section: Volume E
NEW QUESTION # 190
The chief audit executive's responsibility regarding control processes includes:
- A. Maintaining the organization's governance processes.
- B. Ensuring that the internal audit activity assesses all control processes annually.
- C. Assisting senior management and the audit committee in the development of an annual assessment about internal control.
- D. Overseeing the establishment of internal control processes.
Answer: C
Explanation:
Section: Volume C
NEW QUESTION # 191
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IIA-CIA-Part2 (Practice of Internal Auditing) certification exam is a globally recognized certification offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part2 exam is designed to test the candidate's knowledge and skills in the practice of internal auditing, with a focus on the core principles and techniques used by internal auditors worldwide. The IIA-CIA-Part2 certification is highly valued in the industry, as it demonstrates that the holder has a deep understanding of the internal audit process and is capable of providing valuable insights and recommendations to organizations.
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