Reliable Certified Internal IIA-CIA-Part2 Dumps PDF Aug 02, 2023 Recently Updated Questions
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The Certified Internal Auditor (IIA CIA Part 2) exam is a certification exam that provides an opportunity to individuals who want to pursue their careers in the field of internal auditing. This certification exam is offered by the Institute of Internal Auditors (IIA). The main objective of this certification is to provide professional recognition and knowledge to the individuals with the purpose of increasing their understanding of internal auditing. IIA CIA Part 2 exam dumps are designed to help individuals prepare for this certification exam.
The Certified Internal Auditor (IIA CIA Part 2) exam is divided into three parts. Each part covers different concepts and ideas related to internal auditing such as audit process, conduct, internal control, risk assessment, monitoring activities, and reporting processes.
IIA-CIA-Part2 exam is an essential certification that focuses on the Practice of Internal Auditing. IIA-CIA-Part2 exam is designed to evaluate the candidate's knowledge and expertise in the field of internal auditing. Practice of Internal Auditing certification is offered by the Institute of Internal Auditors (IIA) and is recognized worldwide.
NEW QUESTION # 209
A code of ethics within the internal auditing profession is necessary in order to:
- A. Ensure that all members of the profession perform at approximately the same level of competence.
- B. Provide guidance to internal auditors in their service to others.
- C. Reduce the likelihood that members of the profession will be sued for substandard work.
- D. Require members of the profession to exhibit loyalty in all matters pertaining to the affairs of their organization.
Answer: B
NEW QUESTION # 210
Because of an abundance of high priority requests from management, an internal audit activity no longer has the resources to meet all of its commitments contained in the annual audit plan. Which of the following would be the best course of action for the chief audit executive to follow?
- A. Reassess the plan and either cancel or divert resources away from the lowest priority activities.
- B. Present a reassessment of the plan to the board and senior management for consideration.
- C. Continue with the plan and seek opportunities to adjust priorities and reallocate resources.
- D. Advise the board immediately and seek their support for additional resources to meet the needs of the plan.
Answer: B
Explanation:
Section: Volume C
Explanation/Reference:
NEW QUESTION # 211
The efficiency of internal audit operations is best enhanced if workpaper standards:
- A. Permit the extent of documentation to vary according to engagement objectives.
- B. Mandate the workpaper retention period.
- C. Allow access to workpapers by external parties if approved by senior management or the audit committee.
- D. Require supervisors to initial and date each workpaper that they review.
Answer: A
Explanation:
Section: Volume A
NEW QUESTION # 212
In a review of an electronic data interchange application using a third-party service provider, the auditor should:
I. Ensure encryption keys meet International Organization for Standardization (ISO) standards.
II. Determine whether an independent review of the service provider's operation has been conducted.
III. Verify that only public-switched data networks are used by the service provider.
IV.
Verify that the service provider's contracts include necessary clauses, such as the right to audit.
- A. I and II only
- B. II and IV only
- C. I and IV only
- D. II and III only
Answer: B
NEW QUESTION # 213
New environmental regulations require the board to certify that the organization's reported pollutant emissions data is accurate. The chief audit executive (CAE) is planning an audit to provide assurance over the organization's compliance with the environmental regulations. Which of the following groups or individuals is most important for the CAE to consult to determine the scope of the audit?
- A. The organization's insurance department.
- B. The audit committee of the board.
- C. The environmental, health, and safety manager.
- D. The organization's external environmental lawyers.
Answer: C
NEW QUESTION # 214
An internal auditor has a recommendation to change operations which could potentially increase profits by
$50,000. The best way to sell this recommendation to management is to:
- A. Bring it to the audit manager, who should bring it immediately to senior management's attention.
- B. Wait until the exit conference to discuss it in order to ensure all affected parties are present.
- C. Carefully work out the details of implementation before presenting it to department management.
- D. Discuss it with operating supervisors who are directly affected by the change, and then with department management.
Answer: D
NEW QUESTION # 215
According to IIA guidance, which of the following strategies would be the least effective in helping a chief audit executive build a stronger relationship with the board?
- A. Consider the possible repercussions created by commentary on deficiencies.
- B. Consider formality and tone of communications to ensure they are appropriate.
- C. Avoid making presumptuous comments without sufficient facts.
- D. Minimize instances of ad hoc communications with board members.
Answer: D
NEW QUESTION # 216
During a fraud interview, it was discovered that unquestioned authority enabled a vice president to steal funds from the organization. Which of the following best describes this condition?
- A. Scheme.
- B. Rationalization.
- C. Opportunity.
- D. Pressure.
Answer: C
NEW QUESTION # 217
Which of the following factors could interfere with effective problem solving by an internal auditor?
1. Reacting to previous experiences with clients.
2. Focusing only on the most likely cause.
3. Correcting the symptoms of problems.
- A. I only
- B. I, II, and III
- C. I and II only
- D. III only
Answer: B
NEW QUESTION # 218
An organization has recently incurred significant cost overruns on one of its construction projects. Management suspects that these overruns were caused by the contractor improperly charging for costs related to contract change orders. Which of the following procedures are appropriate for testing this suspicion?
1.Determine if the contractor has received proper approval of change orders from management.
2.Determine if the contractor has billed for original contract work cancelled by the change orders.
3.Determine if the contractor has charged change orders with costs already billed to the original contract.
4.Determine if the contractor has been paid for change orders that have not yet been completed.
- A. 1 and 3 only
- B. 1 and 2 only
- C. 3 and 4 only
- D. 2 and 3 only
Answer: D
NEW QUESTION # 219
Which of the following tests must an internal auditor perform in order to ensure that inbound electronic data interchange (EDI) transactions are received and translated accurately?
I. Computerized tests to assess transaction reasonableness and validity.
II. Review of log books to ensure that transactions are logged upon receipt.
III. Edit checks to identify unusual transactions.
IV. Verification of limitations on the authority of users to initiate specific EDI transactions.
- A. I, II, III, and IV.
- B. I, II, and III only
- C. I and IV only
- D. II and III only
Answer: B
Explanation:
Section: Volume B
NEW QUESTION # 220
During the filework phase of an assurance engagement the internal auditor decides that she wants to adjust the audit work program. Which of the following is the most appropriate next step for the auditor to take9
- A. Obtain approval from the engagement supervisor
- B. Request additional information needed from management of the area under review.
- C. Discuss the change in scope with management of the area under review.
- D. Obtain the required resources, including IT. to complete the work
Answer: C
NEW QUESTION # 221
In a review of an electronic data interchange application using a third-party service provider, the auditor should:
I. Ensure encryption keys meet International Organization for Standardization (ISO) standards.
II. Determine whether an independent review of the service provider's operation has been conducted.
III. Verify that only public-switched data networks are used by the service provider.
IV. Verify that the service provider's contracts include necessary clauses, such as the right to audit.
- A. I and II only
- B. II and IV only
- C. I and IV only
- D. II and III only
Answer: B
Explanation:
Section: Volume B
NEW QUESTION # 222
According to the International Professional Practices Framework, which of the following is correct regarding conducting and reporting follow-up activities by the internal audit activity (IAA)?
- A. Due to management changes, the IAA is advised by management that no further work will be done.
Further follow-up work is not required as management has accepted the related risk. - B. Management has stopped implementing several key recommendations citing a growing disagreement with their effectiveness. The auditor communicates the situation to the CAE who then escalates the matter to senior management.
- C. A newly appointed auditor immediately proceeds to conduct follow-up testing based on previous work performed for the engagement and then reports the results to the chief audit executive (CAE).
- D. In situations where the identified risk may have a significant impact to the business and senior management has accepted the risk, it is not necessary for the CAE to inform the board of the decision.
Answer: B
NEW QUESTION # 223
The following is an excerpt from an audit engagement workpaper:
-A Company -Accounts Receivable -Date
Objective. To determine if the computer system is correctly recording all accounts receivable transactions.
Procedures: Judgmental selection of a sample of all accounts receivable balances greater than $50,000 for positive confirmation of balances.
Conclusion: Based on the results of testing wherein all but three confirmations were returned, the accounts receivable balance is fairly presented in all material respects.
Which of the following is true regarding the workpaper?
- A. It is not appropriate to judgmentally select a sample when testing accounts receivable.
- B. A conclusion should be reached only for the results of overall testing, not for individual procedures.
- C. The format of the workpaper does not conform to the standard format for workpapers.
- D. The audit procedures used are not consistent with the audit objective.
Answer: D
NEW QUESTION # 224
An internal auditor for a regional bank suspects that the head of commercial lending has been granting loans without the required collateral Which of the following sampling techniques will be most effective for investigating the auditor's suspicion?
- A. Dollar-unit sampling
- B. Variables sampling
- C. Discovery sampling
- D. Judgmental sampling
Answer: C
NEW QUESTION # 225
While investigating a compromised Web server, an auditor found that the Web server logs had been deleted. The auditor should recommend that the Web server logs be:
- A. Generated and maintained on a separate secure server.
- B. Accessible by administrative users only.
- C. Encrypted to ensure that the logs cannot be deleted.
- D. Restored automatically to the Web server from backup files.
Answer: A
NEW QUESTION # 226
A key to effective benchmarking in a consulting engagement is identifying the issues that can be:
- A. Measured and controlled by the engagement client.
- B. Shared with all internal audit customers.
- C. Reviewed by all internal audit staff members.
- D. Discussed with the board or audit committee.
Answer: A
NEW QUESTION # 227
Given the scarcity of internal audit resources, a chief audit executive (CAE) decides not to schedule a follow-up of audit recommendations when developing engagement work schedules. Why does the CAE's decision violate the Standards?
- A. Lack of resources is not a sufficient reason to forgo a follow-up.
- B. It is not the CAE's responsibility to establish a process for a follow-up.
- C. Follow-up actions should take priority over new engagements in scheduling.
- D. When resources are scarce, the follow-up can be incorporated into the next engagement.
Answer: A
NEW QUESTION # 228
According to IIA guidance, which of the following reflects a valid principle for the internal audit activity to rely on the work of internal or external assurance providers?
- A. Elements of evaluation
- B. Elements of practice
- C. Elements of confidentiality
- D. Elements of organization
Answer: A
NEW QUESTION # 229
Which of the following actions is related to the preliminary survey process?
- A. Completing a detailed test of controls.
- B. Identifying the current controls.
- C. Preparing the engagement work program.
- D. Determining if controls are effective.
Answer: B
NEW QUESTION # 230
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.
Audit committee members.
- A. I and II only.
- B. II, III, and IV only.
- C. II and III only.
- D. I only.
Answer: A
NEW QUESTION # 231
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