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Effective Study Techniques for the IIA IIA-CIA-Part2 Exam

Questions 21

What is the purpose of an internal control questionnaire?

Options:

A.

To gather information from a sample of people who are geographically dispersed

B.

To assess risks that could prevent an audited area from achieving its objectives.

C.

To evaluate tie level of compliance of remote offices with centrally designed procedures

D.

To perform testing of controls more frequently

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Questions 22

An internal auditor accessed accounts payable records and extracted data related to fuel purchased tor the organization's vehicles As a first step, she sorted the data by vehicle and used spreadsheet functions to identify all instances of refueling on the same or sequential dates She then performed other tests Based on the auditor's actions which of the following is most likely the objective of this engagement1?

Options:

A.

To identify whether fuel was purchased for work-related purposes

B.

To estimate future fuel costs for the organization's fleet of vehicles

C.

To determine trends in average fuel consumption by vehicle

D.

To determine whether the organization is paying more than the industry average for fuel

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Questions 23

What is the primary purpose of creating a preliminary draft audit report?

Options:

A.

To save time during final report writing

B.

To meet the Standards requirement for developing a draft report prior to issuing a final report

C.

To use as a tool for communicating with management of the area under review.

D.

To require that management implements solutions to issues identified during the engagement

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Questions 24

An internal auditor is asked to determine why the production line for a large manufacturing organization has been experiencing shutdowns due to unavailable pacts The auditor learns that production data used for generating automatic purchases via electronic interchange is collected on personal computers connected by a local area network (LAN) Purchases are made from authorized vendors based on both the production plans for the next month and an authorized materials requirements plan (MRP) that identifies the parts needed per unit of production The auditor suspects the shutdowns are occurring because purchasing requirements have not been updated for changes in production techniques. Which of the following audit procedures should be used to test the auditor's theory?

Options:

A.

Compare purchase orders generated from test data input into the LAN with purchase orders generated from production data for the most recent period

B.

Develop a report of excess inventory and compare the inventory with current production volume

C.

Compare the pans needed based on current production estimates and the MRP for the revised production techniques with the purchase orders generated from the system for the same period

D.

Select a sample of production estimates and MRPs for several periods and trace them into the system to determine that input is accurate

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Questions 25

What is the best course of action for a chief audit executive if an internal auditor identifies in the early stage of an audit that some employees have inappropriate access to a key system?

Options:

A.

Contact the audit committee chair to discuss the finding

B.

Obtain verbal assurance from management that the inappropriate access will be removed

C.

Issue an interim audit report so that management can implement action plans

D.

Ask the auditor to create a ticket with the IT help desk requesting to revoke the inappropriate access

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Questions 26

According to IIA guidance, which of the following activities is most likely to enhance stakeholders' perception of the value the internal audit activity (IAA) adds to the organization?

1. The IAA uses computer-assisted audit techniques and IT applications.

2. The IAA uses a consistent risk-based approach in both its planning and engagement execution.

3. The IAA demonstrates the ability to build strong and constructive relationships with audit clients.

4. The IAA frequently is involved in various project teams and task forces in an advisory capacity.

Options:

A.

1 and 2

B.

1 and 3

C.

2 and 4

D.

3 and 4

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Questions 27

Which of the following information is most appropriate for the chief audit executive to share when coordinating audit plans with other internal and external assurance providers?

Options:

A.

Objectives scope and timing at a high level to support coordination while adhering to confidentiality requirements

B.

The area and timing of the audit engagement to ensure confidentially and avoid conflict of interest.

C.

All plan information, including risk assessments, planned tests and past results to maximize the opportunity for coordination with internal and external providers.

D.

No information should be shared with internal and external provider as it could introduce bias into the engagement results.

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Questions 28

Which of the following is least likely to help ensure that risk is considered in a work program?

Options:

A.

Risks are discussed with audit client.

B.

All available information from the risk-based plan is used.

C.

Client efforts to affect risk management are considered.

D.

Prior risk assessments are considered.

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Questions 29

According to IIA guidance, which of the following would not be a consideration for the internal audit activity (IAA) when determining the need to follow-up on recommendations?

Options:

A.

Degree of effort and cost needed to correct the reported condition.

B.

Complexity of the corrective action.

C.

Impact that may result should the corrective action fail.

D.

Amount of resources required to conduct the follow-up activities.

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Questions 30

An organization has a health and safety division that conducts audits to meet regulatory requirements. The chief health and safety officer reports directly to the CEO. Which of the following describes an appropriate role for the chief audit executive (CAE) with regard to the organization's health and safety program?

Options:

A.

The CAE has no role to play, because the chief health and safety officer reports to a senior executive.

B.

The CAE should coordinate with, and review the work of, the chief health and safety officer to gain an understanding of whether risks related to health and safety are managed properly.

C.

The CAE should give periodic reports directly to the regulator regarding health and safety issues, as it is the appropriate regulatory oversight body.

D.

The CAE should hire an independent external specialist to conduct an annual assessment and provide assurance over the effectiveness of the health and safety program and the reliability of its reports.

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Exam Code: IIA-CIA-Part2
Exam Name: Practice of Internal Auditing
Last Update: Jul 24, 2024
Questions: 377

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