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

Questions 71

According to HA guidance, which of the following statements regarding audit workpapers is true?

Options:

A.

Audit reports should include the workpapers as a reference for the audit conclusions.

B.

The internal auditor's workpapers are the primary reference for reported control deficiencies.

C.

Ad-hoc communications with management of the area under review should be excluded from the workpapers.

D.

Both draft and final versions of workpapers should be saved at the end of the engagement

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Questions 72

In which of the following ways can the internal audit activity new engagement opportunities?

Options:

A.

By defining activities by business processes.

B.

By looking external factors such as product complaints.

C.

By looking at activities by businesses cost centers.

D.

By defining activities by the organization chart.

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Questions 73

The external auditor has identified a number of production process control deficiencies involving several departments. As a result, senior management has asked the internal audit activity to complete internal control training for all related staff. According to IIA guidance, which of the following would be the most appropriate course of action for the chief audit executive to follow?

Options:

A.

Refuse to accept the consulting engagement because it would be a violation of independence.

B.

Collaborate with the external auditor to ensure the most efficient use of resources.

C.

Accept the engagement but hire an external training specialist to provide the necessary expertise.

D.

Accept the engagement even if the audit engagement staff was previously responsible for operational areas being trained.

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Questions 74

Which of the following statements concerning workpapers is the most accurate?

Options:

A.

The organization and the format of workpapers is the same for all engagements

B.

The extent of what is included in workpapers is a matter of professional judgment

C.

Workpapers should be complete so that every conceivable question that can be raised should be answered

D.

Copies of operational managements records should not be included, but referenced so that they can be located

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Questions 75

Which of the following reasonably represents best practices regarding what should be the level of internal audit resource investment in monitoring and following up on engagement outcomes?

Options:

A.

Limited resources should be employed since the actual engagement is already completed and the onus of corrective actions rests with management

B.

No resources should be exclusively deployed for that at all rather it should be planned as part of future engagements in the same area

C.

Resources should only be provided towards this if doing so does not result in depletion of resources for new engagements planned in the current period

D.

Resources should be allocated to this without conditions as long as doing so meets the expectations of management and the judgment of the chief audit executive.

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Questions 76

During an audit of the human resources department, an internal auditor adopts benchmarking to test the employee turnover rate. How should the internal auditor apply this technique?

Options:

A.

Compare turnover m the organization to published turnover rates of peer organizations.

B.

Compare turnover in one period with turnover in the previous period in the organization

C.

Compare turnover in the period to total employees in the organization

D.

Compare turnover with the auditor's general knowledge of the organization

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Questions 77

The internal audit activity has adopted the balanced scorecard approach to assess its performance According to MA guidance which of the following is a key performance indicator relevant to the audit client?

Options:

A.

Percentage of recommendations implemented by corrective action date

B.

Staff experience

C.

Percentage of planned audits completed

D.

Conformance with the International Professional Practices Framework

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Questions 78

Which of the following internal control attributes should internal auditors consider testing during a review of the board of directors?

Options:

A.

The presence of an independent critical mass

B.

The established philosophy and operating style of senior management

C.

The articulated internal control objectives of the organization

D.

The organization's employee recruiting and retention policies

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Questions 79

Which of the following sources of testimonial evidence would be considered the most reliable regarding whether a process is effectively performed according to its design?

Options:

A.

The person responsible for performing the task

B.

Two or more people that work in the area

C.

The supervisor in charge of the process

D.

The manager that wrote the steps to be followed

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Questions 80

To effectively communicate the acceptance of risk in an organization a chief audit executive must first consider which of the following?

Options:

A.

The organization's view on risk tolerance

B.

The organization's principal risk events.

C.

The organization's risk response strategies

D.

The organization's major control activities

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Exam Code: IIA-CIA-Part2
Exam Name: Practice of Internal Auditing
Last Update: Jul 16, 2024
Questions: 377

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