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IIA Updated IIA-CIA-Part2 Exam Questions and Answers by saoirse

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IIA IIA-CIA-Part2 Exam Overview :

Exam Name: Practice of Internal Auditing
Exam Code: IIA-CIA-Part2 Dumps
Vendor: IIA Certification: CIA
Questions: 495 Q&A's Shared By: saoirse
Question 36

Which of the following represents the best method for confirming that vendor invoices were for authorized purchases?

Options:

A.

Vouching vendor invoices to payments made.

B.

Sorting invoices by purchase orders and comparing for successive duplicate invoices.

C.

Comparing a random sample of vendor invoices to purchase orders.

D.

Sorting payments by invoice to detect successive duplicate invoices.

Discussion
Question 37

If there is a significant error or omission in the final audit report that was communicated to management, which of the following is the key action for the internal audit activity?

Options:

A.

Communicate the corrected information to the manager of the audited department.

B.

There should be a follow-up audit to address the error or omission.

C.

The auditor should update the scope of the audit to include the omission.

D.

The corrected communication should be redistributed to the original recipients.

Discussion
Question 38

An organization buys crude oil on the open market and refines it into a high-quality gasoline. The price of crude oil is extremely volatile. Which of the following is the most appropriate risk management technique to protect the organization against these price fluctuations?

Options:

A.

Enter into long-term gasoline purchase agreements with end customers.

B.

Trade crude oil derivatives at financial markets in order to benefit from price fluctuations

C.

Purchase crude oil-related derivatives such as futures or options

D.

Stock as much raw materials as possible and consider Investing into additional facilities

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Question 39

The chief audit executive was asked to define me internal audit activity s key performance indicators (KPIs) tor the upcoming year. The KPIs must measure efficiency and effectiveness. Which of the following is an example of a KPI that measures effectiveness?

Options:

A.

Internal audit reports are consistently submitted prior to the audit report deadline

B.

Post engagement surveys completed by management indicate a "meets or exceeds expectations" idling

C.

There is a significant reduction of travel costs per project over the next fiscal year

D.

Internal auditors identify a minimum number of issues and provide recommendations to address them for each audit

Discussion
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