Independence Day Special 70% Discount Offer - Ends in 0d 00h 00m 00s - Coupon code: sale65best

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

Questions 61

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?

Options:

A.

Express an opinion on the participants' inputs and conclusions as the assessment progresses.

B.

Provide appropriate techniques and guidelines on how the exercise should be undertaken.

C.

Evaluate and report on all issues that may be uncovered during the exercise.

D.

Screen and vet participants so that the most appropriate candidates are selected to participate in the exercise.

Buy Now
Questions 62

According to IIA guidance, which of the following statements is true regarding the authority of the chief audit executive (CAE) to release previous audit reports to outside parties?

Options:

A.

The CAE can release prior internal audit reports with the approval of the board and senior management.

B.

The CAE can employ judgment and release prior audit results as they deem appropriate and necessary.

C.

The CAE can only release prior information outside the organization when mandated by legal or statutory requirements.

D.

The CAE can release prior information provided it is as originally published and distributed within the organization.

Buy Now
Questions 63

An engagement work program o of greatest value to audit management when which of the following is true?

Options:

A.

The work program provides more detailed support for the audit report

B.

The work program helps determined the required amount of audit resources

C.

The work program helps ensure tie achievement of the engagement objectives

D.

The work program assists the auditor n developing and managing audit tests

Buy Now
Questions 64

Which of the following statements about including consulting engagements in the annual internal audit plan is true?

Options:

A.

All requests for consulting engagements must be included in the annual internal audit plan

B.

Assurance engagements must be included in the annual internal audit plan but there is no requirement to include consulting engagements

C.

Consulting engagements do not need to be included m the annual internal audit plan unless requested by the board

D.

The acceptance of proposed consulting engagements into the annual internal audit plan may depend on their ability to add value

Buy Now
Questions 65

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?

Options:

A.

Variables sampling

B.

Dollar-unit sampling

C.

Judgmental sampling

D.

Discovery sampling

Buy Now
Questions 66

Which of the following statements is true regarding the chief audit executive's (CAT$) responsibilities after completing an assurance or consulting engagement?

Options:

A.

The CAE must establish a follow-up process tor both assurance and consulting engagements to monitor that management actions have been effectively implemented to address observations

B.

The CAE must communicate the results of assurance and consulting engagements lo whoever can ensure that the results are given due consideration.

C.

The CAE must acknowledge satisfactory performance when communicating the results of assurance and consulting engagements

D.

The CAE may delegate the responsibility for communicating the results of consulting engagements although this responsibility cannot be delegated for assurance engagements

Buy Now
Questions 67

Which of the following is the best option for the chief audit executive to consider for effective coordination of assurance coverage?

Options:

A.

Create an assurance map to illustrate each provider's level of assurance and planned activities for each area of the organization

B.

LIMIT© ricks inventory to identify the risks and controls in place and the relevant control owners.

C.

Rely on the risk and control and management testing information maintained for compliance with the regulatory framework

D.

Prepare a risk likelihood and impact heal map to prioritize assurance coverage coordination.

Buy Now
Questions 68

Due to a recent system upgrade, an audit is planned to test the payroll process. Which of the following audit objectives would be most important to prevent fraud?

Options:

A.

Verify that amounts are correct.

B.

Verify that payments are on time.

C.

Verify that recipients are valid employees.

D.

Verify that benefits deductions are accurate.

Buy Now
Questions 69

An organization is experiencing a significant risk that threatens its financial well-being Senior management requested that the chief audit executive (CAE) meet with them to discuss the risk. Which of the following would best describe the CAE's responsibility at the meeting?

Options:

A.

Inform senior management of the appropriate actions they should take to control the risk

B.

Recommend that the internal audit activity provide consulting services to help minimize the risk

C.

Assume the responsibility of resolving the significant risk that will affect the organization

D.

Determine whether senior management accepted risk that may be deemed unacceptable for the organization

Buy Now
Questions 70

While conducting a review of the logistics department the internal audit team identified a crucial control weakness. The chief audit executive (CAE) decided to prepare an audit memorandum for management of the logistics department followed by an informal meeting What is the most likely reason the CAE decided to prepare the audit memorandum?

Options:

A.

To report up-to-date audit progress to management

B.

To ensure that the internal audit team and the CAE are aligned with regard to the identified weakness

C.

To allow management to address the identified weakness timely

D.

To obtain management's agreement with regard to the identified weakness

Buy Now
Exam Code: IIA-CIA-Part2
Exam Name: Practice of Internal Auditing
Last Update: Jul 13, 2024
Questions: 377

PDF + Testing Engine

$159.99
$56

Testing Engine

$119.99
$42

PDF (Q&A)

$99.99
$35

IIA Free Exams

IIA Free Exams
Discover free IIA exam prep resources at Examstrack. Access practice tests and study materials to enhance your IIA exam success.