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

Questions 51

According to the MA guidance, which of the following does the engagement work program test in a review of an organizational process?

Options:

A.

Process objectives.

B.

Process risks

C.

Process controls.

D.

Process scope

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Questions 52

Internal control questionnaires are used to achieve which of the following objectives?

Options:

A.

To ascertain the operating effectiveness of a procedure

B.

To verify the accuracy of Information in a report

C.

To assess the controls mitigating major risks

D.

To determine whether specified contra procedures are in place

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Questions 53

According to IIA guidance, which of the following are the most important objectives for helping to ensure the appropriate completion of an engagement?

1. Coordinate audit team members to ensure the efficient execution of all engagement procedures.

2. Confirm engagement workpapers properly support the observations, recommendations, and conclusions.

3. Provide structured learning opportunities for engagement auditors when possible.

4. Ensure engagement objectives are reviewed for satisfactory achievement and are documented properly.

Options:

A.

1, 2, and 3

B.

1, 2, and 4

C.

1, 3, and 4

D.

2, 3, and 4

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Questions 54

During an audit of the accounts receivable (AR) process, an internal auditor noted that reconciliations are still not performed regularly by the AR staff, a recommendation that was made following a previous audit. Monitoring by the financial reporting function has failed to detect the shortcoming. Both the financial reporting function and AR report to the controller, who is responsible for implementing action plans. Which of the following supports the internal auditor's decision to combine both observations into one reported finding?

Options:

A.

The observation was made during the same audit, and the action plan has a common owner.

B.

The observation relates to the same control activity within a common process.

C.

The observation has a common control, and it was noted in a prior audit.

D.

The observation has a common process, and the action plan for the observation has a common owner.

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Questions 55

Due to emerging new technologies that greatly affect the organization, the chief audit executive (CAE) wants to conduct frequent IT audit and is particularly focused on improving the quality of these engagements. Which of the following is the most viable solution for the CAE to ensure that IT audit quality is immediately enhanced and maintained long-term?

Options:

A.

Each year send a different member of the internal audit staff to an IT audit conference to learn about emerging technologies

B.

Contract an external IT special to offer advice and consult on IT audits

C.

Employ an independent external IT specialist to perform IT audits for the first year

D.

Invite qualified staff from the IT department to serve as guest auditors and lead IT audits

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Questions 56

An internal auditor tested whether purchase orders were supported by appropriately approved purchase requisitions She sampled a population of purchase documents and identified instances where purchase requisitions were missing However, she did not notice that n some cases purchase requisitions were approved by an unauthorized person Which of the following risks most appropriately describes this situation?

Options:

A.

Nonsampling risk

B.

Sampling risk

C.

Inherent risk

D.

Due diligence risk

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Questions 57

To compete in the global market, an organization is restructuring and consolidating many of its divisions. Prior to the consolidation, senior management requested assistance from tie internal audit activity. Which of the following consulting services would be most appropriate in this situation?

Options:

A.

Assess controls for potential compliance issues that may affect me consolidation

B.

Brief vendors on the potential risks that will occur without continued business

C.

Advise division managers on how to streamline operations for better efficiency

D.

Determine whether the organization’s controls are effective in meeting business objectives

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Questions 58

What is the primary purpose of issuing a preliminary communication to management of the area under review?

Options:

A.

To build good relations with management

B.

To help management develop more responsive and timely action plans

C.

To formally report medium- and high-risk observations in writing

D.

To improve the internal audit key performance indicators

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Questions 59

Which of the following is one of the differences between probability-proportional-to-size (PPS) and attribute sampling?

Options:

A.

PPS sampling s used to reach conclusions regarding monetary amounts, attribute sampling is not.

B.

PPS sampling is used to roach conclusions regarding rates of occurrence, attribute sampling is not.

C.

PPS sampling a applied within the context of testing controls attribute sampling s not.

D.

Attribute sampling is affected by the monetary book value of the population PPS sampling is not

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Questions 60

An internal auditor is preparing for an auditor of newly implemented software that is used by 3,000 employees in South America and Europe. What would be the best way for the auditor to gather relevant feedback?

Options:

A.

interview IT management in both regions

B.

Inspect regional user software training records

C.

Interview propel management and the vendor responsible for implementation

D.

Distribute surveys to software users in both regions

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Exam Code: IIA-CIA-Part2
Exam Name: Practice of Internal Auditing
Last Update: Jul 25, 2024
Questions: 377

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